<SUBMISSION>
<ACCESSION-NUMBER>0001041061-02-000003
<TYPE>10-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20011229
<FILING-DATE>20020311
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>TRICON GLOBAL RESTAURANTS INC
<CIK>0001041061
<ASSIGNED-SIC>5812
<IRS-NUMBER>133951308
<STATE-OF-INCORPORATION>NC
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-K
<ACT>34
<FILE-NUMBER>001-13163
<FILM-NUMBER>02572213
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1441 GARDINER LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
<PHONE>5028748300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1900 COLONEL SANDERS LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GREAT AMERICAN RESTAURANT CO
<DATE-CHANGED>19970618
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>form10k2001.htm
<DESCRIPTION>TRICON GLOBAL RESTAURANTS, FORM 10-K 2001
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-K 2001
</TITLE></HEAD>
<BODY>



<hr width=100% size=3 noshade>


<H2 ALIGN=CENTER>UNITED STATES</H2>
<H2 ALIGN=CENTER>SECURITIES AND EXCHANGE COMMISSION</H2>


<P ALIGN=CENTER>Washington, D. C. 20549</P>
<hr align=center width=15% size=1 noshade>



<H2 ALIGN=CENTER>FORM 10-K</H2>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=top>
<td align=left colspan=2><b>(Mark One)</b></td>
</tr>
<tr valign=top>
<td align=left width=3%><B>[X]</B></td>
<td align=left width=97%><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE<br>
ACT OF 1934</B><I> [FEE REQUIRED]</I> for the fiscal
year ended December 29, 2001</td>
</tr>
</table>



<P ALIGN="CENTER">OR</P>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=top>
<td align=left width=3%>[&nbsp;&nbsp;]</td>
<td align=left width=97%><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES <br>
EXCHANGE ACT OF 1934</B><I> [NO FEE REQUIRED]</I></td>
</tr>
</table>


<P ALIGN=CENTER><b>For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b></P>


<P ALIGN=CENTER><b>Commission file number 1-13163</b></P>

<hr align=center width=15% size=1 noshade>



<H2 ALIGN=CENTER>TRICON GLOBAL RESTAURANTS, INC.</H2>


<P ALIGN=CENTER>(Exact name of registrant as specified in its charter)</P>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=bottom>
<td width=64%><u>North Carolina</u><br>(State or other jurisdiction of<br> incorporation or organization)</td>
<td width=1%>&nbsp;</td>
<td width=35%><u>13-3951308</u><br>(I.R.S. Employer<br>Identification No.)</td>
</tr>

<tr>
<td colspan=3>&nbsp;</td>
</tr>

<tr valign=bottom>
<td align=left colspan=2>1441 Gardiner Lane, Louisville,
Kentucky<br>(Address of
principal executive offices)</td>
<td align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40213<br>(Zip Code)</td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr valign=bottom>
<td align=center colspan=3>Registrant's telephone number, including area code: (502) 874-8300</td>
</tr>
</table>
<br>
<br>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=top>
<td width=36%>&nbsp;<br><br>Securities registered pursuant to Section 12(b) of the Act:</td>
<td width=32%>&nbsp;<br><b><u>Title of Each Class</u></b><br>Common Stock, no par value<br>
Rights to purchase Series A<br>Participating Preferred Stock,<br>
no par value, of the Registrant</td>
<td width=32%><b>Name of Each Exchange<br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;on Which Registered&nbsp;&nbsp;</u></b><br>
New York Stock Exchange<br>
New York Stock Exchange</td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr valign=top>
<td width=36%>Securities registered pursuant to Section 12(g) of the Act:</td>
<td>None</td>
</tr>
</table>





<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes <U>&nbsp;&nbsp;X&nbsp;&nbsp;</U> No <U>&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X] </P>

<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate market value of the voting
stock (which consists solely of shares of Common Stock) held by non-affiliates of the
registrant as of February 25, 2002 computed by reference to the closing price of the
registrant's Common Stock on the New York Stock Exchange Composite Tape on such date was
$8,580,446,312. </P>

<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares outstanding of the
registrant's Common Stock as of February 25, 2002 was 147,430,349 shares. </P>

<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portions of the definitive proxy statement
furnished to shareholders of the registrant in connection with the annual meeting of
shareholders to be held on May 16, 2002 are incorporated by reference into Part III. </P>


<hr width=100% size=3 noshade>

<p align=center><B>PART I</b></p><BR>

<P><B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business.</b></p>

<P ALIGN="LEFT">TRICON Global Restaurants, Inc. (referred to herein as "TRICON" or the
"Company") was incorporated under the laws of the state of North Carolina in 1997. The
principal executive offices of TRICON are located at 1441 Gardiner Lane, Louisville,
Kentucky 40213, and its telephone number at that location is (502) 874-8300. </P>

<P ALIGN="LEFT">TRICON, the registrant, together with its restaurant operating companies
and other subsidiaries, is referred to in this Form 10-K annual report ("Form 10-K") as
the Company. Prior to October 6, 1997, the business of the Company was conducted by
PepsiCo, Inc. ("PepsiCo") through various subsidiaries and divisions. </P>

<P ALIGN="LEFT">This Form 10-K should be read in conjunction with the Cautionary
Statements on page 36. </P>

<ol type=a><LI><B>General Development of Business</b></ol>

<P ALIGN="LEFT">In January 1997, PepsiCo announced its
decision to spin-off its restaurant businesses to shareholders as an independent public
company (the "Spin-off"). Effective as of October 6, 1997, PepsiCo disposed of its
restaurant businesses by distributing all of the outstanding shares of common stock of
TRICON to its shareholders. TRICON's Common Stock began trading on the New York Stock
Exchange on October 7, 1997 under the symbol "YUM." (Prior to that date, from September
17, 1997 through October 6, 1997, TRICON's Common Stock was traded on the New York Stock
Exchange on a "when-issued" basis). As used in this Form 10-K, references to TRICON or
the Company include the historical operating results of the businesses and operations
transferred to the Company in the Spin-off. Additionally, throughout this Form 10-K, the
terms "restaurants," "stores" and "units" are used interchangeably. </P>

<OL type=a start=2><LI><B>Financial Information about Operating Segments</b></ol>

<P ALIGN="LEFT">TRICON consists of four operating segments: KFC, Pizza Hut, Taco Bell and
TRICON Restaurants International ("TRI" or "International"). For financial reporting
purposes, management considers the three U.S. operating segments to be similar and,
therefore, has aggregated them into a single reportable operating segment. Operating
segment information for the years ended December 29, 2001, December 30, 2000, and
December 25, 1999 is included in Management's Discussion and Analysis of Financial
Condition and Results of Operations ("MD&amp;A") in Part II, Item 7, pages 17 through 36 and
in the related Consolidated Financial Statements and footnotes in Part II, Item 8, pages
37 through 73. </P>

<ol type=a start=3><LI><B>Narrative Description of Business</b></ol>

<p><b>General</b></P>

<P ALIGN="LEFT">TRICON is the world's largest quick service restaurant ("QSR") company
based on number of system units, with more than 30,000 units in over 100 countries and
territories. The TRICON organization is currently made up of four operating companies
organized around its three core concepts: KFC, Pizza Hut and Taco Bell (the "Concepts").
The four operating companies are KFC, Pizza Hut, Taco Bell and TRI. </P>

<P><B>Restaurant Concepts</B></P>

<P ALIGN="LEFT">Through its three widely-recognized Concepts, the Company develops,
operates, franchises and licenses a worldwide system of restaurants which prepare,
package and sell a menu of competitively priced food items. These restaurants are
operated by the Company or, under the terms of franchise or license agreements, by
franchisees or licensees who are independent third parties, or by international
affiliates in which we own a non-controlling equity interest ("Unconsolidated
Affiliates"). </P>

<BR><BR>
<p align=center>2</P>
<BR><BR>

<P ALIGN="LEFT">In each Concept, consumers can dine in and/or carry out food. In
addition, Taco Bell and KFC offer a drive-thru option in many stores. Pizza Hut offers a
drive-thru option on a much more limited basis. Pizza Hut and, on a much more limited
basis, KFC offer delivery service. </P>

<P ALIGN="LEFT">Each Concept has proprietary menu items and emphasizes the preparation of
food with high quality ingredients as well as unique recipes and special seasonings to
provide appealing, tasty and attractive food at competitive prices. </P>

<P ALIGN="LEFT">The franchise program of the Company is designed to assure consistency
and quality, and the Company is selective in granting franchises. Under the standard
franchise agreement, franchisees supply capital - initially by paying a franchise fee to
TRICON, purchasing or leasing the land and building and purchasing equipment, signs,
seating, inventories and supplies, and over the longer term, by reinvesting in the
business. Franchisees then contribute to the Company's revenues through the payment of
royalties based on a percentage of sales. </P>

<P ALIGN="LEFT">The Company believes that it is important to maintain strong and open
relationships with its franchisees and their representatives. To this end, the Company
invests a significant amount of time working with the franchisee community and their
representative organizations on all aspects of the business, including new products, new
equipment and new management techniques. </P>

<P ALIGN="LEFT">The Company is actively pursuing the strategy of multibranding, where two
or more of its Concepts are operated in a single restaurant unit. In addition, the
Company is testing multibranding options involving one of its Concepts and a restaurant
concept not owned by or affiliated with TRICON. By combining two or more restaurant
concepts in one location, particularly those that have complementary daypart strengths,
the Company believes it can generate higher sales volumes from such units, significantly
improve returns on per unit investment, and enhance its ability to penetrate a greater
number of trade areas throughout the U.S. and internationally. Through the consolidation
of market planning initiatives across all three of its Concepts, the Company has
established multi-year development plans by trade area to optimize franchise and company
penetration of all three Concepts and to improve returns on its existing asset base. The
development of multibranded units may be limited, in some instances, by prior development
and/or territory rights granted to franchisees. </P>

<P ALIGN="LEFT">At year-end 2001, there were 1,520 multibranded units in the worldwide
system. These units were comprised of 1,394 units offering food products from two of the
Concepts (a "2n1"), 45 units offering food products from each of the Concepts (a "3n1")
and 81 units offering food products from one of the Concepts and a restaurant concept not
owned by or affiliated with TRICON. </P>

<P><B>Restaurant Operations</b></P>

<P ALIGN="LEFT">Through its Concepts, TRICON develops, operates, franchises and licenses
a system of both traditional and non-traditional QSR restaurants. Traditional units
feature dine-in, carryout and, in some instances, drive-thru or delivery services.
Non-traditional units, which are typically licensed outlets, include express units and
kiosks which have a more limited menu and operate in non-traditional locations like
airports, gasoline service stations, convenience stores, stadiums, amusement parks and
colleges, where a full-scale traditional outlet would not be practical or efficient. </P>

<P ALIGN="LEFT">The Company's restaurant management structure varies by concept and unit
size. Generally, each Company restaurant is led by a restaurant general manager ("RGM"),
together with one or more assistant managers, depending on the operating complexity and
sales volume of the restaurant. Each restaurant usually has between 10 and 35 hourly
employees, most of whom work part-time. The Company's four operating companies each issue
detailed manuals covering all aspects of their respective operations, including food
handling and product preparation procedures, safety and quality issues, equipment
maintenance, facility standards and accounting control procedures. The restaurant
management teams are responsible for the day-to-day operation of each unit and for
ensuring compliance with operating standards. CHAMPS - which stands for Cleanliness,
Hospitality, Accuracy, Maintenance, Product Quality and Speed of Service - is our core
systemwide program for training, measuring and rewarding employee performance against key
customer measures. CHAMPS is intended to align the operating processes of our entire
system around one set of standards. RGMs' efforts, including</p>

<BR><BR>
<p align=center>3</P>
<BR><BR>

<P ALIGN="LEFT">CHAMPS performance measures, are monitored by area managers or market
coaches. Market coaches typically work with approximately six to twelve restaurants. The
Company's restaurants are visited from time to time by various senior operators to help
ensure adherence to system standards and mentor restaurant team members.  </P>

<P ALIGN="LEFT">RGMs attend and complete their respective operating company's required
training programs. These programs consist of initial training, as well as additional
continuing development and training programs that may be offered or required from time to
time. Initial manager training programs generally last at least six weeks and emphasize
leadership, business management, supervisory skills (including training, coaching, and
recruiting), product preparation and production, safety, quality control, customer
service, labor management, and equipment maintenance. </P>

<P ALIGN="LEFT">Following is a brief description of each Concept: </P>

<P><i><U>KFC</U></I></P>

<ul><LI>KFC was founded in Corbin,  Kentucky by Colonel Harland D. Sanders,  an early developer of the quick service food business and
     a pioneer of the restaurant  franchise  concept.  The Colonel perfected his secret blend of 11 herbs and spices for Kentucky Fried
     Chicken in 1939 and signed up his first franchisee in 1952.  KFC is based in Louisville, Kentucky.<BR><BR>

<LI>As of year-end 2001, KFC was the leader in the U.S.  chicken QSR segment among  companies  featuring  chicken as their primary
     product offering, with a 46 percent market share in that segment which is over 4 times that of its closest national competitor.<BR><BR>

<LI>KFC operates in 85 countries and  territories  throughout  the world.  As of year-end  2001,  KFC had 5,399 units in the U.S.,
     and 6,416 units in 84 countries and  territories  outside the U.S.  Approximately  24 percent of the U.S.  units and 21 percent of
     the non-U.S. units are operated by the Company.<BR><BR>

<LI>While product offerings vary throughout the worldwide system,  all KFC restaurants offer fried  chicken-on-the-bone  products,
     primarily  marketed  under the names  Original  Recipe and Extra Tasty  Crispy.  Other  principal  entree  items  include  chicken
     sandwiches  (including the Twister),  Colonel's  Crispy Strips,  and,  seasonally,  Chunky Chicken Pot Pies. KFC restaurants  also
     offer a variety of side items,  such as biscuits,  mashed  potatoes and gravy,  coleslaw,  corn,  Potato  Wedges (in the U.S.) and
     french fries  (outside of the U.S.),  as well as desserts.  Restaurant  decor is  characterized  by the image of the Colonel,  and
     KFC's distinctive packaging includes the "Bucket" of chicken.</ul>

<P><I><U>Pizza Hut</u></I></P>

<ul><LI>The first  Pizza Hut  restaurant  was opened in 1958 in  Wichita,  Kansas,  and within a year,  the first  franchise  unit was
     opened.  Today,  Pizza Hut is the largest  restaurant chain in the world  specializing in the sale of ready-to-eat pizza products.
     Pizza Hut is based in Dallas, Texas.<BR><BR>

<LI>As of  year-end  2001,  Pizza Hut was the  leader in the U.S.  pizza  QSR  segment,  with a 15  percent  market  share in that
     segment.<BR><BR>

<LI>Pizza Hut operates in 87 countries and  territories  throughout the world.  As of year-end 2001,  Pizza Hut had 7,719 units in
     the U.S.,  and 4,272 units outside of the U.S.  Approximately  23 percent of the U.S.  units and 18 percent of the non-U.S.  units
     are operated by the Company.<BR><BR>

<LI>Pizza Hut  features a variety of pizzas,  which may include  Twisted  Crust,  The Big New Yorker,  Pan Pizza,  Thin 'n Crispy,
     Stuffed Crust, Hand Tossed,  Sicilian and The Insider.  Each of these pizzas are offered with a variety of different toppings.  In
     some  restaurants,  Pizza Hut also offers  breadsticks,  pasta,  salads and sandwiches.  The distinctive Pizza Hut image typically
     features a bright red roof.</ul>

<BR><BR>
<p align=center>4</P>
<BR><BR>

<P><I><U>Taco Bell</u></I></P>

<UL><LI>The first  Taco Bell  restaurant  was  opened in 1962 by Glen Bell in  Downey,  California,  and in 1964,  the first Taco Bell
     franchise was sold.  Taco Bell is based in Irvine, California.<BR><BR>

<LI>As of  year-end  2001,  Taco Bell was the leader in the U.S.  Mexican  QSR  segment,  with a 64 percent  market  share in that
     segment.<BR><BR>

<LI>Taco Bell operates in 14 countries and  territories  throughout  the world.  As of year-end  2001,  there were 6,444 Taco Bell
     units  within the U.S.,  and 239 units  outside  of the U.S.  Approximately  20  percent  of the U.S.  units and 16 percent of the
     non-U.S. units are operated by the Company.<BR><BR>

<LI>Taco Bell  specializes in  Mexican-style  food  products,  including  various types of tacos,  burritos,  Gorditas,  Chalupas,
     Grilled Stuft Burritos,  quesadillas,  salads,  nachos and other related items. Taco Bell units feature a distinctive bell logo on
     their signage.</ul>

<P><I><U>International</u></i></p>

<P ALIGN="LEFT">The international operations of the three TRICON Concepts are
consolidated into a separate operating company, which has directed its focus toward
franchise system growth and concentration of Company development in those markets in
which the Company believes sufficient scale is achievable. TRI has developed global
systems and tools designed to improve marketing, operations consistency, product
delivery, market planning and development and franchise support capability. TRI is based
in Dallas, Texas. </P>

<P ALIGN="LEFT">As of year-end 2001, TRI had 10,927 units. Approximately 20 percent of
these units are operated by the Company. In 2001, TRI accounted for 35 percent of the
Company's total system sales and 31 percent of the Company's revenues. </P>

<P><B>Operating Structure</B></p>

<P ALIGN="LEFT">In all three of its Concepts, the Company either operates units or they
are operated by independent franchisees or licensees. Franchisees can range in size from
individuals owning just a few units to large publicly traded companies. In addition, the
Company owns non-controlling interests in Unconsolidated Affiliates who operate similar
to franchisees. As of year-end 2001, approximately 21 percent of TRICON's worldwide units
were operated by the Company, approximately 63 percent by franchisees, approximately 9
percent by licensees and approximately 7 percent by Unconsolidated Affiliates. </P>

<P><b>Refranchising</b></p>

<P ALIGN="LEFT">Since 1995, the Company has been rebalancing the system toward more
franchisee ownership to focus its resources on what it believes are high growth potential
markets where it can more efficiently leverage its scale. Since the strategy began, the
Company has refranchised 6,128 units: 233 units in 2001, 757 units in 2000, 1,435 units
in 1999, 1,373 units in 1998, 1,407 units in 1997, 659 units in 1996 and 264 units in
1995. As a result of the Company's refranchising activity, coupled with new points of
distribution added by franchisees and licensees and the program to upgrade the asset
portfolio by closing underperforming stores, the Company's overall ownership of total
system units declined 26 percentage points in seven years from 47 percent at year-end
1994 to 21 percent at year-end 2001. The refranchising program was substantially
completed in 2001. In the future, the Company may sell additional stores to, or purchase
stores from, franchise or license operators as it deems appropriate. </P>

<BR><BR>
<p align=center>5</P>
<BR><BR>



<P><b>Supply and Distribution</b></p>

<P ALIGN="LEFT">The Company is a substantial purchaser of a number of food and paper
products, equipment and other restaurant supplies. In 1996, to ensure reliable sources,
the Company consolidated most of its worldwide food and supply procurement activities
under an internal organization called Supply Chain Management, which sources, negotiates
contracts and buys specified food and supplies from hundreds of suppliers in a
significant number of countries and territories. Supply Chain Management monitors market
trends and seeks to identify and capitalize on purchasing opportunities that will enhance
the Company's competitive position. The principal products purchased include beef,
cheese, chicken products, cooking oils, corn, flour, lettuce, paper and packaging
materials, pinto beans, pork, seasonings, certain beverage products and tomato products. </P>

<P ALIGN="LEFT">Effective as of March 1, 1999, the Company, along with the KFC National
Purchasing Cooperative, Inc. and representatives of the Company's KFC, Pizza Hut and Taco
Bell franchisee groups, formed the Unified FoodService Purchasing Co-op, LLC (the
"Unified Co-op") for the purpose of purchasing certain restaurant products and equipment
in the U.S. The core mission of the Unified Co-op is to provide the lowest possible
sustainable store-delivered prices for restaurant products and equipment. This
arrangement combines the purchasing power of the Company and franchisee restaurants in
the U.S., which the Company believes will further leverage the system's scale to drive
cost savings and effectiveness in the purchasing function. In 2001, purchasing volume for
the Unified Co-op was approximately $3.8 billion, making it the largest purchasing
cooperative of its kind in the QSR industry. The Company also believes that the Unified
Co-op has resulted (and should continue to result) in closer alignment of interests and a
stronger relationship with its franchisee community. </P>

<P ALIGN="LEFT">To ensure the wholesomeness of all food products, suppliers are required
to meet or exceed strict quality control standards. Long-term contracts and long-term
vendor relationships are used to ensure availability of products. The Company has not
experienced any significant continuous shortages of supplies, and alternative sources for
most of these products are generally available. Prices paid for these supplies may be
subject to fluctuation. When prices increase, the Company may be able to pass on such
increases to its customers, although there is no assurance this can be done in the future. </P>

<P ALIGN="LEFT">Historically, many food products, paper and packaging supplies, and
equipment used in the operation of the Company's restaurants were distributed to
individual Company units by PepsiCo Food Services ("PFS"), which was PepsiCo's restaurant
distribution operation prior to its sale by PepsiCo in 1997 as described below. PFS also
sold and distributed these same items to many franchisees and licensees that operated in
the three restaurant systems, though principally to Pizza Hut and Taco Bell
franchised/licensed units in the U.S. In May 1997, KFC, Pizza Hut and Taco Bell entered
into a five-year Sales and Distribution Agreement with PFS to distribute the majority of
their food and supplies for Company stores, subject to PFS maintaining certain
performance levels. The Sales and Distribution Agreement became effective upon the
closing of the sale by PepsiCo of the distribution business of PFS to AmeriServe Food
Distribution, Inc. ("AmeriServe"), a subsidiary of Holberg Industries, Inc., pursuant to
a definitive agreement dated as of May 23, 1997, as amended. </P>

<P ALIGN="LEFT">Effective as of November 1, 1998, TRICON, KFC, Pizza Hut and Taco Bell
entered into an amended and restated Sales and Distribution Agreement with AmeriServe
(the "Amended AmeriServe Agreement") which provided for a two and one-half year extension
of the term of the original agreement with PFS through January 2005, as well as an
additional two and one-half year renewal option that could extend the contract, based on
market rates, through July 2007. The Amended AmeriServe Agreement substantially modified
the way in which distribution fees are calculated, and included incentives for utilizing
more efficient distribution practices by both parties. Under the terms of the Amended
AmeriServe Agreement, KFC, Pizza Hut and Taco Bell Company restaurants in the U.S. could
generally not use alternative distributors. </P>

<P ALIGN="LEFT">On January 31, 2000, AmeriServe filed for protection under Chapter 11 of
the U.S. Bankruptcy Code. A plan of reorganization for AmeriServe (the "POR") was
approved by the U.S. Bankruptcy Court on November 28, 2000. The POR provided for the sale
of the AmeriServe U.S. distribution business to McLane Company, Inc. ("McLane"), a</p>


<BR><BR>
<p align=center>6</P>
<BR><BR>



<P>subsidiary of Wal-Mart, effective on November 30, 2000. In connection with this sale, the
Company agreed to certain amendments to the Amended AmeriServe Agreement, including an
extension of the Amended AmeriServe Agreement through October 31, 2010. Beginning on
November 30, 2000, McLane assumed all supply and distribution responsibilities under the
Amended AmeriServe Agreement, as well as under distribution agreements covering a
substantial portion of the Pizza Hut and Taco Bell franchise system, and, to a lesser
extent, the KFC franchise system. </P>

<P ALIGN="LEFT">A discussion of the impact of the AmeriServe bankruptcy on the Company is
contained in Note 22 to the Consolidated Financial Statements on page 68. </P>

<P ALIGN="LEFT">TRICON, KFC, Pizza Hut, Taco Bell and TRI have also entered into
multi-year agreements with Pepsi-Cola Company regarding the sale of Pepsi-Cola beverage
products at Company stores. </P>

<P><b>Trademarks and Patents</b></p>

<P ALIGN="LEFT">The Company has numerous registered trademarks and service marks. The
Company believes that many of these marks, including its Kentucky Fried Chicken&reg;, KFC&reg;,
Pizza Hut&reg; and Taco Bell&reg; trademarks, have significant value and are materially important
to its business. The Company's policy is to pursue registration of its important
trademarks whenever feasible and to oppose vigorously any infringement of its trademarks.
The use of the Company's trademarks by franchisees and licensees has been authorized in
KFC, Pizza Hut and Taco Bell franchise and license agreements. Under current law and with
proper use, the Company's rights in its trademarks can generally last indefinitely. The
Company also has certain patents on restaurant equipment which, while valuable, are not
material to its business. </P>

<P><b>Working Capital</b></p>

<P ALIGN="LEFT">Information about the Company's working capital is included in MD&amp;A in
Part II, Item 7, pages 17 through 36 and the Consolidated Statements of Cash Flows in
Part II, Item 8, pages 37 through 73. </P>

<P><B>Customers</B></P>

<P ALIGN="LEFT">The Company's business is not dependent upon a single customer or small
group of customers. </P>

<P><B>Seasonal Operations</B></P>

<P ALIGN="LEFT">The Company does not consider its operations to be seasonal to any
material degree. </P>

<P><B>Backlog Orders</B></P>

<P ALIGN="LEFT">Company restaurants have no backlog orders. </P>

<P><B>Government Contracts</B></P>

<P ALIGN="LEFT">No material portion of the Company's business is subject to renegotiation
of profits or termination of contracts or subcontracts at the election of the U.S.
government. </P>

<P><B>Competition</B></P>

<P ALIGN="LEFT">The overall food service industry and the QSR segment are intensely
competitive with respect to food quality, price, service, convenience, restaurant
location and concept. The restaurant business is often affected by changes in consumer
tastes; national, regional or local economic conditions; currency fluctuations;
demographic trends; traffic patterns; the type, number and location of competing
restaurants; and disposable purchasing power. The Company competes within each market
with national and regional chains as well as locally-owned restaurants, not only for
customers, but also for management and hourly personnel, suitable real estate sites and
qualified franchisees. </P>

<BR><BR>
<p align=center>7</P>
<BR><BR>


<P><B>Research and Development ("R&amp;D")</B></P>

<P ALIGN="LEFT">The Company operates R&amp;D facilities in Louisville, Kentucky; Dallas,
Texas; and Irvine, California. The Company expensed $28 million in 2001 and $24 million
in both 2000 and 1999 for R&amp;D activities. From time to time, independent suppliers also
conduct research and development activities for the benefit of the TRICON restaurant
system. </P>

<P><B>Environmental Matters</B></P>

<P ALIGN="LEFT">The Company is not aware of any federal, state or local environmental
laws or regulations that will materially affect its earnings or competitive position, or
result in material capital expenditures. However, the Company cannot predict the effect
on its operations of possible future environmental legislation or regulations. During
2001, there were no material capital expenditures for environmental control facilities
and no such material expenditures are anticipated. </P>

<P><B>Government Regulation</B></P>

<P><U><I>U.S.</I></U> The Company is subject to various  federal,  state and local laws affecting its business.  Each of the Company's  restaurants must
comply with  licensing and  regulation by a number of  governmental  authorities,  which include  health,  sanitation,  safety and fire
agencies in the state or  municipality in which the restaurant is located.  In addition,  each of the TRICON  operating  companies must
comply with various state laws that regulate the  franchisor/franchisee  relationship.  To date, the Company has not been significantly
affected by any difficulty, delay or failure to obtain required licenses or approvals.</p>

<P ALIGN="LEFT">A small portion of Pizza Hut's net sales is attributable to the sale of
beer and wine. A license is required in most cases for each site that sells alcoholic
beverages (in most cases, on an annual basis) and licenses may be revoked or suspended
for cause at any time. Regulations governing the sale of alcoholic beverages relate to
many aspects of restaurant operations, including the minimum age of patrons and
employees, hours of operation, advertising, wholesale purchasing, inventory control and
handling, storage and dispensing of alcoholic beverages. </P>

<P ALIGN="LEFT">The Company is also subject to federal and state laws governing such
matters as employment and pay practices, overtime, tip credits and working conditions.
The bulk of the Company's employees are paid on an hourly basis at rates related to the
federal minimum wage. </P>

<P ALIGN="LEFT">The Company is also subject to federal and state child labor laws which,
among other things, prohibit the use of certain "hazardous equipment" by employees 18
years of age or younger. The Company has not to date been materially adversely affected
by such laws. </P>

<P ALIGN="LEFT">The Company continues to monitor its facilities for compliance with the
Americans with Disabilities Act ("ADA") in order to conform to its requirements. Under
the ADA, the Company could be required to expend funds to modify its restaurants to
better provide service to, or make reasonable accommodation for the employment of,
disabled persons. We believe that expenditures, if required, would not have a material
adverse effect on the Company's operations. </P>

<P><U><i>International.</I></u>  Internationally,  the Company's  restaurants are subject to national and local laws and  regulations  which are similar
to those affecting the Company's U.S.  restaurants,  including laws and regulations  concerning labor,  health,  sanitation and safety.
The  international  restaurants are also subject to tariffs and  regulations on imported  commodities and equipment and laws regulating
foreign  investment.  International  compliance with environmental  requirements has not had a material adverse effect on the Company's
results of operations, capital expenditures or competitive position.</P>


<BR><BR>
<p align=center>8</P>
<BR><BR>


<P><B>Employees</B></P>

<P ALIGN="LEFT">As of year-end 2001, the Company employed approximately 210,000 persons,
over 65 percent of whom were part-time employees. Over 55 percent of the Company's
employees are employed in the U.S. The Company believes that it provides working
conditions and compensation that compare favorably with those of its principal
competitors. Most Company employees are paid on an hourly basis. The Company's non-U.S.
employees are subject to numerous labor council relationships that vary due to the
diverse cultures in which the Company operates. The Company considers its employee
relations to be good. </P>

<ol type=a start=4><LI><B>Financial Information about International and U.S. Operations</b></ol>

<P ALIGN="LEFT">Financial information about International and U.S. markets is
incorporated herein by reference from Selected Financial Data in Part II, Item 6, page
16; Management's Discussion and Analysis of Financial Condition and Results of Operations
("MD&amp;A") in Part II, Item 7, pages 17 through 36; and in the related Consolidated
Financial Statements and footnotes in Part II, Item 8, pages 37 through 73. </P>

<P><B>Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Properties.</b></p>

<P ALIGN="LEFT">As of year-end 2001, TRICON Concepts owned over 1,600 units and leased
over 2,600 units in the U.S.; and TRI owned approximately 400 units and leased
almost 1,800 units outside the U.S. Company restaurants in the U.S. which are not
owned are generally leased for initial terms of 15 or 20 years and generally have renewal
options; however, Pizza Hut delivery/carryout units in the U.S. generally are leased for
significantly shorter initial terms with short renewal options. Pizza Hut leases its and
TRI's corporate headquarters and research facility in Dallas, Texas. Taco Bell leases its
corporate headquarters in Irvine, California and KFC owns its and TRICON's corporate
headquarters and a research facility in Louisville, Kentucky. In addition, TRICON leases
office facilities for accounting services in both Louisville, Kentucky, and Albuquerque,
New Mexico. Additional information about the Company's properties is included in the
Consolidated Financial Statements and footnotes in Part II, Item 8, pages 37 through 73. </P>

<P ALIGN="LEFT">The Company believes that its properties are generally in good operating
condition and are suitable for the purposes for which they are being used. </P>

<P><B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings.</b></P>

<P ALIGN="LEFT">The Company is subject to various claims and contingencies related to
lawsuits, taxes, real estate, environmental and other matters arising in the normal
course of business. The following is a brief description of the more significant of these
categories of lawsuits and other matters. Except as stated below, the Company believes
that the ultimate liability, if any, in excess of amounts already provided for these
matters in the Consolidated Financial Statements, is not likely to have a material
adverse effect on the Company's annual results of operations, financial condition or cash
flows. </P>

<P><B>Franchising</B></P>

<P ALIGN="LEFT">A substantial number of the restaurants of each of the Concepts are
franchised to independent businesses operating under arrangements with the Concepts. In
the course of the franchise relationship, occasional disputes arise between the Company
and its franchisees relating to a broad range of subjects, including, without limitation,
quality, service, and cleanliness issues, contentions regarding grants, transfers or
terminations of franchises, territorial disputes and delinquent payments. </P>


<BR><BR>
<p align=center>9</P>
<BR><BR>


<P><B>Suppliers</B></P>

<P ALIGN="LEFT">The Company, through approved distributors, purchases food, paper,
equipment and other restaurant supplies from numerous independent suppliers throughout
the world. These suppliers are required to meet and maintain compliance with the
Company's standards and specifications. On occasion, disputes arise between the Company
and its suppliers on a number of issues, including, but not limited to, compliance with
product specifications and terms of procurement and service requirements. </P>

<P><B>Employees</B></P>

<P ALIGN="LEFT">At any given time, the Company employs hundreds of thousands of persons,
primarily in its restaurants. In addition, each year thousands of persons seek employment
with the Company and its restaurants. From time to time, disputes arise regarding
employee hiring, compensation, termination and promotion practices. </P>

<P ALIGN="LEFT">Like some other retail employers, Pizza Hut and Taco Bell have been faced
in a few states with allegations of purported class-wide wage and hour violations. </P>

<P ALIGN="LEFT">On August 29, 1997, a class action lawsuit against Taco Bell Corp.,
entitled <U>Bravo, et al. v. Taco Bell Corp.</u> ("Bravo"), was filed in the Circuit Court of
the State of Oregon of the County of Multnomah. The lawsuit was filed by two former Taco
Bell shift managers purporting to represent approximately 17,000 current and former
hourly employees statewide. The lawsuit alleges violations of state wage and hour laws,
principally involving unpaid wages including overtime, and rest and meal period
violations, and seeks an unspecified amount in damages. Under Oregon class action
procedures, Taco Bell was allowed an opportunity to "cure" the unpaid wage and hour
allegations by opening a claims process to all putative class members prior to
certification of the class. In this cure process, Taco Bell has paid out less than $1
million. On January 26, 1999, the Court certified a class of all current and former shift
managers and crew members who claim one or more of the alleged violations. A trial date
of November 2, 1999 was set. However, on November 1, 1999, the Court issued a proposed
order postponing the trial and establishing a pre-trial claims process. The final order
regarding the claims process was entered on January 14, 2000. Taco Bell moved for
certification of an immediate appeal of the Court-ordered claims process and requested a
stay of the proceedings. This motion was denied on February 8, 2000. Taco Bell appealed
this decision to the Supreme Court of Oregon and the Court denied Taco Bell's Writ of
Mandamus on March 21, 2000. A Court-approved notice and claim form was mailed to
approximately 14,500 class members on January 31, 2000. The Court ordered pre-trial
claims process went forward, and hearings to determine potential damages were held for
claimants employed or previously employed in four selected Taco Bell units. After the
initial hearings relating to these four units, the damage claims hearings were
discontinued. Trial began on January 4, 2001. On March 9, 2001, the jury reached verdicts
on the substantive issues in this matter. A number of these verdicts were in favor of the
Taco Bell position; however, certain issues were decided in favor of the plaintiffs. The
Court reduced the number of potential claimants to 1,100. A jury trial to determine the
damages of 93 of those claimants began on February 25, 2002, and is expected to last six
to eight weeks. </P>

<P ALIGN="LEFT">We have provided for the estimated costs of the Bravo litigation, based
on a projection of eligible claims (including claims filed to date, where applicable),
the cost of each eligible claim, the estimated legal fees incurred by plaintiffs and the
results of settlement negotiations in this and other wage and hour litigation matters.
Although the outcome of this case cannot be determined at this time, we believe the
ultimate cost of this case in excess of the amounts already provided will not be material
to our annual results of operations, financial condition or cash flows. Any provisions
have been recorded as unusual items. </P>

<P ALIGN="LEFT">On May 11, 1998, a purported class action lawsuit against Pizza Hut,
Inc., and one of its franchisees, PacPizza, LLC, entitled <U>Aguardo, et al. v. Pizza Hut,
Inc., et al.,</u> was filed in the Superior Court of the State of California of the County of
San Francisco. The lawsuit was filed by three former Pizza Hut restaurant general
managers purporting to represent approximately 1,300 current and</P>

<BR><BR>
<p align=center>10</P>
<BR><BR>


<P>former California
restaurant general managers of Pizza Hut and PacPizza, LLC. The lawsuit alleged
violations of state wage and hour laws involving unpaid overtime wages and vacation pay
and sought an unspecified amount in damages. On January 12, 2000, the Court certified a
class of approximately 1,300 current and former restaurant general managers. The Court
amended the class on June 1, 2000 to include approximately 150 additional current and
former restaurant general managers. On May 2, 2001, the parties reached an agreement to
settle this matter and entered into a stipulation of discontinuance of the case. The
Court granted preliminary approval of the settlement on September 27, 2001, and final
approval of the settlement on December 20, 2001. As no objections to the settlement were
made, the Court's order approving the settlement and dismissing with prejudice all claims
is final and non-appealable. We have provided for the costs of this settlement as unusual
items. </P>

<P ALIGN="LEFT">On October 2, 1996, a class action lawsuit against Taco Bell Corp.,
entitled <U>Mynaf, et al. v. Taco Bell Corp.,</u> was filed in the Superior Court of the State
of California of the County of Santa Clara. The lawsuit was filed by two former
restaurant general managers and two former assistant restaurant general managers
purporting to represent all current and former Taco Bell restaurant general managers and
assistant restaurant general managers in California. The lawsuit alleged violations of
California wage and hour laws involving unpaid overtime wages and violations of the State
Labor Code's record-keeping requirements. The complaint also included an unfair business
practices claim. Plaintiffs claimed individual damages ranging from $10,000 to $100,000
each. On September 17, 1998, the court certified a class of approximately 3,000 current
and former assistant restaurant general managers and restaurant general managers. Taco
Bell petitioned the appellate court to review the trial court's certification order. The
petition was denied on December 31, 1998. Taco Bell then filed a petition for review with
the California Supreme Court, and the petition was subsequently denied. Class notices
were mailed on August 31, 1999 to over 3,400 class members. Trial began on January 29,
2001. Before conclusion of the trial, the parties reached an agreement to settle this
matter, and entered into a stipulation of discontinuance of the case. This settlement
agreement was approved by the court on September 21, 2001. We have provided for the costs
of this settlement as unusual items. </P>

<P><B>Customers</B></P>

<P ALIGN="LEFT">The Company's restaurants serve a large and diverse cross-section of the
public and in the course of serving so many people, disputes arise regarding products,
service, accidents and other matters typical of large restaurant systems such as those of
the Company. </P>

<P><B>Intellectual Property</B></P>

<P ALIGN="LEFT">The Company has registered trademarks and service marks, many of which
are of material importance to the Company's business. From time to time, the Company may
become involved in litigation to defend and protect its use of such registered marks. </P>

<P><B>Other Litigation</B></P>

<P ALIGN="LEFT">On January 16, 1998, a lawsuit against Taco Bell Corp., entitled <U>Wrench
LLC, Joseph Shields and Thomas Rinks v. Taco Bell Corp.</u> ("Wrench") was filed in the
United States District Court for the Western District of Michigan. The lawsuit alleges
that Taco Bell Corp. misappropriated certain ideas and concepts used in its advertising
featuring a Chihuahua. Plaintiffs seek to recover damages under several theories,
including breach of implied-in-fact contract, idea misappropriation, conversion and
unfair competition. On June 10, 1999, the District Court granted summary judgment in
favor of Taco Bell Corp. Plaintiffs filed an appeal with the U.S. Court of Appeals for
the Sixth Circuit (the "Court of Appeals"), and oral arguments were held on September 20,
2000. On July 6, 2001, the Court of Appeals reversed the District Court's judgment in
favor of Taco Bell and remanded the case to the District Court. Taco Bell Corp.
unsuccessfully petitioned the Court of Appeals for rehearing en banc, and its petition
for writ of certiorari to the United States Supreme Court was denied on January 21, 2002.
The case has now officially been returned to the District Court, where the Wrench
plaintiffs will be allowed to bring their claims to trial. </P>

<P ALIGN="LEFT">We believe that the Wrench plaintiffs' claims are without merit and are
vigorously defending the case. However, in view of the inherent uncertainties of
litigation, the outcome of the case cannot be predicted at this time. Likewise, the
amount of any potential loss cannot be reasonably estimated. </P>


<BR><BR>
<p align=center>11</P>
<BR><BR>



<P ALIGN="LEFT"><U>C&amp;F Packing Co., Inc. v. Pizza Hut, Inc.</u> This action was originally filed
in 1993 by C&amp;F Packing Co., Inc., a Chicago meat packing company ("C&amp;F"), in the United
States District Court for the Northern District of Illinois. This lawsuit alleges that
Pizza Hut misappropriated various trade secrets relating to C&amp;F's alleged process for
manufacturing a precooked Italian sausage pizza topping. C&amp;F's trade secret claims against
Pizza Hut were originally dismissed by the trial court on statute of limitations grounds.
That ruling was later overturned by the U.S. Court of Appeals for the Federal Circuit in
August 2000 and the case was remanded to the trial court for further proceedings. On
remand, Pizza Hut moved for summary judgment on its statute of limitations defense. That
motion was denied in January 2001. This lawsuit was scheduled for trial in late January
2002. Prior to trial, the parties entered into a written settlement agreement pursuant to
which C&amp;F agreed to dismiss the case in exchange for a lump sum payment from Pizza Hut.
This payment has been made and the case was dismissed with prejudice effective February
6, 2002. We have provided for the costs of this settlement as unusual items in 2001. </P>

<P><B>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders.</b></P>

<P ALIGN="LEFT">None. </P>

<P><B>Executive Officers of the Registrant</B></P>

<P ALIGN="LEFT">The executive officers of the Company as of February 25, 2002, and their
ages and current positions as of that date are as follows: </P>



<table width=100% cellpadding=0 cellspacing=0>

<tr valign=top>
<td width=30%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Name</u></b></td>
<td width=10%><b><u>Age</u></b></td>
<td width=60><b><u>Position</u></B></td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>David C. Novak  </td>
<td>49</td>
<td>Chairman of the Board, Chief Executive Officer and President</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>David J. Deno</td>
<td>44</td>
<td>Chief Financial Officer</td>
</tr>


<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Peter R. Hearl</td>
<td>50</td>
<td>Chief People Officer<BR>
Executive Vice President, Tricon Restaurants International</td>
</tr>


<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Aylwin B. Lewis</td>
<td>47</td>
<td>Chief Operating Officer</td>
</tr>


<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Christian L. Campbell</td>
<td>51</td>
<td>Senior Vice President, General Counsel and Secretary</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Jonathan D. Blum</td>
<td>43</td>
<td>Senior Vice President - Public Affairs</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Charles E. Rawley, III</td>
<td>51</td>
<td>Chief Development Officer</td>
</tr>


<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Brent A. Woodford</td>
<td>39</td>
<td>Vice President and Controller</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Peter A. Bassi</td>
<td>52</td>
<td>President, Tricon Restaurants International</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

 <tr valign="top">
<td>Cheryl A. Bachelder</td>
<td>45</td>
<td>President and Chief Concept Officer, KFC</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Michael S. Rawlings</td>
<td>47</td>
<td>President and Chief Concept Officer, Pizza Hut</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

 <tr valign="top">
<td>Emil J. Brolick</td>
<td>54</td>
<td>President and Chief Concept Officer, Taco Bell</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

 <tr valign="top">
<td>Mark S. Cosby </td>
<td>43</td>
<td>Chief Operating Officer, KFC</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Michael A. Miles, Jr.</td>
<td>40</td>
<td>Chief Operating Officer, Pizza Hut</td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td>Robert T. Nilsen</td>
<td>42</td>
<td>Chief Operating Officer, Taco Bell</td>
</tr>

</table>


<BR><BR>
<p align=center>12</P>
<BR><BR>


<P ALIGN="LEFT"><B>David C. Novak</B> is Chairman of the Board, Chief Executive Officer and
President of TRICON. He has served in this position since January 2001. From December
1999 to January 2001, Mr. Novak served as Vice Chairman of the Board, Chief Executive
Officer and President of TRICON. From October 1997 to December 1999, he served as Vice
Chairman and President of TRICON. Mr. Novak previously served as Group President and
Chief Executive Officer, KFC and Pizza Hut from August 1996 to July 1997. Mr. Novak
joined Pizza Hut in 1986 as Senior Vice President, Marketing. In 1990, he became
Executive Vice President, Marketing and National Sales, for Pepsi-Cola Company. In 1992
he became Chief Operating Officer, Pepsi-Cola North America, and in 1994 he became
President and Chief Executive Officer of KFC North America. Mr. Novak is also a director
of Bank One Corporation. </P>

<P ALIGN="LEFT"><B>David J. Deno</B> is Chief Financial Officer of TRICON. He has served in this
position since November 1999. From August 1997 to November 1999, Mr. Deno served as
Senior Vice President and Chief Financial Officer of TRI. From August 1996 to August
1997, Mr. Deno served as Senior Vice President and Chief Financial Officer for Pizza Hut.
From 1994 to August 1996, Mr. Deno was Division Vice President for the Southeast Division
of Pizza Hut. Mr. Deno joined Pizza Hut in 1991 as Vice President and Controller. </P>

<P ALIGN="LEFT"><B>Peter R. Hearl</b> is Chief People Officer for TRICON. He has served in this
position since January 2002.  Mr. Hearl also continues to serve as
Executive Vice President of Tricon Restaurants International since December 1998. Prior to that, he was
Region Vice President for Tricon Restaurants International in Asia Pacific, a position he
assumed in October 1997. From March 1996 to September 1997, Mr. Hearl was Regional Vice
President for Tricon Restaurants International with responsibility for Australia, New
Zealand and South Africa. Prior to that, he was Regional Vice President for KFC with
responsibility for the United Kingdom, Ireland and South Africa, a position he assumed in
January 1995. From September 1993 to December 1994, Mr. Hearl was Regional Vice President
for KFC Europe. </P>

<P ALIGN="LEFT"><B>Aylwin B. Lewis</b> is Chief Operating Officer for TRICON. He has served in this position since January 2000. From July 1997
to December 1999, he served as Chief Operating Officer of Pizza Hut. Mr. Lewis previously
served as Senior Vice President, Operations for Pizza Hut, a position he assumed in 1996.
He served in various positions at KFC, including Senior Director of Franchising and Vice
President of Restaurant Support Services, becoming Division Vice President, Operations
for KFC in 1993, and Senior Vice President, New Concepts for KFC in 1995. Mr. Lewis
joined KFC in 1991 as a Regional General Manager. </P>

<P ALIGN="LEFT"><B>Christian L. Campbell</B> is Senior Vice President, General Counsel and
Secretary of TRICON. He has served in this position since September 1997. From 1995 to
September 1997, Mr. Campbell served as Senior Vice President, General Counsel and
Secretary of Owens Corning, a building products company. Before joining Owens Corning,
Mr. Campbell served as Vice President, General Counsel and Secretary of Nalco Chemical
Company in Naperville, Illinois, from 1990 through 1994. </P>

<P ALIGN="LEFT"><B>Jonathan D. Blum</B> is Senior Vice President of Public Affairs for TRICON.
He has served in this position since July 1997. Mr. Blum previously served as Vice
President of Public Affairs for Taco Bell, a position that he held since joining Taco
Bell in 1993. </P>

<P ALIGN="LEFT"><B>Charles E. Rawley, III</B> is Chief Development Officer of TRICON. He has
served in this position since January 2001. From 1998 to January 2001, he served as
President and Chief Operating Officer of KFC, and from 1995 to 1998, he served as Chief
Operating Officer of KFC. Mr. Rawley joined KFC in 1985 as a Director of Operations. He
served as Vice President of Operations for the Southwest, West, Northeast, and
Mid-Atlantic Divisions from 1988 to 1994, when he became Senior Vice President, Concept
Development for KFC. </P>

<P ALIGN="LEFT"><B>Brent A. Woodford</B> is Vice President and Controller of TRICON. He has
served in this position since April 2000. Mr. Woodford previously served as Controller of
Tricon Restaurants International from March 1998 to April 2000. From October 1997 to
March 1998, he served as Assistant Controller of Tricon Restaurants International. From
1993 until October 1997, he held various finance positions with PepsiCo and KFC's
International Restaurant Division. </P>


<BR><BR>
<p align=center>13</P>
<BR><BR>


<P ALIGN="LEFT"><B>Peter A. Bassi</B> is President of Tricon Restaurants International. He has
served in this position since July 1997. Mr. Bassi served as Executive Vice President,
Asia, of PepsiCo Restaurants International from February 1996 to July 1997. From 1995 to
1996 he served as Senior Vice President and Chief Financial Officer of PepsiCo
Restaurants International. He served as Senior Vice President, Finance and Chief
Financial Officer of Taco Bell from 1987 to 1994. He joined Pepsi-Cola Company in 1972
and served in various management positions at Frito-Lay, Pizza Hut and PepsiCo Food
Service International. </P>

<P ALIGN="LEFT"><B>Cheryl A. Bachelder</B> is President and Chief Concept Officer of KFC. She
has served in this position since January 2001. Prior to joining KFC, Ms. Bachelder
served as Executive Vice President, Build the Brand for Domino's Pizza LLC from June 1995
to December 2000. She joined Domino's in May 1995 as Executive Vice President of
Marketing and Product Development. From 1992 to May 1995, Ms. Bachelder served as
President of Bachelder &amp; Associates, a management consulting firm which she founded. From
1984 to 1992, Ms. Bachelder held various positions with the Nabisco Foods Group of RJR
Nabisco, Inc., including Vice President and General Manager of the LifeSavers Division. </P>

<P ALIGN="LEFT"><B>Michael S. Rawlings</B> is President and Chief Concept Officer of Pizza Hut.
He has served in this position since July 1997. From 1991 to 1996, Mr. Rawlings served as
Chairman, President and Chief Executive Officer of DDB Needham Worldwide Dallas Group, a
position he held following the merger of Tracy-Locke, Inc. into DDB Needham. Previously,
Mr. Rawlings was General Manager and Chief Operating Officer of Tracy-Locke, Inc., a
position he assumed in 1989. </P>

<P ALIGN="LEFT"><B>Emil J. Brolick</B> is President and Chief Concept Officer of Taco Bell. He
has served in this position since July 2000. Prior to joining Taco Bell, Mr. Brolick
served as Vice President of New Product Marketing, Research &amp; Strategic Planning for
Wendy's International, Inc. from 1995 to July 2000. From 1988 to 1995, he held various
positions at Wendy's including Manager, Planning and Evaluation and Vice President
Strategic Planning and Research. </P>

<P ALIGN="LEFT"><B>Mark S. Cosby</B> is Chief Operating Officer of KFC. He has served in this
position since January 2001. From September 1997 to January 2001, Mr. Cosby served as
Chief Development Officer of TRICON. From August 1996 to September 1997, Mr. Cosby was
Senior Vice President Operations Development for KFC. From March 1993 to August 1996, he
held various positions at KFC including Vice President of Planning, Vice President of
Purchasing, and Vice President of Operations for the North Central Division. Mr. Cosby
joined PepsiCo with Taco Bell in 1988. </P>

<P ALIGN="LEFT"><B>Michael A. Miles, Jr.</B> is Chief Operating Officer of Pizza Hut. He has
served in this position since January 2000. From May 1996 to December 1999, Mr. Miles
served as Senior Vice President, Concept Development and Franchise. From December 1994 to
April 1996, he was Division Vice President for Pizza Hut. Mr. Miles joined PepsiCo in May
1993 as Director of Strategic Planning. </P>

<P ALIGN="LEFT"><B>Robert T. Nilsen</B> is Chief Operating Officer of Taco Bell. He has served
in this position since January 2000. From January 1999 to December 1999, he was Senior
Vice President and Managing Director of Tricon Restaurants International for the South
Pacific. From October 1997 to January 1999, he served as Vice President and Managing
Director of Tricon Restaurants International for the South Pacific. From April 1996 to
October 1997, Mr. Nilsen was Region Vice President of Tricon Restaurants International
with responsibility for franchise operations across South Asia, the Middle East and
Hawaii. From 1995 to April 1996, he was Managing Director for KFC and Pizza Hut in
Southern Africa. </P>

<P ALIGN="LEFT">Executive officers are elected by and serve at the discretion of the
Board of Directors. </P>


<BR><BR>
<p align=center>14</P>
<BR><BR>


<P ALIGN=CENTER><B>PART II </b></P>

<P><B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market for the Registrant's Common Stock and Related Stockholder Matters.</b></p>

<P ALIGN="LEFT">The Company's common stock trades under the symbol YUM and is listed on
the New York Stock Exchange ("NYSE"). The following sets forth the high and low NYSE
composite closing sale prices by quarter for the Company's common stock. </P>

<pre>
                                   2001                               2000
     -------------------------------------------------------------------------------
     Quarter               High              Low             High              Low
     -------------------------------------------------------------------------------
     First            $    39.93      $     31.94      $     38.63      $     25.69
     Second                47.79            35.10            35.56            29.00
     Third                 46.24            40.70            32.38            23.75
     Fourth                53.08            38.12            37.38            26.50
     -------------------------------------------------------------------------------

 </pre>

<P ALIGN="LEFT">The number of shareholders of record of the Company's common stock as of
February 25, 2002 was approximately 116,000. </P>

<P ALIGN="LEFT">The Company does not presently intend to pay dividends on its common
stock. </P>


<BR><BR>
<p align=center>15</P>
<BR><BR>


<P><B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Financial Data.<BR>
Selected Financial Data<BR>
TRICON Global Restaurants, Inc. and Subsidiaries<BR>
(in millions, except per share and unit amounts)</B></P>

<pre>
----------------------------------------------------------------------------------------------------------------
                                                                          Fiscal Year
----------------------------------------------------------------------------------------------------------------
                                                   2001          2000        1999          1998         1997
----------------------------------------------------------------------------------------------------------------
<B>Summary of Operations</b>
System sales(a)
   U.S.                                        $   14,596    $   14,514   $   14,516   $   14,013   $   13,502
   International                                    7,732         7,645        7,246        6,607        6,963
                                               -----------------------------------------------------------------
   Total                                           22,328        22,159       21,762       20,620       20,465
                                               -----------------------------------------------------------------
Revenues
   Company sales(b)                                 6,138         6,305        7,099        7,852        9,112
   Franchise and license fees                         815           788          723          627          578
                                               -----------------------------------------------------------------
   Total                                            6,953         7,093        7,822        8,479        9,690
                                               -----------------------------------------------------------------
Facility actions net (loss) gain(c)                    (1)          176          381          275         (247)
Unusual items income (expense) (c) (d)                  3          (204)         (51)         (15)        (184)
                                               -----------------------------------------------------------------
Operating profit                                      891           860        1,240        1,028          241
Interest expense, net                                 158           176          202          272          276
                                               -----------------------------------------------------------------
Income (loss) before income taxes                     733           684        1,038          756          (35)
Net income (loss)                                     492           413          627          445         (111)
Basic earnings per common share(e)                   3.36          2.81         4.09         2.92          N/A
Diluted earnings per common share(e)                 3.24          2.77         3.92         2.84          N/A
----------------------------------------------------------------------------------------------------------------
<B>Cash Flow Data</B>
Provided by operating activities               $      832    $      491   $      565   $      674   $      810
Capital spending, excluding acquisitions              636           572          470          460          541
Proceeds from refranchising of restaurants            111           381          916          784          770
----------------------------------------------------------------------------------------------------------------
<B>Balance Sheet</B>
Total assets                                   $    4,388    $    4,149   $    3,961   $    4,531   $    5,114
Operating working capital deficit(f)                 (707)         (634)        (832)        (960)      (1,073)
Long-term debt                                      1,552         2,397        2,391        3,436        4,551
Total debt                                          2,248         2,487        2,508        3,532        4,675
----------------------------------------------------------------------------------------------------------------
<B>Other Data</B>
Number of stores at year end(a)
   Company                                          6,435         6,123        6,981        8,397       10,117
   Unconsolidated Affiliates                        2,000         1,844        1,178        1,120        1,090
   Franchisees                                     19,263        19,287       18,414       16,650       15,097
   Licensees                                        2,791         3,163        3,409        3,596        3,408
                                               -----------------------------------------------------------------
   System                                          30,489        30,417       29,982       29,763       29,712

U.S. Company same store sales growth(a)
   KFC                                                 3%          (3)%           2%           3%           2%
   Pizza Hut                                            -            1%           9%           6%         (1)%
   Taco Bell                                            -          (5)%            -           3%           2%
   Blended                                             1%          (2)%           4%           4%           1%
Shares outstanding at year end (in millions)          146           147          151          153          152
Market price per share at year end             $    49.24    $    33.00   $    37.94   $    47.63   $    28.31
----------------------------------------------------------------------------------------------------------------
</pre>

<P ALIGN="LEFT">N/A - Not Applicable. </P>
<P ALIGN="LEFT">TRICON Global Restaurants, Inc. and Subsidiaries ("TRICON") became an
independent, publicly owned company on October 6, 1997 through the spin-off of the
restaurant operations of its former parent, PepsiCo, Inc. ("PepsiCo"), to its
shareholders. The 1997 consolidated financial data was prepared as if we had been an
independent, publicly owned company for that period. To facilitate this presentation,
PepsiCo made certain allocations of its previously unallocated interest and general and
administrative expenses as well as pro forma computations, to the extent possible, of
separate income tax provisions for its restaurant segment. Fiscal years 2001, 1999, 1998
and 1997 include 52 weeks. Fiscal year 2000 includes 53 weeks. The selected financial
data should be read in conjunction with the Consolidated Financial Statements and the
Notes thereto. </P>

<OL type=a><LI>Excludes Non-core Businesses, which were disposed of in 1997.  See Note 22 to the Consolidated Financial Statements.<BR>
<LI>Declining Company sales are largely the result of our refranchising initiatives.<BR>
<LI>In the fourth  quarter of 1997, we recorded a $530 million  charge of which $410 million was recorded in facility  actions net
     (loss) and $120 million was recorded in unusual items.  The charge  included (a) costs of closing  stores;  (b) reductions to fair
     market value, less cost to sell, of the carrying amounts of certain  restaurants that we intended to refranchise;  (c) impairments
     of certain restaurants intended to be used in the business; (d) impairments of certain  unconsolidated  affiliates to be retained;
     and (e) costs of related personnel  reductions.  In 1999, we recorded favorable adjustments of $13 million in facility actions net
     gain and $11 million in unusual items related to our 1997 fourth quarter  charge.  In 1998, we recorded  favorable  adjustments of
     $54 million in facility actions net gain and $11 million in unusual items related to our 1997 fourth quarter charge.<BR>
<LI>See Note 5 to the  Consolidated  Financial  Statements for a description of unusual items income  (expense) in 2001,  2000 and
     1999. 1997 included $54 million related to the disposal of the Non-core Businesses.<BR>
<LI>EPS data has been omitted for 1997 as our capital structure as an independent, publicly owned company did not exist.<BR>
<LI>Operating  working capital deficit is current assets  excluding cash and cash  equivalents  and short-term  investments,  less
     current liabilities excluding short-term borrowings.</ol>


<BR><BR>
<p align=center>16</P>
<BR><BR>


<P><B>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations.</b></P>

<P><B>Introduction</B></P>

<P ALIGN="LEFT">TRICON Global Restaurants, Inc. and Subsidiaries (collectively referred
to as "TRICON" or the "Company") is comprised of the worldwide operations of KFC, Pizza
Hut and Taco Bell ("the Concepts") and is the world's largest quick service restaurant
("QSR") company based on the number of system units. Separately, each brand ranks in the
top ten among QSR chains in U.S. system sales and units. Our 10,927 international units
make us the second largest QSR company outside the U.S. TRICON became an independent,
publicly owned company on October 6, 1997 (the "Spin-off Date") via a tax-free
distribution of our Common Stock (the "Distribution" or "Spin-off") to the shareholders
of our former parent, PepsiCo, Inc. ("PepsiCo"). </P>

<P ALIGN="LEFT">TRICON has numerous registered trademarks and service marks. We believe
that many of these marks, including our Kentucky Fried Chicken&reg;, KFC&reg;, Pizza Hut&reg; and Taco
Bell&reg; trademarks, have significant value and are materially important to our business. Our
policy is to pursue registration of important trademarks whenever feasible and to oppose
vigorously any infringement of our trademarks. From time to time we may become involved
in litigation to defend and protect our use of such registered marks. The use of our
trademarks by franchisees and licensees has been authorized in KFC, Pizza Hut and Taco
Bell franchise and license agreements. Under current law and with proper use, our rights
in trademarks can generally last indefinitely. We also have certain patents on restaurant
equipment which, while valuable, are not material to our business. </P>

<P ALIGN="LEFT">Throughout Management's Discussion and Analysis ("MD&amp;A"), we make
reference to ongoing operating profit which represents our operating profit excluding the
impact of facility actions net loss (gain), unusual items income (expense) and our
accounting and human resources policy changes in 1999 (the "1999 accounting changes").
See Note 5 to the Consolidated Financial Statements for a detailed discussion of these
exclusions. We use ongoing operating profit as a key performance measure of our results
of operations for purposes of evaluating performance internally and as the base to
forecast future performance. Ongoing operating profit is not a measure defined in
accounting principles generally accepted in the U.S. and should not be considered in
isolation or as a substitution for measures of performance in accordance with accounting
principles generally accepted in the U.S. </P>

<P ALIGN="LEFT">In 2001, our international business, Tricon Restaurants International
("TRI" or "International") accounted for 35% of system sales, 31% of revenues and 31% of
ongoing operating profit excluding unallocated and corporate expenses and foreign
exchange net loss. We anticipate that, despite the inherent risks and typically higher
general and administrative expenses required by international operations, we will
continue to invest in key international markets with substantial growth potential. </P>

<P ALIGN="LEFT">This MD&amp;A should be read in conjunction with our Consolidated Financial
Statements on pages 37 through 73 and the Cautionary Statements on page 36. All Note
references herein refer to the Notes to the Consolidated Financial Statements on pages 42
through 73. Tabular amounts are displayed in millions except per share and unit count
amounts, or as otherwise specifically identified. </P>


<BR><BR>
<p align=center>17</P>
<BR><BR>


<P><B>Critical Accounting Policies</B></P>

<P ALIGN="LEFT">Our reported results are impacted by the application of certain
accounting policies that required us to make subjective or complex judgments. These
judgments involve estimations about the effect of matters that are inherently uncertain
and may significantly impact our quarterly or annual results of operations, financial
condition or cash flows. Changes in the estimates and judgments could significantly
affect our results of operations, financial condition and cash flows in future years. We
believe that our most significant policies require: </P>

<UL><LI>Estimation of cash flows  associated  with the  disposition  of  restaurants,  and the  impairment  of  long-lived  assets and
     investments in unconsolidated affiliates.  See Note 2 for a further discussion.<BR>
<LI>Determination  of the appropriate  allowances and reserves  associated  with franchise and license  receivables and contingent
     liabilities.  See Note 2 for a discussion of the allowance for uncollectible  franchise and license  receivables and Note 22 for a
     discussion of franchise contingent liabilities.<BR>
<LI>Estimation,  using  actuarially-determined  methods, of our self-insured losses under our property and casualty loss programs.
     See Note 22 for a discussion of our insurance programs.<BR>
<LI>Determination of the appropriate  valuation  allowances for deferred tax assets and reserves for potential tax exposures.  See
     Note 20 for a discussion of income taxes.</ul>

<P><B>Factors Affecting Comparability of 2001 Results to 2000 Results</B></P>

<P><u>Impact of AmeriServe Bankruptcy Reorganization Process</u> </P>

<P ALIGN="LEFT">See Note 22 for a discussion of the impact of the AmeriServe Food
Distribution, Inc. ("AmeriServe") bankruptcy reorganization process on the Company. </P>

<P><u>Franchisee Financial Condition</u> </P>

<P ALIGN="LEFT">Like others in the QSR industry, from time to time, some of our franchise
operators experience financial difficulties with respect to their franchise operations.
During 2001 and 2000, certain of our franchise operators, principally in the Taco Bell
system experienced varying degrees of financial problems. </P>

<P ALIGN="LEFT">Depending upon the facts and circumstances of each situation, and in the
absence of an improvement in the franchisee's business trends, there are a number of
potential resolutions of these financial issues. These include a sale of some or all of
the operator's restaurants to us or a third party, a restructuring of the operator's
business and/or finances, or, in the more unusual cases, bankruptcy of the operator. It
is our practice to proactively work with financially troubled franchise operators in an
attempt to positively resolve their issues. </P>

<P ALIGN="LEFT">Through February 11, 2002, restructurings have been completed for
approximately 1,000 Taco Bell franchise restaurants. In connection with these
restructurings, Taco Bell has acquired 123 restaurants for approximately $65 million
through December 29, 2001. In addition to these acquisitions, Taco Bell purchased 19
restaurants from franchisees for approximately $12 million and simultaneously leased the
restaurants back to these franchisees under long-term leases. As part of the restructurings, Taco Bell
has committed to fund approximately $29 million of future franchise capital expenditures,
principally through leasing arrangements.  In the fourth quarter of
2000, Taco Bell established a $15 million loan program to assist certain franchisees. All
fundings had been advanced by the end of the first quarter of 2001, and the resulting
notes receivable are primarily included in Other assets. </P>

<P ALIGN="LEFT">We believe that the recent improvement in business trends at Taco Bell
has helped alleviate financial problems in the Taco Bell franchise system which were due
to past downturns in sales. Accordingly, though we continue to monitor this situation, we
expect restructurings of the remaining Taco Bell franchise restaurants with financial
issues to be significantly less in number and costs in 2002. </P>


<BR><BR>
<p align=center>18</P>
<BR><BR>



<P ALIGN="LEFT">In 2001 and 2000, the Company charged expenses of $18 million and $26
million, respectively, to ongoing operating profit related to allowances for doubtful
franchise and license fee receivables. These costs are reported as franchise and license
expenses. On an ongoing basis, we assess our exposure from franchise-related risks, which
include estimated uncollectibility of franchise and license receivables, contingent lease
liabilities, guarantees to support certain third party financial arrangements of
franchisees and potential claims by franchisees. The contingent lease liabilities and
guarantees are more fully discussed in the Contingent Liabilities section of Note 22.
Although the ultimate impact of these franchise financial issues cannot be predicted with
certainty at this time, we have provided for our current estimate of the probable
exposure as of December 29, 2001. It is reasonably possible that there will be additional
costs; however, these cost are not expected to be material to quarterly or annual results
of operations, financial condition or cash flows. </P>

<P><u>Unusual Items (Income) Expense</u> </P>

<P ALIGN="LEFT">We recorded unusual items income of $3 million in 2001 and unusual items
expense of $204 million in 2000 and $51 million in 1999. See Note 5 for a detailed
discussion of our unusual items (income) expense. </P>

<P ALIGN="LEFT">In the fourth quarter of 2001, we recorded expenses of approximately $4
million related to streamlining certain support functions, which included the termination
of approximately 90 employees. The reserves established, which primarily related to
severance, were almost fully utilized in the first quarter of 2002. We expect to incur
additional costs of approximately $2 million in 2002 related to these actions, which will
be expensed as incurred. Beginning in 2002, we anticipate savings in general and
administrative expenses ("G&amp;A") of approximately $6 million per year, primarily related to
reduced compensation. However, we expect to reinvest a substantial portion of these
savings in our growth initiatives, including multibranding. </P>

<P><u>Impact of New Unconsolidated Affiliates</u> </P>

<P ALIGN="LEFT">Consistent with our strategy to focus our capital on key international
markets, we formed new ventures in Canada and Poland with our largest franchisee in each
market. The venture in Canada was formed in the third quarter of 2000 and the venture in
Poland was effective in the first quarter of 2001. The Canadian venture operates over 700
stores and the Poland venture operates approximately 100 stores. We did not record any
gain or loss on the transfer of assets to these new ventures. </P>

<P ALIGN="LEFT">Previously, the results from the restaurants we contributed to these
ventures were consolidated. The impact of these transactions on operating results is
similar to the impact of our refranchising activities, which is described in the Store
Portfolio Strategy section below. Consequently, these transactions resulted in a decline
in our Company sales, restaurant margin dollars and G&amp;A as well as higher franchise fees.
We also record equity income (losses) from investments in unconsolidated affiliates
("equity income") and, in Canada, higher franchise fees since the royalty rate was
increased for those stores contributed by our partner to the venture. The formation of
these ventures did not have a significant net impact on ongoing operating profit in 2001. </P>

<P><u>Impact of the Consolidation of an Unconsolidated Affiliate</u> </P>

<P ALIGN="LEFT">At the beginning of 2001, we consolidated a previously unconsolidated
affiliate in our Consolidated Financial Statements as a result of a change in our intent
to temporarily retain control of this affiliate. This change resulted in higher Company
sales, restaurant margin dollars and G&amp;A as well as decreased franchise fees and equity
income. This previously unconsolidated affiliate operates over 100 stores. </P>

<BR><BR>
<p align=center>19</P>
<BR><BR>



<P><u>Fifty-third Week in 2000</u> </P>

<P ALIGN="LEFT">Our fiscal calendar results in a fifty-third week every 5 or 6 years.
Fiscal year 2000 included a fifty-third week in the fourth quarter. The estimated
favorable impact in net income was $10 million or $0.07 per diluted share in 2000. The
following table summarizes the estimated favorable/(unfavorable) impact of the
fifty-third week on system sales, revenues and ongoing operating profit: </P>

<pre>
                                    U.S.      International     Unallocated         Total
                               ----------    --------------    -------------    -----------
System sales                   $    230      $      65         $      -         $     295
                               ==========    ==============    =============    ===========
<U>Revenues</U>
Company sales                  $     58      $      18         $      -         $      76
Franchise fees                        9              2                -                11
                               ----------    --------------    -------------    -----------
Total revenues                 $     67      $      20         $      -         $      87
                               ==========    ==============    =============    ===========
<U>Ongoing operating profit</U>
Franchise fees                 $      9      $       2         $      -         $      11
Restaurant margin                    11              4                -                15
General and administrative
   expenses                          (3)            (2)              (2)               (7)
                               ----------    --------------    -------------    -----------
Ongoing operating profit       $     17      $       4         $     (2)        $      19
                               ==========    ==============    =============    ===========
</pre>

<P><u>Store Portfolio Strategy</u> </P>

<P ALIGN="LEFT">Since 1995, we have been strategically reducing our share of total system
units by selling Company restaurants to existing and new franchisees where their
expertise can generally be leveraged to improve our overall operating performance, while
retaining Company ownership of key U.S. and International markets. This
portfolio-balancing activity has reduced our reported revenues and restaurant profits and
has increased the importance of system sales as a key performance measure. We
substantially completed our refranchising program in 2001. </P>

<P ALIGN="LEFT">The following table summarizes our refranchising activities:</P>

<pre>
                                                      2001          2000             1999
                                                  -----------   -------------   -----------
    Number of units refranchised                       233           757            1,435
    Refranchising proceeds, pre-tax               $    111      $    381        $     916
    Refranchising net gains, pre-tax(a)           $     39      $    200        $     422
</pre>

<ol type=a><LI>2001 includes $12 million of  previously  deferred  refranchising  gains and a charge of $11 million to mark to market the net
         assets of the Singapore business, which is held for sale.</ol>

<P ALIGN="LEFT">In addition to our refranchising program, we have been closing
restaurants over the past several years. Restaurants closed include poor performing
restaurants, restaurants that are relocated to a new site within the same trade area or
U.S. Pizza Hut delivery units consolidated with a new or existing dine-in traditional
store within the same trade area. </P>


<BR><BR>
<p align=center>20</P>
<BR><BR>


<P ALIGN="LEFT">The following table summarizes Company store closure activities: </P>

     <pre>
                                                      2001          2000            1999
                                                  -----------   -------------   -----------
    Number of units closed                             270           208              301
    Store closure costs(a)                        $     17      $     10        $      13
    Impairment charges for stores to be closed    $      5      $      6        $      12
     </pre>

<OL type=a><LI>Includes  favorable  adjustments  to our 1997 fourth  quarter  charge of $9 million in 1999.  See Note 5 for a  discussion  of
         these adjustments.</ol>

<P ALIGN="LEFT">The impact on ongoing operating profit arising from our refranchising and
store closure initiatives as well as the contribution of Company stores to new
unconsolidated affiliates as described in the Impact of New Unconsolidated Affiliates
section represents the net of (a) the estimated reduction in Company sales, restaurant
margin and G&amp;A; (b) the estimated increase in franchise fees; and (c) the estimated change
in equity income. The amounts presented below reflect the estimated impact from stores
that were operated by us for all or some portion of the respective previous year and were
no longer operated by us as of the last day of the respective year. </P>

<P ALIGN="LEFT">The following table summarizes the estimated impact on revenue of
refranchising, store closures and the contribution of Company stores to unconsolidated
affiliates: </P>

     <pre>
                                                          2001
                                       ----------------------------------------------
                                           U.S.        International       Worldwide
                                       ----------   ----------------   --------------
Reduced sales                          $   (483)    $       (243)      $       (726)
Increased franchise fees                     21               13                 34
                                       ----------   ----------------   --------------
Reduction in total revenues            $   (462)    $       (230)      $       (692)
                                       ==========   ================   ==============
     </pre>

     <pre>
                                                          2000
                                       ----------------------------------------------
                                           U.S.       International      Worldwide
                                       ----------   ----------------   --------------
Reduced sales                          $   (838)    $       (246)      $     (1,084)
Increased franchise fees                     39               13                 52
                                       ----------   ----------------   --------------
Reduction in total revenues            $   (799)    $       (233)      $     (1,032)
                                       ==========   ================   ==============
     </pre>

<P ALIGN="LEFT">The following table summarizes the estimated impact on ongoing operating
profit of refranchising, store closures and the contribution of Company stores to
unconsolidated affiliates: </P>

     <pre>
                                                          2001
                                       ----------------------------------------------
                                           U.S.       International      Worldwide
                                       ----------   ----------------   --------------
Decreased restaurant margin            $    (67)    $      (25)        $        (92)
Increased franchise fees                     21             13                   34
Decreased G&amp;A                                 5             13                   18
Decreased equity income                       -             (5)                  (5)
                                       ----------   ----------------   --------------
Decrease in ongoing operating profit   $    (41)    $       (4)        $        (45)
                                       ==========   ================   ==============
                                                            2000
                                       ----------------------------------------------
                                            U.S.      International      Worldwide
                                       ----------   ----------------   --------------
Decreased restaurant margin            $    (90)    $      (25)        $       (115)
Increased franchise fees                     39             13                   52
Decreased G&amp;A                                11              6                   17
Decreased equity income                       -             (1)                  (1)
                                       ----------   ----------------   --------------
Decrease in ongoing operating profit   $    (40)    $       (7)        $        (47)
                                       ==========   ================   ==============
     </pre>


<BR><BR>
<p align=center>21</P>
<BR><BR>

<P><B>Worldwide Results of Operations</B></P>

<pre>
                                                       % B(W)                          % B(W)
                                        2001          vs. 2000            2000          vs. 1999
                                     -----------    ----------------   -----------   ---------------

System sales(a)                      $   22,328            1           $   22,159           2
                                     ===========                       ===========
Company sales                        $    6,138           (3)          $    6,305         (11)
Franchise and license fees                  815            3                  788           9
                                     -----------                       -----------
Revenues                             $    6,953           (2)          $    7,093          (9)
                                     ===========                       ===========
Company restaurant margin            $      906           (5)          $      954         (13)
                                     ===========                       ===========
% of Company sales                        14.8%         (0.3) ppts.         15.1%        (0.3) ppts.
                                     ===========                       ===========
Ongoing operating profit             $      889            -           $      888           1
Facility actions net (loss) gain             (1)          NM                  176         (54)
Unusual items income (expense)                3           NM                 (204)         NM
                                     -----------                       -----------
Operating profit                            891            4                  860         (31)
Interest expense, net                       158           10                  176          13
Income tax provision                        241           11                  271          34
                                     -----------                       -----------
Net income                           $      492           19           $      413         (34)
                                     ===========                       ===========
Diluted earnings per share           $     3.24           17           $     2.77         (29)
                                     ===========                       ===========
</pre>


<OL type=a><li>Represents combined sales of Company, unconsolidated affiliate, franchise and license restaurants.</ol>

<P><B>Worldwide Restaurant Unit Activity</B></P>

<pre>
                                          Unconsolidated
                             Company        Affiliates       Franchisees    Licensees        Total
                            ----------   ---------------   -------------   ------------   ----------

 Balance at Dec. 25, 1999      6,981          1,178            18,414           3,409       29,982
 New Builds                      370            108               960             324        1,762
 Refranchising                  (757)            (9)              775              (9)           -
 Closures                       (208)           (53)             (505)           (561)      (1,327)
 Other(a)                       (263)           620              (357)              -            -
                            ----------   ---------------   -------------   ------------   ----------
 Balance at Dec. 30, 2000      6,123          1,844            19,287           3,163       30,417
 New Builds                      521            150               818             190        1,679
 Acquisitions                    361            (28)             (328)             (5)           -
 Refranchising                  (233)           (20)              253               -            -
 Closures                       (270)           (39)             (741)           (557)      (1,607)
 Other(a)                        (67)            93               (26)              -            -
                            ----------   ---------------   -------------   ------------   ----------
 Balance at Dec. 29, 2001      6,435          2,000            19,263           2,791       30,489
                            ==========   ===============   =============   ============   ==========
 % of total                      21%             7%               63%              9%         100%
</pre>

<OL type=a><li>Primarily  includes 320 Company stores and 329 franchisee  stores  contributed to an  unconsolidated  affiliate in 2000 and 52
     Company stores and 41 franchisee stores contributed to an unconsolidated affiliate in 2001.</ol>


<BR><BR>
<p align=center>22</P>
<BR><BR>


<P><B>Worldwide System Sales</B></P>

<P ALIGN="LEFT">System sales increased approximately $169 million or 1% in 2001, after a
2% unfavorable impact from foreign currency translation. Excluding the unfavorable impact
of foreign currency translation and lapping the fifty-third week in 2000, system sales
increased 5%. The increase was driven by new unit development and same store sales
growth, partially offset by store closures. </P>

<P ALIGN="LEFT">System sales increased $397 million or 2% in 2000, after a 1% unfavorable
impact from foreign currency translation. Excluding the unfavorable impact of foreign
currency translation and the favorable impact of the fifty-third week, system sales
increased 1%. This increase was driven by new unit development, partially offset by store
closures and same store sales declines. </P>

<P><B>Worldwide Revenues </B></P>

<P ALIGN="LEFT">Company sales decreased $167 million or 3% in 2001, after a 2%
unfavorable impact from foreign currency translation. Excluding the unfavorable impact of
foreign currency translation and lapping the fifty-third week in 2000, Company sales were
flat. An increase due to new unit development was offset by refranchising. </P>

<P ALIGN="LEFT">Company sales decreased $794 million or 11% in 2000. Excluding the
favorable impact from the fifty-third week, Company sales decreased 12%. The decrease was
primarily due to refranchising, store closures, the contribution of Company stores to a
new unconsolidated affiliate and same store sales declines. This decrease was partially
offset by new unit development. </P>

<P ALIGN="LEFT">Franchise and license fees increased $27 million or 3% in 2001, after a
2% unfavorable impact from foreign currency translation. Excluding the unfavorable impact
of foreign currency translation and lapping the fifty-third week in 2000, franchise and
license fees increased 7%. The increase was driven by new unit development, units
acquired from us and same store sales growth. This increase was partially offset by store
closures. </P>

<P ALIGN="LEFT">Franchise and license fees increased $65 million or 9% in 2000. The
increase was primarily driven by units acquired from us and new unit development
partially offset by store closures and same store sales declines in the U.S. The
unfavorable impact of foreign currency translation was essentially offset by the
favorable impact of the fifty-third week. </P>

<P><B>Worldwide Company Restaurant Margin</B></P>

<pre>
                                               2001            2000           1999
                                           -----------     ----------     -----------
Company sales                                  100.0%         100.0%         100.0%
Food and paper                                  31.1           30.8           31.5
Payroll and employee benefits                   27.1           27.7           27.6
Occupancy and other operating expenses          27.0           26.4           25.5
                                           -----------     ----------     -----------
Company restaurant margin                       14.8%          15.1%          15.4%
                                           ===========     ==========     ===========
</pre>

<P ALIGN="LEFT">Restaurant margin as a percentage of sales decreased approximately 30
basis points in 2001. U.S. restaurant margin was flat and International restaurant margin
declined approximately 120 basis points. </P>

<P ALIGN="LEFT">Restaurant margin as a percentage of sales decreased approximately 25
basis points in 2000, including the unfavorable impact of 15 basis points from lapping
the 1999 accounting changes. U.S. restaurant margin declined approximately 55 basis
points and International restaurant margin increased approximately 65 basis points. </P>


<BR><BR>
<p align=center>23</P>
<BR><BR>


<P><B>Worldwide General And Administrative Expenses</B></P>

<P ALIGN="LEFT">G&amp;A decreased $34 million or 4% in 2001. Excluding the favorable impact of
lapping the fifty-third week in 2000, G&amp;A decreased 3%. The decrease was driven by lower
corporate and project spending, the formation of unconsolidated affiliates and
refranchising. The decrease was partially offset by higher compensation costs. </P>

<P ALIGN="LEFT">G&amp;A decreased $65 million or 7% in 2000. Excluding the unfavorable impact
from lapping the 1999 accounting changes, G&amp;A decreased 9%. The decrease was primarily due
to lower incentive compensation expense and Year 2000 costs as well as the favorable
impact of refranchising and store closures. Reduced spending on conferences also
contributed to the decline. G&amp;A included Year 2000 spending of approximately $2 million in
2000 as compared to approximately $30 million in 1999. </P>

<P><B>Worldwide Franchise and License Expenses</B></P>

<P ALIGN="LEFT">Franchise and license expenses increased $10 million or 20% in 2001. The
increase was primarily due to support costs related to the financial restructuring of
certain Taco Bell franchisees. The increase was partially offset by lower allowances for
doubtful franchise and license fee receivables. </P>

<P ALIGN="LEFT">Franchise and license expenses increased $24 million or 93% in 2000. The
increase was driven by allowances for doubtful franchise and license fee receivables,
principally at Taco Bell. </P>

<P><B>Worldwide Other (Income) Expense</B></P>

<pre>
                                  2001          2000           1999
                              ----------    ----------     ----------
Equity income                 $    (26)     $    (25)      $    (19)
Foreign exchange net loss            3             -              3
                              ----------    ----------     ----------
Other (income) expense        $    (23)     $    (25)      $    (16)
                              ==========    ==========     ==========
</pre>

<P ALIGN="LEFT">Equity income increased $1 million or 3% in 2001, after a 6% unfavorable
impact from foreign currency translation. The increase was driven by improved results of
our unconsolidated affiliate in the United Kingdom. The increase was offset by equity
losses from Poland and the consolidation of a previously unconsolidated affiliate. </P>

<P ALIGN="LEFT">Equity income increased $6 million or 32% in 2000. The increase was
primarily due to improved results of our unconsolidated affiliates in Japan, the United
Kingdom and China. </P>

<P><B>Worldwide Facility Actions Net Loss (Gain)</B></P>

<P ALIGN="LEFT">We recorded facility actions net loss of $1 million in 2001 and facility
actions net gain of $176 million in 2000 and $381 million in 1999. See the Store
Portfolio Strategy section for more detail of our refranchising and closure activities
and Note 5 for a summary of the components of facility actions net loss (gain) by
reportable operating segment. </P>


<BR><BR>
<p align=center>24</P>
<BR><BR>

<P><B>Worldwide Ongoing Operating Profit</B></P>

<pre>


                                                       % B(W) vs.                  % B(W) vs.
                                            2001          2000          2000          1999
                                        -----------   -----------   -----------   -----------
United States                           $     722         (3)       $     742          (9)
International                                 318          3              309          16
Unallocated and corporate expenses           (148)         9             (163)         16
Foreign exchange net loss                      (3)        NM                -          NM
                                        -----------                 -----------
Ongoing operating profit                $     889          -        $     888           1
                                        ===========                 ===========
</pre>

<P ALIGN="LEFT">The changes in U.S. and International ongoing operating profit for 2001
and 2000 are discussed in the respective sections. </P>

<P ALIGN="LEFT">Unallocated and corporate expenses decreased $15 million or 9% in 2001.
Excluding the favorable impact of lapping the fifty-third week in 2000, G&amp;A decreased 8%.
The decline was primarily due to lower corporate and project spending partially offset by
higher incentive and deferred compensation. </P>

<P ALIGN="LEFT">Excluding the unfavorable impact from lapping the 1999 accounting
changes, unallocated and corporate expenses decreased $31 million or 16% in 2000. The
decline was primarily due to lower Year 2000 spending and lower incentive compensation
expense. </P>

<P><B>Worldwide Interest Expense, Net</B></P>

<pre>
                               2001        2000          1999
                           ----------   ----------   ----------
Interest expense           $    172     $    190     $    218
Interest income                 (14)         (14)         (16)
                           ----------   ----------   ----------
Interest expense, net      $    158     $    176     $    202
                           ==========   ==========   ==========
</pre>

<P ALIGN="LEFT">Net interest expense decreased $18 million or 10% in 2001. The decrease
was primarily due to a decrease in our average interest rates. </P>

<P ALIGN="LEFT">Net interest expense decreased $26 million or 13% in 2000. The decline
was due to lower average debt outstanding in 2000 as compared to 1999, partially offset
by an increase in interest rates on our variable rate debt. As discussed in Note 22,
interest expense on incremental borrowings related to the AmeriServe bankruptcy
reorganization process of $9 million has been included in unusual items expense in 2000. </P>

<P><B>Worldwide Income Taxes</b></P>

<pre>
                               2001        2000          1999
                           ----------   ----------   ----------
Reported
  Income taxes             $    241     $    271     $    411
  Effective tax rate           32.8%        39.6%        39.5%

Ongoing(a)
  Income taxes             $    243     $    268     $    267
  Effective tax rate           33.1%        37.7%        39.3%
</pre>

<ol type=a><LI>Excludes the effects of facility  actions net (loss) gain,  unusual items (income)  expense and the 1999  accounting  changes.
     See Note 5 for a discussion of these items.</ol>


<BR><BR>
<p align=center>25</P>
<BR><BR>

<P ALIGN="LEFT">The following table reconciles the U.S. federal statutory tax rate to our
ongoing effective tax rate: </P>

     <pre>
                                                    2001        2000         1999
                                                 ---------   ---------   ---------
U.S. federal statutory tax rate                     35.0%       35.0%       35.0%
State income tax, net of federal tax benefit         1.9         1.8         2.3
Foreign and U.S. tax effects attributable to
   foreign operations                                0.2        (0.4)        4.6
Adjustments relating to prior years                 (2.2)        5.3        (0.7)
Valuation allowance reversals                       (1.7)       (4.0)       (2.0)
Other, net                                          (0.1)        -           0.1
                                                 ---------   ---------   ---------

Ongoing effective tax rate                          33.1%       37.7%       39.3%
                                                 =========   =========   =========
</pre>

<P ALIGN="LEFT">The 2001 ongoing effective tax rate decreased 4.6 percentage points to
33.1%. The decrease in the ongoing effective tax rate was primarily due to adjustments
related to prior years, partially offset by reduced valuation allowance reversals. See
Note 20 for a discussion of valuation allowances. </P>

<P ALIGN="LEFT">In 2001, the effective tax rate attributable to foreign operations was
slightly higher than the U.S. federal statutory rate because losses of foreign operations
for which no benefit could be currently recognized and other adjustments more than offset
the effect of claiming credit against our U.S. income tax liability for foreign taxes
paid. </P>

<P ALIGN="LEFT">The 2000 ongoing effective tax rate decreased 1.6 percentage points to
37.7%. The decrease in the ongoing effective tax rate was primarily due to a reduction in
the tax on our international operations, including the initial benefits of becoming
eligible in 2000 to claim substantially all of our available foreign income tax credits
for foreign taxes paid in 2000 against our U.S. income tax liability, and incremental
valuation allowance reversals. This decrease was partially offset by adjustments relating
to prior years. </P>

<P ALIGN="LEFT">In 2000, the effective tax rate attributable to foreign operations was
lower than the U.S. federal statutory rate due to our ability to claim credit against our
U.S. income tax liability for foreign taxes paid. The effective tax rate attributable to
foreign operations in 1999 was higher than the U.S. federal statutory tax rate. This was
primarily due to foreign tax rate differentials, including foreign withholding tax paid
without benefit of the related foreign tax credit for U.S. income tax purposes and losses
of foreign operations for which no tax benefit could be currently recognized. </P>

<P><B>Earnings Per Share</B></P>

<P ALIGN="LEFT">The components of earnings per common share ("EPS") were as follows: </P>

<pre>
                                          2001(a)                        2000(a)
                               --------------------------    ---------------------------

                                  Diluted          Basic         Diluted          Basic
                               -----------    -----------    ------------    -----------
Ongoing operating earnings     $     3.21     $    3.33      $     2.98      $    3.02
Facility actions net gain            0.02          0.02            0.66           0.67
Unusual items                        0.01          0.01           (0.87)         (0.88)
                               -----------    -----------    ------------    -----------
Net income                     $     3.24     $    3.36      $     2.77      $    2.81
                               ===========    ===========    ============    ===========
</pre>

<ol type=a><LI>See Note 4 for the number of shares used in these calculations.</ol>


<BR><BR>
<p align=center>26</P>
<BR><BR>


<P><B>U.S. Results of Operations</B></P>

<pre>
                                              % B(W) vs.                        % B(W)
                                  2001           2000          2000            vs. 1999
                               -----------   ------------   ------------    ---------------

System sales                   $   14,596           1       $   14,514             -
                               ===========                  ============

Company sales                  $    4,287          (5)      $    4,533           (14)
Franchise and license fees            540           2              529             7
                               -----------                  ------------
Revenues                       $    4,827          (5)      $    5,062           (12)
                               ===========                  ============
Company restaurant margin      $      649          (5)      $      687           (17)
                               ===========                  ============
% of Company sales                  15.2%           -            15.2%          (0.5) ppts.
                               ===========                  ============
Ongoing operating profit       $      722          (3)      $      742           (9)
                               ===========                  ============
</pre>

<P><B>U.S. Restaurant Unit Activity</B></P>

<pre>
                                 Company      Franchisees     Licensees       Total
                               ------------   ------------   -----------   ----------
 Balance at Dec. 25, 1999           4,984         12,110         3,100        20,194
 New Builds                           143            366           303           812
 Refranchising                       (672)           681            (9)            -
 Closures                            (153)          (295)         (521)         (969)
                               ------------   ------------   -----------   ----------
 Balance at Dec. 30, 2000           4,302         12,862         2,873        20,037
 New Builds                           183            265           182           630
 Acquisitions                         136           (133)           (3)            -
 Refranchising                       (155)           155             -             -
 Closures                            (182)          (416)         (507)       (1,105)
                               ------------   ------------   -----------   ----------
 Balance at Dec. 29, 2001           4,284         12,733         2,545        19,562
                               ============   ============   ===========   ==========
 % of Total                           22%            65%           13%          100%
</pre>

<P><B>U.S. System Sales</B></P>

<P ALIGN="LEFT">System sales increased $82 million or 1% in 2001. Excluding the
unfavorable impact of lapping the fifty-third week in 2000, system sales increased 2%.
The increase was driven by new unit development and same store sales growth at KFC and
Pizza Hut, partially offset by store closures. </P>

<P ALIGN="LEFT">System sales were flat in 2000. Excluding the favorable impact of the
fifty-third week, system sales decreased 2%. The decrease was due to same stores sales
declines at Taco Bell and KFC as well as store closures, partially offset by new unit
development. </P>

<P><B>U.S. Revenues</B></P>

<P ALIGN="LEFT">Company sales decreased $246 million or 5% in 2001. Excluding the
unfavorable impact of lapping the fifty-third week in 2000, Company sales decreased 4%.
The decrease was driven by refranchising, partially offset by new unit development. </P>


<BR><BR>
<p align=center>27</P>
<BR><BR>


<P ALIGN="LEFT">For 2001, blended Company same store sales for our three Concepts were up
1% on a comparable fifty-two week basis. An increase in the average guest check was
partially offset by transaction declines. Same store sales at KFC were up 3%, primarily
due to an increase in transactions. Same store sales at both Pizza Hut and Taco Bell were
flat. A 2% increase in the average guest check at Pizza Hut and a 3% increase in the
average guest check at Taco Bell were both fully offset by transaction declines. </P>

<P ALIGN="LEFT">Company sales decreased $720 million or 14% in 2000. Excluding the
favorable impact of the fifty-third week, Company sales decreased 15%. The decrease was
primarily due to refranchising, store closures and same store sales declines. The
decrease was partially offset by new unit development. </P>

<P ALIGN="LEFT">For 2000, blended Company same store sales for our three Concepts
decreased 2% on a comparable basis. A decline in transactions was partially offset by an
increase in the average guest check. Same store sales at Pizza Hut increased 1%. A 3%
increase in the average guest check was partially offset by transaction declines. Same
store sales at KFC decreased 3%, primarily due to transaction declines. Same store sales
at Taco Bell decreased 5% as a result of transaction declines. </P>

<P ALIGN="LEFT">Franchise and license fees grew $11 million or 2% in 2001. Excluding the
unfavorable impact of lapping the fifty-third week in 2000, franchise and license fees
increased 4%. The increase was driven by units acquired from us and new unit development,
partially offset by store closures. </P>

<P ALIGN="LEFT">Franchise and license fees increased $34 million or 7% in 2000. Excluding
the favorable impact from the fifty-third week, franchise and license fees increased 5%.
The increase was driven by units acquired from us and new unit development, partially
offset by same store sales declines and store closures. </P>

<P><B>U.S. Company Restaurant Margin</B></P>

<pre>
                                               2001         2000         1999
                                           ----------   ----------   ----------
Company sales                                 100.0%       100.0%       100.0%
Food and paper                                 28.6         28.6         30.0
Payroll and employee benefits                  30.6         30.8         29.8
Occupancy and other operating expenses         25.6         25.4         24.5
                                           ----------   ----------   ----------
Company restaurant margin                      15.2%        15.2%        15.7%
                                           ==========   ==========   ==========
     </pre>

<P ALIGN="LEFT">Restaurant margin as a percentage of sales was flat in 2001. Favorable
pricing and product mix was offset by increases in occupancy and other costs, product
costs and wage rates. The increase in product costs was primarily driven by cheese costs. </P>

<P ALIGN="LEFT">Restaurant margin as a percentage of sales decreased 55 basis points in
2000, including a decline of approximately 25 basis points resulting from lapping the
1999 accounting changes. The remaining decrease primarily resulted from a shift to lower
margin chicken sandwiches at KFC, volume declines at Taco Bell and the absence of
favorable 1999 insurance-related adjustments. The decrease was partially offset by the
favorable impact of refranchising and pricing and product mix. Favorable product costs,
primarily cheese, were almost fully offset by higher occupancy and other costs and higher
wage rates. </P>

<P><B>U.S. Ongoing Operating Profit</B></P>

<P ALIGN="LEFT">Ongoing operating profit decreased $20 million or 3% in 2001. Excluding
the unfavorable impact of lapping the fifty-third week in 2000, ongoing operating profit
decreased 1%. The decrease was driven by the unfavorable impact of refranchising and
store closures, higher restaurant operating costs and higher franchise support costs
related to the restructuring of certain Taco Bell franchisees. The decrease was partially
offset by favorable pricing and product mix and new unit development. </P>

<BR><BR>
<p align=center>28</P>
<BR><BR>


<P ALIGN="LEFT">Ongoing operating profit decreased $71 million or 9% in 2000. Excluding
the favorable impact of the fifty-third week, ongoing operating profit decreased 12%. The
decrease was primarily due to same store sales declines, the unfavorable impact of
refranchising and store closures and higher restaurant operating costs. The decrease was
partially offset by new unit development and reduced G&amp;A expenses. The decrease in G&amp;A expenses
was largely due to lower incentive compensation, decreased professional fees and lower
spending on conferences at Pizza Hut and Taco Bell. The G&amp;A declines were partially offset
by higher franchise-related expenses, primarily allowances for doubtful franchise and
license fee receivables. </P>

<P><B>International Results of Operations</b></p>

<pre>

                                              % B(W) vs.                     % B(W) vs.
                                   2001          2000             2000          1999
                               -----------   --------------   -----------   --------------
System sales                   $   7,732           1          $   7,645            6
                               ===========                    ===========
Company sales                  $   1,851           5          $   1,772           (4)
Franchise and license fees           275           6                259           14
                               -----------                    -----------
Revenues                       $   2,126           5          $   2,031           (2)
                               ===========                    ===========
Company restaurant margin      $     257          (4)         $     267            -
                               ===========                    ===========
% of Company sales                  13.9%       (1.2) ppts.        15.1%         0.7 ppts.
                               ===========                    ===========
Ongoing operating profit       $     318           3          $     309           16
                               ===========                    ===========
</pre>

<P><B>International Restaurant Unit Activity</B></P>

<pre>
                                          Unconsolidated
                              Company       Affiliates      Franchisees    Licensees      Total
                            ----------   ---------------   ------------   -----------   ----------
 Balance at Dec. 25, 1999      1,997          1,178             6,304           309        9,788
 New Builds                      227            108               594            21          950
 Refranchising                   (85)            (9)               94             -            -
 Closures                        (55)           (53)             (210)          (40)        (358)
 Other(a)                       (263)           620              (357)            -            -
                            ----------   ---------------   ------------   -----------   ----------
 Balance at Dec. 30, 2000      1,821          1,844             6,425           290       10,380
 New Builds                      338            150               553             8        1,049
 Acquisitions                    225            (28)             (195)           (2)           -
 Refranchising                   (78)           (20)               98             -            -
 Closures                        (88)           (39)             (325)          (50)        (502)
 Other(a)                        (67)            93               (26)            -            -
                            ----------   ---------------   ------------   -----------   ----------
 Balance at Dec. 29, 2001      2,151          2,000             6,530           246       10,927
                            ==========   ===============   ============   ===========   ==========
 % of Total                     20%            18%               60%            2%         100%
</pre>

<ol type=a><LI>Primarily  includes 320 Company stores and 329 franchisee  stores  contributed to an  unconsolidated  affiliate in 2000 and 52
     Company stores and 41 franchisee stores contributed to an unconsolidated affiliate in 2001.</ol>


<BR><BR>
<p align=center>29</P>
<BR><BR>

<P><B>International System Sales</B></P>

<P ALIGN="LEFT">System sales increased approximately $87 million or 1% in 2001, after a
7% unfavorable impact from foreign currency translation. Excluding the unfavorable impact
of foreign currency translation and lapping the fifty-third week in 2000, system sales
increased 9%. The increase was driven by new unit development and same store sales
growth, partially offset by store closures. </P>

<P ALIGN="LEFT">System sales increased $399 million or 6% in 2000, after a 2% unfavorable
impact from foreign currency translation. Excluding the unfavorable impact of foreign
currency translation and the favorable impact of the fifty-third week, system sales
increased 7%. This increase was driven by new unit development and same store sales
growth, partially offset by store closures. </P>

<P><B>International Revenues</B></P>

<P ALIGN="LEFT">Company sales increased $79 million or 5% in 2001, after a 5% unfavorable
impact from foreign currency translation. Excluding the unfavorable impact of foreign
currency translation and lapping the fifty-third week in 2000, Company sales increased
11%. The increase was driven by new unit development and acquisitions of restaurants from
franchisees. The increase was partially offset by the contribution of Company stores to
new unconsolidated affiliates. </P>

<P ALIGN="LEFT">Company sales decreased $74 million or 4% in 2000, after a 3% unfavorable
impact from foreign currency translation. Excluding the unfavorable impact of foreign
currency translation and the favorable impact of the fifty-third week, Company sales
decreased 2%. The decrease was primarily due to refranchising, the contribution of
Company stores to an unconsolidated affiliate and store closures. The decrease was
partially offset by new unit development and same store sales growth. </P>

<P ALIGN="LEFT">Franchise and license fees increased $16 million or 6% in 2001, after a
6% unfavorable impact from foreign currency translation. Excluding the unfavorable impact
of foreign currency translation and lapping the fifty-third week in 2000, franchise and
license fees increased 13%. The increase was driven by new unit development, same store
sales growth and units contributed to unconsolidated affiliates. The increase was
partially offset by store closures. </P>

<P ALIGN="LEFT">Franchise and license fees increased approximately $31 million or 14% in
2000, after a 3% unfavorable impact from foreign currency translation. Excluding the
unfavorable impact of foreign currency translation and the favorable impact from the
fifty-third week, franchise and license fees increased 16%. The increase was driven by
new unit development, units acquired from us and same store sales growth. The increase
was partially offset by store closures. </P>

<P><B>International Company Restaurant Margin</B></P>

<pre>
                                               2001          2000          1999
                                           ----------    ----------    ----------
Company sales                                 100.0%        100.0%        100.0%
Food and paper                                 36.9          36.5          36.0
Payroll and employee benefits                  19.1          19.5          21.0
Occupancy and other operating expenses         30.1          28.9          28.6
                                           ----------    ----------    ----------
Company restaurant margin                      13.9%         15.1%         14.4%
                                           ==========    ==========    ==========
</pre>

<P ALIGN="LEFT">Restaurant margin as a percentage of sales decreased approximately 120
basis points in 2001. This decrease was primarily attributable to higher operating costs
and the acquisition of below average margin stores from franchisees. The decrease was
partially offset by favorable pricing and product mix. </P>

<P ALIGN="LEFT">Restaurant margin as a percentage of sales increased 65 basis points in
2000. The increase was primarily attributable to the favorable impact of refranchising,
the contribution of Company stores with below average margins to a new unconsolidated
affiliate and store closures. </P>


<BR><BR>
<p align=center>30</P>
<BR><BR>


<P><B>International Ongoing Operating Profit</B></P>

<P ALIGN="LEFT">Ongoing operating profit increased $9 million or 3%, after a 7%
unfavorable impact from foreign currency translation. Excluding the unfavorable impact of
foreign currency translation and lapping the fifty-third week in 2000, ongoing operating
profit increased 12%. The increase was driven by new unit development and same store
sales growth, partially offset by higher restaurant operating costs. </P>

<P ALIGN="LEFT">Ongoing operating profit increased $44 million or 16% in 2000, after a 2%
unfavorable impact from foreign currency translation. Excluding the unfavorable impact of
foreign currency translation and the favorable impact of the fifty-third week, ongoing
operating profit increased 16%. The increase was primarily due to new unit development. </P>

<P><B>Consolidated Cash Flows</B></P>

<P ALIGN="LEFT"><B>Net cash provided by operating activities</B> increased $341 million to $832
million. The increase was primarily due to the collection of receivables established in
2000 and the absence of the unusual charges taken in 2000 related to the AmeriServe
bankruptcy reorganization process. Excluding the AmeriServe-related items, cash provided
by operating activities was $704 million versus $734 million in 2000. See Note 22 for a
discussion of the AmeriServe bankruptcy reorganization process. </P>

<P ALIGN="LEFT">In 2000, net cash provided by operating activities decreased $74 million
to $491 million. The decrease was primarily due to unusual charges related to the
AmeriServe bankruptcy reorganization process and the related use of working capital. The
primary driver of the net use of working capital was an increase in receivables arising
from the AmeriServe bankruptcy reorganization process, which resulted in a net use of
working capital of approximately $135 million. Excluding these AmeriServe-related items,
cash from operating activities increased by $143 million to $734 million. This increase
was driven by a lower reduction of our working capital deficit than in 1999. </P>

<P ALIGN="LEFT">Our working capital deficit, excluding cash and cash equivalents,
short-term investments and short-term borrowings, is typical of restaurant operations
where a majority of sales are for cash while payment to suppliers carry longer payment
terms, generally from 10-30 days. The lower working capital deficit reduction in 2000 is
the result of refranchising significantly fewer restaurants in 2000 versus 1999,
partially offset by a change in payment terms in our food and supply distribution
agreement from 30 to 15 days. </P>

<P ALIGN="LEFT"><B>Net cash used in investing activities</B> was $503 million versus $237
million in 2000. The increase in cash used was primarily due to lower gross refranchising
proceeds as a result of selling fewer restaurants in 2001 and increased acquisition and
capital spending. The increase was partially offset by lapping the funding of a
debtor-in-possession revolving credit facility to AmeriServe in 2000. </P>

<P ALIGN="LEFT">In 2000, net cash used in investing activities was $237 million versus
net cash provided of $522 million in 1999. The decline in cash flow from investing
activities was primarily due to lower gross refranchising proceeds as a result of selling
fewer restaurants to franchisees in 2000 versus 1999, increased capital spending related
to development and funding of a debtor-in-possession revolving credit facility to
AmeriServe. </P>

<P ALIGN="LEFT">Although we report gross proceeds in our Consolidated Statements of Cash
Flows, we also consider refranchising proceeds on an "after-tax" basis. We define
after-tax proceeds as gross refranchising proceeds less the settlement of working capital
liabilities (primarily accounts payable and property taxes) related to the units
refranchised and payment of taxes on the gains. The after-tax proceeds can be used to pay
down debt or repurchase shares. After-tax proceeds were approximately $90 million in 2001
which reflects a 65% decrease from 2000. This decrease was due to the refranchising of
fewer restaurants in 2001 versus 2000. After-tax proceeds were approximately $261 million
in 2000, a 62% decrease versus 1999. This decrease was also due to refranchising fewer
restaurants in 2000 than 1999. </P>



<BR><BR>
<p align=center>31</P>
<BR><BR>


<P ALIGN="LEFT"><B>Net cash used in financing activities</B> was $352 million compared to $207
million in 2000. The increase in cash used is primarily due to higher repayment of debt
partially offset by fewer shares repurchased in 2001 compared to 2000. </P>

<P ALIGN="LEFT">In 2000, net cash used in financing activities decreased to $207 million
versus $1.1 billion in 1999 due to lower debt repayments. Less cash was available for
financing activities in 2000 due to lower cash flow from operating and investing
activities, as described above. </P>

<P ALIGN="LEFT">In February 2001, our Board of Directors authorized a new share
repurchase program. This program authorizes us to repurchase, through February 14, 2003,
up to $300 million of our outstanding common stock (excluding applicable transaction
fees). During 2001, we repurchased approximately 2.4 million shares for approximately
$100 million. See Note 19 for a discussion of the share repurchase program. </P>

<P ALIGN="LEFT">In 1999, our Board of Directors authorized the repurchase of up to $350
million of our outstanding common stock (excluding applicable transaction fees). This
share repurchase program was completed in 2000. During 2000, we repurchased over 6.4
million shares for approximately $216 million. See Note 19 for a discussion of the share
repurchase program. </P>

<P><B>Financing Activities</B></P>

<P ALIGN="LEFT">As more fully discussed in Note 12, our primary bank credit agreement, as
amended, is comprised of a senior, unsecured Term Loan Facility and a $1.75 billion
senior unsecured Revolving Credit Facility, which was reduced from $3 billion as part of
the amendment discussed below (collectively referred to as the "Credit Facilities"). The
Credit Facilities mature on October 2, 2002. At December 29, 2001, we had unused
Revolving Credit Facility borrowings available aggregating $2.7 billion, net of
outstanding letters of credit of $0.2 billion. </P>

<P ALIGN="LEFT">Amounts outstanding under our Credit Facilities of $536 million at
December 29, 2001 have been classified as short-term borrowings in the Consolidated
Balance Sheet due to the October 2002 maturity. We are currently in negotiations to
replace the Credit Facilities prior to the maturity date with new borrowings, which will
reflect the market conditions and terms available at that time. </P>

<P ALIGN="LEFT">The Credit Facilities subject us to certain mandatory principal repayment
obligations, including prepayment events as defined in the credit agreement. Interest on
the Credit Facilities is based principally on the London Interbank Offered Rate ("LIBOR")
plus a variable margin factor; therefore, our borrowing costs fluctuate depending upon
the volatility in LIBOR. </P>

<P ALIGN="LEFT">On February 22, 2002, we entered into an agreement to amend certain terms
of our Credit Facilities. This amendment provides for, among other things, additional
flexibility with respect to acquisitions and other investments. In addition, we
voluntarily reduced our maximum borrowings under the Revolving Credit Facility from $3.0
billion to $1.75 billion. As a result of this amendment, we capitalized debt costs of
approximately $1.5 million. These costs will be amortized into interest expense over the
remaining life of the Credit Facilities. </P>

<P ALIGN="LEFT">We issued $850 million of unsecured Notes in 2001. The issuance included
$200 million of 8.5% Senior Unsecured Notes due April 15, 2006 and $650 million of 8.875%
Senior Unsecured Notes due April 15, 2011. We used the proceeds, net of issuance costs,
to reduce amounts outstanding under the Credit Facilities. We still have $550 million
available for issuance under a $2 billion shelf registration. See Note 12 for further
discussion. </P>

<P ALIGN="LEFT">We use derivative financial instruments, including interest rate swaps,
to lower interest expense and manage our exposure to interest rate risk. See Notes 2 and
14 as well as our market risk disclosure for further discussion of our interest rate risk. </P>


<BR><BR>
<p align=center>32</P>
<BR><BR>


<P><B>Consolidated Financial Condition</B></P>

<P ALIGN="LEFT"><B>Assets</b> increased $239 million or 6% to $4.4 billion. The increase was
primarily attributable to a net increase in property, plant and equipment driven by
capital spending and acquisitions in excess of depreciation, refranchising and
disposition of assets. The fair value of derivatives recorded as a result of the adoption
of Statement of Financial Accounting Standards No. 133 "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS 133") also contributed to the increase. These
increases were partially offset by a reduction in net receivables primarily related to
the AmeriServe bankruptcy reorganization process. </P>

<P ALIGN="LEFT"><B>Liabilities</b> decreased $187 million or 4% to $4.3 billion. The decrease
was primarily attributable to net paydown of debt, partially offset by increases related
to the adoption of SFAS 133. </P>

<P><B>Liquidity</B></P>

<P ALIGN="LEFT">Operating in the QSR industry allows us to generate substantial cash
flows from the operations of our company stores and from our franchise operations, which
require a limited TRICON investment in operating assets. Typically, our cash flows
include a significant amount of discretionary capital spending. Though a decline in
revenues could adversely impact our cash flows from operations, we believe our operating
cash flows and our ability to adjust discretionary capital spending and borrow funds will
allow us to meet our cash requirements in 2002 and beyond. </P>

<P ALIGN="LEFT">Significant contractual obligations and payments as of December 29, 2001
due by year include: </P>

<pre>
                               Less than
                                 1 Year      1-3 Years   4-5 Years    Thereafter     Total
                               -----------  ----------  -----------  -----------  ----------
Long-term debt(a)              $     537    $       2   $    551     $    900     $   1,990
Short-term borrowings                151            -          -            -           151
                               -----------  ----------  -----------  -----------  ----------
Debt excluding capital leases        688            2        551          900         2,141
Operating leases(b)                  221          383        294          893         1,791
Capital leases(b)                     11           22         17           87           137
Franchisee financing
   obligations                        15           14          -            -            29
                               -----------  ----------  -----------  -----------  ----------
Contractual obligations        $     935    $     421   $    862     $  1,880     $   4,098
                               ===========  ==========  ===========  ===========  ==========
</pre>

<ol type=a><LI>Excludes the derivative instrument adjustment, which is discussed in Note 14.<BR>
<LI>These  obligations,  which are shown on a nominal  basis,  relate to  operating  and capital  leases for  approximately  4,400
restaurants.</ol>

<P ALIGN="LEFT">See Note 12 for a discussion of short-term borrowings and long-term debt
and Note 13 for a discussion of leases. </P>


<BR><BR>
<p align=center>33</P>
<BR><BR>


<P ALIGN="LEFT">In addition, we have certain other commercial commitments where payment
is contingent upon the occurrence of certain events. As of December 29, 2001, the maximum
exposure under these commercial commitments, which are shown on a nominal basis, include: </P>

<pre>

Contingent liabilities associated with lease assignments     $     435
Standby letters of credit(a)                                       204
Guarantees of unconsolidated affiliates' debt                       12
Other commercial commitments                                        44
 </pre>

<ol type=a><LI>Includes $32 million related to guarantees of financial  arrangements of franchisees,  which are supported by stand-by letters
      of credit.</ol>

<P ALIGN="LEFT">See Notes 12 and 22 for a further discussion of these commitments. </P>

<P ALIGN="LEFT">Our unconsolidated affiliates also have long-term debt outstanding. As of
December 29, 2001 this debt totaled approximately $134 million, our share of which was
approximately $68 million. As noted above, we have guaranteed $12 million of this total
debt obligation. Our unconsolidated affiliates had total assets of over $900 million as
of year-end 2001 and total revenues of approximately $1.6 billion in 2001. </P>

<P><B>Other Significant Known Events, Trends or Uncertainties Expected to Impact 2002
Ongoing Operating Profit Comparisons with 2001</B></P>

<P><u>Euro Conversion</u> </P>

<P ALIGN="LEFT">Twelve of the fifteen member countries of the European Economic and
Monetary Union adopted the Euro as a common legal currency. We have Company and franchise
businesses in the adopting member countries. Beginning January 1, 2002, new
Euro-denominated bills and coins were issued, and a transition period of two months
began. During the transition period local currencies were removed from circulation. We
took actions to mitigate our risks related to the Euro conversion efforts including the
rollout of Euro-ready point-of-sale ("POS") equipment and back-of-house hardware and
software. We have not experienced any significant issues or unexpected business problems
resulting from the Euro conversion. Given the absence of any significant problems to
date, we do not expect Euro conversion issues to have a material adverse effect on
TRICON's operations or financial results in 2002. </P>

<P ALIGN="LEFT">Expenditures associated with our conversion efforts totaled approximately
$5 million of which $3 million was incurred during 2001. Approximately 30% of these costs
related to capital expenditures for new POS equipment and back-of-house hardware and
software. The remaining expenditures were mainly related to consulting expenses for
initial impact studies and head office accounting systems. We do not expect to incur
significant Euro-related expenditures in 2002. </P>

<P ALIGN="LEFT">Consumer acceptance of the Euro has not significantly impacted our
business to date. From a competitive perspective, we continue to assess the impact of
product price transparency, potential revisions to our product bundling strategies, and
the creation of Euro-friendly price points. We do not believe that these activities will
have sustained adverse impacts on our businesses. </P>

<P><u>New Accounting Pronouncements</u> </P>

<P ALIGN="LEFT">See Note 2. </P>


<BR><BR>
<p align=center>34</P>
<BR><BR>


<P><B>Quantitative and Qualitative Disclosures About Market Risk</B></P>

<P ALIGN="LEFT">The Company is exposed to financial market risks associated with interest
rates, foreign currency exchange rates and commodity prices. In the normal course of
business and in accordance with our policies, we manage these risks through a variety of
strategies, which include the use of derivative financial and commodity instruments to
hedge our underlying exposures. Our policies prohibit the use of derivative instruments
for trading purposes, and we have procedures in place to monitor and control their use. </P>

<P><u>Interest Rate Risk</u> </P>

<P ALIGN="LEFT">Our primary market risk exposure is to changes in interest rates,
principally in the United States. We attempt to minimize this risk and lower our overall
borrowing costs through the utilization of derivative financial instruments, primarily
interest rate swaps. These swaps are entered into with financial institutions and have
reset dates and critical terms that match those of the underlying debt. Accordingly, any
change in market value associated with interest rate swaps is offset by the opposite
market impact on the related debt. </P>

<P ALIGN="LEFT">At December 29, 2001 and December 30, 2000, a hypothetical 100 basis
point increase in short-term interest rates would result in a reduction of $4 million and
$19 million, respectively, in annual income before taxes. The estimated reductions are
based upon the unhedged portion of our variable rate debt and assume no changes in the
volume or composition of debt. In addition, the fair value of our interest rate swaps at
December 29, 2001 and December 30, 2000 would decrease approximately $5 million and $11
million, respectively. The fair value of our Senior Unsecured Notes at December 29, 2001
and December 30, 2000 would decrease approximately $72 million and $25 million,
respectively. The significant change in the decrease of the fair market value between
2001 and 2000 was primarily due to the additional Senior Unsecured Notes issued in 2001.
Fair value was determined by discounting the projected cash flows. </P>

<P><u>Foreign Currency Exchange Rate Risk</u> </P>

<P ALIGN="LEFT">International ongoing operating profit constituted approximately 31% and
29% of our 2001 and 2000 ongoing operating profit, respectively, excluding unallocated
and corporate expenses and foreign exchange net loss. In addition, the Company's net
asset exposure (defined as foreign currency assets less foreign currency liabilities)
totaled approximately $1 billion and $900 million as of December 29, 2001 and December
30, 2000, respectively. Operating in international markets exposes the Company to
movements in foreign currency exchange rates. The Company's primary exposures result from
our operations in Asia-Pacific and Europe. Changes in foreign currency exchange rates
would impact the translation of our investments in foreign operations, the fair value of
our foreign currency denominated financial instruments and our reported foreign currency
denominated earnings and cash flows. </P>

<P ALIGN="LEFT">We attempt to minimize the exposure related to our investments in foreign
operations by financing those investments with local currency debt when practical. In
addition, we attempt to minimize the exposure related to foreign currency denominated
financial instruments by purchasing goods and services from third parties in local
currencies when practical. Consequently, foreign currency denominated financial
instruments consist primarily of intercompany short-term receivables and payables. At
times, we utilize forward contracts to reduce our risk exposure related to these foreign
currency denominated financial instruments. The notional amount and maturity dates of
these contracts match those of the underlying receivables or payables such that our
foreign currency exchange risk related to these instruments is eliminated. On a limited
basis, we utilize forward contracts in order to reduce our risk exposure related to
certain foreign currency denominated cash flows from royalties. There were no such
forward contracts outstanding as of December 29, 2001. </P>


<BR><BR>
<p align=center>35</P>
<BR><BR>


<P><u>Commodity Price Risk</u> </P>

<P ALIGN="LEFT">We are subject to volatility in food costs as a result of market risk
associated with commodity prices. Our ability to recover increased costs through higher
pricing is, at times, limited by the competitive environment in which we operate. We
manage our exposure to this risk primarily through pricing agreements as well as, on a
limited basis, commodity future and option contracts. There were no commodity future and
option contracts outstanding at December 29, 2001, and those outstanding at December 30,
2000, were not significant to the Consolidated Financial Statements. </P>

<P><B>Cautionary Statements</B></P>

<P ALIGN="LEFT">From time to time, in both written reports and oral statements, we
present "forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The statements include those identified by such words as "may," "will,"
"expect," "anticipate," "believe," "plan" and other similar terminology. These
"forward-looking statements" reflect our current expectations regarding future events and
operating and financial performance and are based upon data available at the time of the
statements. Actual results involve risks and uncertainties, including both those specific
to the Company and those specific to the industry, and could differ materially from
expectations. </P>

<P ALIGN="LEFT">Company risks and uncertainties include, but are not limited to,
potentially substantial tax contingencies related to the Spin-off, which, if they occur,
require us to indemnify PepsiCo, Inc.; our substantial debt leverage and the attendant
potential restriction on our ability to borrow in the future, as well as our substantial
interest expense and principal repayment obligations; our ability to replace or refinance
the Credit Facilities at reasonable rates; potential unfavorable variances between
estimated and actual liabilities including the liabilities related to the sale of the
non-core businesses; our ability to secure alternative distribution of products and
equipment to our restaurants and our ability to ensure adequate supply of restaurant
products and equipment in our stores; our ability to complete our Euro conversion plans
or the ability of our key suppliers to be Euro-compliant; the ongoing financial viability
of our franchisees and licensees; volatility of actuarially determined losses and loss
estimates and adoption of new or changes in accounting policies and practices including
pronouncements promulgated by standard setting bodies. </P>

<P ALIGN="LEFT">Industry risks and uncertainties include, but are not limited to, global
and local business, economic and political conditions; legislation and governmental
regulation; competitor activities; success of operating initiatives and advertising and
promotional efforts; volatility of commodity costs; increases in minimum wage and other
operating costs; availability and cost of land and construction; consumer preferences,
spending patterns and demographic trends; political or economic instability in local
markets and changes in currency exchange and interest rates. </P>



<BR><BR>
<p align=center>36</P>
<BR><BR>

<P><B>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Supplementary Data.</B></P>


<P ALIGN=CENTER><B>INDEX TO FINANCIAL INFORMATION </b></P>


<table width="100%" cellpadding="0" cellspacing="0">
<tr valign=bottom>
<td width=80%><b>Consolidated Financial Statements</b></td>
<td width=20% align="center">Page<br><u>Reference</u></td>
</tr>
<tr valign=bottom>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
</tr>
<tr valign=bottom>
<td>Consolidated Statements of Income for the fiscal years ended December 29, 2001, <br>&nbsp;&nbsp;
December 30, 2000 and December 25, 1999</td>
<td align=center>38</td>
</tr>
<tr valign=bottom>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
</tr>

<tr valign=bottom>
<td>Consolidated Statements of Cash Flows for the fiscal years
ended December 29, 2001, <br>&nbsp;&nbsp;December 30, 2000 and December 25, 1999</td>
<td align=center>39</td>
</tr>

<tr valign=bottom>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
</tr>

<tr valign=bottom>
<td>Consolidated Balance Sheets at December 29, 2001 and December 30, 2000</td>
<td align=center>40</td>
</tr>

<tr valign=bottom>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
</tr>

<tr valign=bottom>
<td>Consolidated Statements of Shareholders' Equity (Deficit) and
Comprehensive Income for the <br>&nbsp;&nbsp;fiscal years ended
December 29, 2001, December 30, 2000 and December 25, 1999 </td>
<td align=center>41</td>
</tr>

<tr valign=bottom>
<td>&nbsp;</td>
<td align=center> &nbsp;</td>
</tr>

<tr valign=bottom>
<td>Notes to Consolidated Financial Statements</td>
<td align=center>42</td>
</tr>

<tr valign=bottom>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
</tr>

<tr valign=bottom>
<td>Management's Responsibility for Financial Statements </td>
<td align=center>74</td>
</tr>

<tr valign=bottom>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
</tr>

<tr valign=bottom>
<td>Report of Independent Auditors</td>
<td align=center>75</td>
</tr>

<tr valign=bottom>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
</tr>

<tr valign=bottom>
<td><b>Financial Statement Schedules</b></td>
<td align="center">&nbsp;</td>
</tr>
</table>


<P ALIGN="LEFT">No schedules are required because either the required information is not
present or not present in amounts sufficient to require submission of the schedule, or
because the information required is included in the above listed financial statements or
notes thereto. </P>

<BR><BR>
<p align=center>37</P>
<BR><BR>


<HR SIZE=1 NOSHADE>
<P><B>Consolidated Statements of Income</b><BR>
TRICON Global Restaurants, Inc. and Subsidiaries<BR>
Fiscal years ended December 29, 2001, December 30, 2000 and December 25, 1999<BR>
(in millions, except per share data)</p>
<HR SIZE=1 NOSHADE>
<pre>
                                                 2001            2000           1999
                                           -------------   ------------   -------------
<B>Revenues</b>
Company sales                              $     6,138     $     6,305    $     7,099
Franchise and license fees                         815             788            723
                                           -------------   ------------   -------------
                                                 6,953           7,093          7,822
                                           -------------   ------------   -------------
<B>Costs and Expenses, net</B>
Company restaurants
  Food and paper                                 1,908           1,942          2,238
  Payroll and employee benefits                  1,666           1,744          1,956
  Occupancy and other operating expenses         1,658           1,665          1,814
                                           -------------   ------------   -------------
                                                 5,232           5,351          6,008

General and administrative expenses                796             830            895
Franchise and license expenses                      59              49             25
Other (income) expense                             (23)            (25)           (16)
Facility actions net loss (gain)                     1            (176)          (381)
Unusual items (income) expense                      (3)            204             51
                                           -------------   ------------   -------------
Total costs and expenses, net                    6,062           6,233          6,582
                                           -------------   ------------   -------------

<B>Operating Profit</B>                                   891             860          1,240

Interest expense, net                              158             176            202
                                           -------------   ------------   -------------

<B>Income Before Income Taxes</b>                         733             684          1,038

Income Tax Provision                               241             271            411
                                           -------------   ------------   -------------

<B>Net Income</B>                                 $       492     $       413    $       627
                                           =============   ============   =============

<B>Basic Earnings Per Common Share</B>            $      3.36     $      2.81    $      4.09
                                           =============   ============   =============

<B>Diluted Earnings Per Common Share</B>          $      3.24     $      2.77    $      3.92
                                           =============   ============   =============
  </pre>

<hr noshade size=1>
<P ALIGN="LEFT">See accompanying Notes to Consolidated Financial Statements. </P>
<hr noshade size=1>

<BR><BR>
<p align=center>38</P>
<BR><BR>



<HR SIZE=1 NOSHADE>
<P><B> Consolidated Statements of Cash Flows</b><BR>
 TRICON Global Restaurants, Inc. and Subsidiaries<BR>
 Fiscal years ended December 29, 2001, December 30, 2000 and December 25, 1999<BR>
 (in millions)</P>
<HR SIZE=1 NOSHADE>

<pre>
                                                                  2001         2000         1999
                                                              ----------   ----------   ----------
 <B>Cash Flows - Operating Activities</b>
 Net income                                                   $    492     $    413     $    627
 Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation and amortization                                 354          354          386
     Facility actions net loss (gain)                                1         (176)        (381)
     Unusual items                                                  (6)         120           45
     Other liabilities and deferred credits                        (11)          (5)          65
     Deferred income taxes                                         (72)         (51)         (16)
     Other non-cash charges and credits, net                        15           43           66
 Changes in operating working capital, excluding
   effects of acquisitions and dispositions:
     Accounts and notes receivable                                 116         (161)         (28)
     Inventories                                                    (8)          11            6
     Prepaid expenses and other current assets                      (3)          (3)         (13)
     Accounts payable and other current liabilities                (13)         (94)        (215)
     Income taxes payable                                          (33)          40           23
                                                              ----------   ----------   ----------
     Net change in operating working capital                        59         (207)        (227)
                                                              ----------   ----------   ----------
 <B>Net Cash Provided by Operating Activities</b>                         832          491          565
                                                              ----------   ----------   ----------
 <B>Cash Flows - Investing Activities</b>
 Capital spending                                                 (636)        (572)        (470)
 Proceeds from refranchising of restaurants                        111          381          916
 Acquisition of restaurants                                       (108)         (24)          (6)
 AmeriServe funding, net                                             -          (70)           -
 Short-term investments                                             27          (21)          39
 Sales of property, plant and equipment                             57           64           51
 Other, net                                                         46            5           (8)
                                                              ----------   ----------   ----------
 <B>Net Cash (Used in) Provided by Investing Activities</b>              (503)        (237)         522
                                                              ----------   ----------   ----------
 <B>Cash Flows - Financing Activities</b>
 Proceeds from Senior Unsecured Notes                              842            -            -
 Revolving Credit Facility activity, by original maturity
   Three months or less, net                                      (943)          82         (860)
 Proceeds from long-term debt                                        1            -            4
 Repayments of long-term debt                                     (258)         (99)        (180)
 Short-term borrowings-three months or less, net                    58          (11)          21
 Repurchase shares of common stock                                (100)        (216)        (134)
 Other, net                                                         48           37           30
                                                              -----------  ----------   ----------
 <B>Net Cash Used in Financing Activities</b>                            (352)        (207)      (1,119)
                                                              -----------  ----------   ----------
 <B>Effect of Exchange Rate Changes on Cash and Cash Equivalents</b>        -           (3)           -
                                                              -----------  ----------   ----------
 <B>Net (Decrease) Increase in Cash and Cash Equivalents</b>              (23)          44          (32)
 <B>Cash and Cash Equivalents - Beginning of Year</b>                     133           89          121
                                                              -----------  ----------   ----------
 <B>Cash and Cash Equivalents - End of Year</b>                      $    110     $    133     $     89
                                                              ===========  ==========   ==========

</pre>


<hr noshade size=1>
<P ALIGN="LEFT">See accompanying Notes to Consolidated Financial Statements. </P>
<hr noshade size=1>


<BR><BR>
<p align=center>39</P>
<BR><BR>


<HR SIZE=1 NOSHADE>
<P><B>Consolidated Balance Sheets</b><BR>
TRICON Global Restaurants, Inc. and Subsidiaries<BR>
December 29, 2001 and December 30, 2000<BR>
(in millions)</P>
<HR SIZE=1 NOSHADE>

<pre>

                                                                  2001         2000
                                                              -----------  -----------
<B>ASSETS</B>
<B>Current Assets</b>
Cash and cash equivalents                                     $     110    $     133
Short-term investments, at cost                                      35           63
Accounts and notes receivable, less allowance:
   $77 in 2001 and $82 in 2000                                      175          302
Inventories                                                          56           47
Prepaid expenses and other current assets                            92           68
Deferred income tax assets                                           79           75
                                                              -----------  -----------
   <B>Total Current Assets</b>                                             547          688

Property, plant and equipment, net                                2,777        2,540
Intangible assets, net                                              458          419
Investments in unconsolidated affiliates                            213          257
Other assets                                                        393          245
                                                              -----------  -----------
   <B>Total Assets</b>                                                $  4,388     $  4,149
                                                              ===========  ===========
<B>LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)</b>
<B>Current Liabilities</b>
Accounts payable and other current liabilities                $     995    $     978
Income taxes payable                                                114          148
Short-term borrowings                                               696           90
                                                              -----------  -----------
   <B>Total Current Liabilities</b>                                      1,805        1,216

Long-term debt                                                    1,552        2,397
Other liabilities and deferred credits                              927          848
Deferred income taxes                                                 -           10
                                                              -----------  -----------
   <B>Total Liabilities</b>                                              4,284        4,471
                                                              -----------  -----------

<B>Shareholders' Equity (Deficit)</b>
Preferred stock, no par value, 250 shares authorized;
   no shares issued                                                  -            -
Common stock, no par value, 750 shares authorized; 146 and
   147 shares issued in 2001 and 2000, respectively               1,097        1,133
Accumulated deficit                                                (786)      (1,278)
Accumulated other comprehensive income (loss)                      (207)        (177)
                                                              -----------  -----------
   <B>Total Shareholders' Equity (Deficit)</b>                             104         (322)
                                                              -----------  -----------
   <B>Total Liabilities and Shareholders' Equity (Deficit)</b>       $   4,388    $   4,149
                                                              ===========  ===========
</pre>

<hr noshade size=1>
<P ALIGN="LEFT">See accompanying Notes to Consolidated Financial Statements. </P>
<hr noshade size=1>

<BR><BR>
<p align=center>40</P>
<BR><BR>



<hr noshade size=1>
<P><B>Consolidated Statements of Shareholders' Equity (Deficit) and Comprehensive Income</b><BR>
TRICON Global Restaurants, Inc. and Subsidiaries<BR>
Fiscal years ended December 29, 2001, December 30, 2000 and December 25, 1999<BR>
(in millions)</P>
<hr noshade size=1>

<pre>
                                                          Issued                       Accumulated
                                                        Common Stock                     Other
                                                  --------------------  Accumulated  Comprehensive
                                                   Shares      Amount     Deficit    Income (Loss)     Total
                                                  ------------------------------------------------------------
<B>Balance at December 26, 1998</b>                          153  $   1,305    $ (2,318)     $ (150)      $  (1,163)
                                                  ------------------------------------------------------------

Net income                                                                   627                         627
Foreign currency translation adjustment                                                   15              15
Minimum pension liability adjustment (net
   of tax of $1 million)                                                                   2               2
                                                                                                   -----------
  Comprehensive Income                                                                                   644
Adjustment to opening equity related to net
  advances from PepsiCo                                            7                                       7
Repurchase of shares of common stock                   (3)      (134)                                   (134)
Stock option exercises (includes tax benefits of
  $14 million)                                          1         39                                      39
Compensation-related events                                       47                                      47
                                                  ------------------------------------------------------------
<B>Balance at December 25, 1999</b>                          151  $   1,264  $   (1,691)     $ (133)      $    (560)
                                                  ------------------------------------------------------------

Net income                                                                   413                         413
Foreign currency translation adjustment                                                  (44)            (44)
                                                                                                   -----------
  Comprehensive Income                                                                                   369
Repurchase of shares of common stock                   (6)      (216)                                   (216)
Stock option exercises (includes tax benefits
 of $5 million)                                         2         46                                      46
Compensation-related events                                       39                                      39
                                                  ------------------------------------------------------------
<B>Balance at December 30, 2000</b>                          147  $   1,133  $   (1,278)     $ (177)      $    (322)
                                                  ------------------------------------------------------------

Net income                                                                   492                         492
Foreign currency translation adjustment                                                   (5)             (5)
Net unrealized loss on derivative instruments
   (net of tax benefits of $1 million)                                                    (1)             (1)
Minimum pension liability adjustment
   (net of tax benefits of $14 million)                                                  (24)            (24)
                                                                                                   -----------
  Comprehensive Income                                                                                   462
Repurchase of shares of common stock                   (3)      (100)                                   (100)
Stock option exercises (includes tax benefits of
  $13 million)                                          2         58                                      58
Compensation-related events                                        6                                       6
                                                  ------------------------------------------------------------
<B>Balance at December 29, 2001</b>                          146  $   1,097  $     (786)     $ (207)      $     104
                                                  ============================================================
</pre>

<HR SIZE=1 NOSHADE>
See accompanying Notes to Consolidated Financial Statements.
<HR SIZE=1 NOSHADE>

<BR><BR>
<p align=center>41</P>
<BR><BR><BR>


<P><B>Notes to Consolidated Financial Statements</b><BR>
(tabular amounts in millions, except share data)</P>

<P><B>Note 1 - Description of Business</B></P>

<P ALIGN="LEFT">TRICON Global Restaurants, Inc. and Subsidiaries (collectively referred
to as "TRICON" or the "Company") is comprised of the worldwide operations of KFC, Pizza
Hut and Taco Bell (the "Concepts") and is the world's largest quick service restaurant
company based on the number of system units, with over 30,000 units in more than 100
countries and territories. Approximately 36% of our system units are located outside the
U.S. TRICON was created as an independent, publicly owned company on October 6, 1997 (the
"Spin-off Date") via a tax-free distribution by our former parent, PepsiCo, Inc.
("PepsiCo"), of our Common Stock (the "Distribution" or "Spin-off") to its shareholders.
References to TRICON throughout these Consolidated Financial Statements are made using
the first person notations of "we," "us " or "our." </P>

<P ALIGN="LEFT">Through our widely-recognized Concepts, we develop, operate, franchise
and license a system of both traditional and non-traditional quick service restaurants.
Each Concept has proprietary menu items and emphasizes the preparation of food with high
quality ingredients as well as unique recipes and special seasonings to provide
appealing, tasty and attractive food at competitive prices. Our traditional restaurants
feature dine-in, carryout and, in some instances, drive-thru or delivery service.
Non-traditional units, which are principally licensed outlets, include express units and
kiosks which have a more limited menu and operate in non-traditional locations like
airports, gasoline service stations, convenience stores, stadiums, amusement parks and
colleges, where a full-scale traditional outlet would not be practical or efficient. We
are actively pursuing the strategy of multibranding, where two or more of our Concepts
are operated in a single restaurant unit. In addition, we are testing multibranding
options involving one of our Concepts and a restaurant concept not owned or affiliated
with TRICON. </P>

<P><B>Note 2 - Summary of Significant Accounting Policies</B></P>

<P ALIGN="LEFT">Our preparation of the accompanying Consolidated Financial Statements in
conformity with accounting principles generally accepted in the U.S. requires us to make
estimates and assumptions that affect reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from the estimates. </P>

<P ALIGN="LEFT"><B>Principles of Consolidation and Basis of Preparation.</B> Intercompany
accounts and transactions have been eliminated. Investments in businesses in which we
exercise significant influence but do not control are accounted for by the equity method.
Our share of the net income or loss of those unconsolidated affiliates and net foreign
exchange gains or losses are included in other (income) expense. </P>

<P ALIGN="LEFT"><B>Fiscal Year.</B> Our fiscal year ends on the last Saturday in December and,
as a result, a fifty-third week is added every five or six years. Fiscal year 2000
included 53 weeks. The first three quarters of each fiscal year consist of 12 weeks and
the fourth quarter consists of 17 weeks in fiscal years with 53 weeks and 16 weeks in
fiscal years with 52 weeks. Our subsidiaries operate on similar fiscal calendars with
period end dates suited to their businesses. The subsidiaries' period end dates are
within one week of TRICON's period end date with the exception of our international
businesses, which close one period or one month earlier to facilitate consolidated
reporting. </P>

<P ALIGN="LEFT"><B>Reclassifications.</B> We have reclassified certain items in the accompanying
Consolidated Financial Statements and Notes thereto for prior periods to be comparable
with the classification we adopted for the fiscal year ended December 29, 2001. These
reclassifications had no effect on previously reported net income. </P>


<BR><BR>
<p align=center>42</P>
<BR><BR>




<P ALIGN="LEFT"><B>Franchise and License Operations.</B> We execute franchise or license
agreements for each point of distribution which sets out the terms of our arrangement
with the franchisee or licensee. Our franchise and certain license agreements require the
franchisee or licensee to pay an initial, non-refundable fee and continuing fees based
upon a percentage of sales. Subject to our approval and payment of a renewal fee, a
franchisee may generally renew the franchise agreement upon its expiration. </P>

<P ALIGN="LEFT">We recognize initial fees as revenue when we have performed substantially
all initial services required by the franchise or license agreement, which is generally
upon opening of a store. We recognize continuing fees as earned with an appropriate
provision for estimated uncollectible amounts, which is included in franchise and license
expenses. We recognize renewal fees in income when a renewal agreement becomes effective.
We include initial fees collected upon the sale of a restaurant to a franchisee in
refranchising gains (losses). Fees for development rights are capitalized and amortized
over the life of the development agreement. </P>

<P ALIGN="LEFT">We incur expenses that benefit both our franchise and license communities
and their representative organizations and our company operated restaurants. These
expenses, along with other costs of sales and servicing of franchise and license
agreements are charged to general and administrative expenses as incurred. Certain direct
costs of our franchise and license operations are charged to franchise and license
expenses. These costs include provisions for estimated uncollectible fees, franchise and
license marketing funding, amortization expense for franchise related intangible assets
and certain other direct incremental franchise and license support costs. Franchise and
license expenses also includes rent income from subleasing restaurants to franchisees net
of the related occupancy costs. </P>

<P ALIGN="LEFT">We monitor the financial condition of our franchisees and licensees and
record provisions for estimated losses on receivables when we believe that our
franchisees or licensees are unable to make their required payments. While we use the
best information available in making our determination, the ultimate recovery of recorded
receivables is also dependent upon future economic events and other conditions that may
be beyond our control. Included in franchise and license expenses are provisions for uncollectible franchise and license
receivables of $24 million, $30 million and $2 million in 2001, 2000 and 1999,
respectively. </P>

<P ALIGN="LEFT"><B>Direct Marketing Costs.</B> We report substantially all of our direct
marketing costs in occupancy and other operating expenses. We charge direct marketing
costs to expense ratably in relation to revenues over the year in which incurred and, in
the case of advertising production costs, in the year first shown. Deferred direct
marketing costs, which are classified as prepaid expenses, consist of media and related
advertising production costs which will generally be used for the first time in the next
fiscal year. To the extent we participate in independent advertising cooperatives, we
expense our contributions as incurred. At the end of 2001 and 2000, we had deferred
marketing costs of $2 million and $8 million, respectively. Our advertising expenses were
$328 million, $325 million and $385 million in 2001, 2000 and 1999, respectively. </P>

<P ALIGN="LEFT"><B>Research and Development Expenses.</B> Research and development expenses,
which we expense as incurred, were $28 million in 2001 and $24 million in both 2000 and
1999. </P>

<P ALIGN="LEFT"><B>Refranchising Gains (Losses).</B> Refranchising gains (losses) includes the
gains or losses from the sales of our restaurants to new and existing franchisees and the
related initial franchise fees, reduced by transaction costs and direct administrative
costs of refranchising. In executing our refranchising initiatives, we most often offer
groups of restaurants. We recognize gains on restaurant refranchisings when the sale
transaction closes, the franchisee has a minimum amount of the purchase price in at-risk
equity, and we are satisfied that the franchisee can meet its financial obligations. If
the criteria for gain recognition are not met, we defer the gain to the extent we have a
remaining financial obligation in connection with the sales transaction. Deferred gains
are recognized when these criteria are met or as our financial obligation is reduced. We
only consider stores "held for disposal" when they are expected to be sold at a loss. We
recognize estimated losses on restaurants to be refranchised and suspend depreciation and
amortization when: (a) we make a decision to refranchise; (b) the estimated fair value
less costs to sell is less than the carrying amount of the stores; (c) the stores can be
immediately removed from operations; and (d) the sale is probable within one year. When
we make a decision to retain a store previously held for refranchising, we revalue the
store at the lower of its net book value at our</p>


<BR><BR>
<p align=center>43</P>
<BR><BR>



<P>original disposal decision date less normal depreciation and amortization during the period held for disposal or its current
fair market value. This value becomes the store's new cost basis. We charge (or credit)
any difference between the store's carrying amount and its new cost basis to
refranchising gains (losses). When we make a decision to close a store previously held
for refranchising, we reverse any previously recognized refranchising loss and then
record the store closure costs as described below. For groups of restaurants expected to
be sold at a gain, we typically do not suspend depreciation and amortization until the
sale is probable. For practical purposes, we treat the closing date as the point at which
the sale is probable. Refranchising gains (losses) also include charges for estimated
exposures related to those partial guarantees of franchisee loan pools and contingent
lease liabilities which arose from refranchising activities. These exposures are more
fully discussed in Note 22. </P>

<P ALIGN="LEFT"><B>Store Closure Costs.</B> We recognize the impairment of a restaurant's assets
as store closure costs when we have closed or replaced the restaurant within the same
quarter our decision is made. Store closure costs also include costs of disposing of the
assets as well as other facility-related expenses from previously closed stores. These
costs are expensed as incurred. Additionally, at the date the closure is considered
probable, we record a liability for the net present value of any remaining operating
lease obligations subsequent to the expected closure date, net of estimated sublease
income, if any. </P>

<P ALIGN="LEFT">Considerable management judgment is necessary to estimate future cash
flows, including sublease income. Accordingly, actual results could vary significantly
from the estimates. </P>

<P ALIGN="LEFT"><B>Impairment of Long-Lived Assets.</B> We review our long-lived assets related
to each restaurant to be held and used in the business, including any allocated
intangible assets, semi-annually for impairment, or whenever events or changes in
circumstances indicate that the carrying amount of a restaurant may not be recoverable.
We evaluate restaurants using a "two-year history of operating losses" as our primary
indicator of potential impairment. Based on the best information available, we write down
an impaired restaurant to its estimated fair market value, which becomes its new cost
basis. We generally measure estimated fair market value by discounting estimated future
cash flows. In addition, when we decide to close a store beyond the quarter in which the
closure decision is made, it is reviewed for impairment and depreciable lives are
adjusted. The impairment evaluation is based on the estimated cash flows from continuing
use until the expected disposal date plus the expected terminal value. </P>

<P ALIGN="LEFT">Considerable management judgment is necessary to estimate future cash
flows. Accordingly, actual results could vary significantly from our estimates. </P>

<P ALIGN="LEFT"><B>Impairment of Investments in Unconsolidated Affiliates and
Enterprise-Level Goodwill.</B> Our methodology for determining and measuring impairment of
our investments in unconsolidated affiliates and enterprise-level goodwill is similar to
the methodology we use for our restaurants except: (a) the recognition test for an
investment in an unconsolidated affiliate compares the carrying amount of our investment
to a forecast of our share of the unconsolidated affiliate's undiscounted cash flows
after interest and taxes instead of undiscounted cash flows before interest and taxes
used for our restaurants; and (b) enterprise-level goodwill is generally evaluated at a
country level instead of by individual restaurant. Also, we record impairment charges
related to investments in unconsolidated affiliates whenever other circumstances indicate
that a decrease in the value of an investment has occurred which is other than temporary. </P>

<P ALIGN="LEFT">Considerable management judgment is necessary to estimate future cash
flows. Accordingly, actual results could vary significantly from our estimates. </P>

<P ALIGN="LEFT"><B>Cash and Cash Equivalents.</B> Cash equivalents represent funds we have
temporarily invested (with original maturities not exceeding three months) as part of
managing our day-to-day operating cash receipts and disbursements. </P>

<P ALIGN="LEFT"><B>Inventories.</B> We value our inventories at the lower of cost (computed on
the first-in, first-out method) or net realizable value. </P>


<BR><BR>
<p align=center>44</P>
<BR><BR>




<P ALIGN="LEFT"><B>Property, Plant and Equipment.</B> We state property, plant and equipment at
cost less accumulated depreciation and amortization, impairment writedowns and valuation
allowances. We calculate depreciation and amortization on a straight-line basis over the
estimated useful lives of the assets as follows: 5 to 25 years for buildings and
improvements, 3 to 20 years for machinery and equipment and 3 to 7 years for capitalized
software costs. As discussed further above, we suspend depreciation and amortization on
assets related to restaurants that are held for disposal. </P>

<P ALIGN="LEFT"><B>Internal Development Costs and Abandoned Site Costs.</B> We capitalize direct
costs associated with the site acquisition and construction of a Company unit on that
site, including direct internal payroll and payroll-related costs and direct external
costs. Only those site-specific costs incurred subsequent to the time that the site
acquisition is considered probable are capitalized. We consider acquisition probable upon
final site approval. If we subsequently make a determination that a site for which
internal development costs have been capitalized will not be acquired or developed, any
previously capitalized internal development costs are expensed and included in general
and administrative expenses. </P>

<P ALIGN="LEFT"><B>Intangible Assets.</B> Intangible assets include both identifiable
intangibles and goodwill arising from the allocation of purchase prices of businesses
acquired. Where appropriate, intangible assets are allocated to individual restaurants at
the time of acquisition. We base amounts assigned to identifiable intangibles on
independent appraisals or internal estimates. Goodwill represents the residual purchase
price after allocation to all identifiable net assets. Our intangible assets are stated
at historical allocated cost less accumulated amortization and impairment writedowns. We
amortize intangible assets on a straight-line basis as follows: up to 20 years for
reacquired franchise rights, 3 to 40 years for trademarks and other identifiable
intangibles and up to 20 years for goodwill. As discussed above, we suspend amortization
on intangible assets allocated to restaurants that are held for disposal. </P>

<P ALIGN="LEFT">See "New Accounting Pronouncements Not Yet Adopted" for a discussion of
the anticipated impact of Statement of Financial Accounting Standards ("SFAS") No. 141,
"Business Combinations" ("SFAS 141") and SFAS No. 142, "Goodwill and Other Intangible
Assets" ("SFAS 142") on our accounting for intangible assets. </P>

<P ALIGN="LEFT"><B>Stock-Based Employee Compensation.</B> We measure stock-based employee
compensation cost for financial statement purposes in accordance with Accounting
Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and
its related interpretations. We include pro forma information in Note 16 as required by
SFAS No. 123, "Accounting for Stock-Based Compensation" ("SFAS 123"). Accordingly, we
measure compensation cost for stock option grants to employees as the excess of the
average market price of the Common Stock at the grant date over the amount the employee
must pay for the stock. Our policy is to generally grant stock options at the average
market price of the underlying Common Stock at the date of grant. </P>

<P ALIGN="LEFT"><B>Derivative Financial Instruments.</B> Our policy prohibits the use of
derivative instruments for trading purposes, and we have procedures in place to monitor
and control their use. Our use of derivative instruments has included interest rate
swaps, collars, forward rate agreements and foreign currency forward contracts. In
addition, we utilize on a limited basis, commodity futures and options contracts. Our
interest rate and foreign currency derivative contracts are entered into with financial
institutions while our commodity derivative contracts are exchange traded. </P>

<P ALIGN="LEFT">Effective December 31, 2000, we adopted SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities" ("SFAS 133"). SFAS 133 requires that all
derivative instruments be recorded on the Consolidated Balance Sheet at fair value. The
accounting for changes in the fair value (i.e., gains or losses) of a derivative
instrument is dependent upon whether the derivative has been designated and qualifies as
part of a hedging relationship and further, on the type of hedging relationship. For
derivative instruments that are designated and qualify as a fair value hedge, the gain or
loss on the derivative instrument as well as the offsetting gain or loss on the hedged
item attributable to the hedged risk are recognized in the results of operations. For
derivative instruments that are designated and qualify as a cash flow hedge, the
effective portion of the gain or loss on the derivative instrument is reported as a
component of other comprehensive income (loss) ("OCI") and reclassified into earnings in
the same period or periods during which the hedged transaction affects earnings. Any
ineffective portion of the gain or loss on the derivative instrument is recorded in the
results of operations immediately. For derivative instruments not designated as hedging
instruments, the gain or loss is recognized in the results of operations immediately. The
cumulative effect of adoption of SFAS 133 was</p>


<BR><BR>
<p align=center>45</P>
<BR><BR>



<P>insignificant. For fiscal years prior to the adoption of SFAS 133, our treatment of derivative instruments was as described in the
following paragraphs. </P>

<P ALIGN="LEFT">We recognized the interest differential to be paid or received on
interest rate swap and forward rate agreements as an adjustment to interest expense as
the differential occurred. We recognized the interest differential to be paid or received
on an interest rate collar as an adjustment to interest expense when the interest rate
fell below or rose above the collared range. We reflected the recognized interest
differential not yet settled in cash in the accompanying Consolidated Balance Sheets as a
current receivable or payable. </P>

<P ALIGN="LEFT">Each period, we recognized in income foreign exchange gains and losses on
forward contracts that were designated and effective as hedges of foreign currency
receivables or payables as the differential occurred. These gains or losses were largely
offset by the corresponding gain or loss recognized in income on the currency translation
of the receivable or payable, as both amounts were based upon the same exchange rates. We
reflected the recognized foreign currency differential for forward contracts not yet
settled in cash on the accompanying Consolidated Balance Sheets each period as a current
receivable or payable. Each period, we recognized in income the change in fair value of
foreign exchange gains and losses on forward contracts that were entered into to mitigate
the foreign exchange risk of certain forecasted foreign currency denominated royalty
receipts. We reflected the fair value of these forward contracts not yet settled on the
Consolidated Balance Sheets as a current receivable or payable. If a foreign currency
forward contract was terminated prior to maturity, the gain or loss recognized upon
termination was immediately recognized in income. </P>

<P ALIGN="LEFT">We deferred gains and losses on futures and options contracts that were
designated and effective as hedges of future commodity purchases and included them in the
cost of the related raw materials when purchased. Changes in the value of futures and
options contracts that we used to hedge components of our commodity purchases were highly
correlated to changes in the value of the purchased commodity attributable to the hedged
component. </P>

<P ALIGN="LEFT"><B>New Accounting Pronouncements Not Yet Adopted.</B> In 2001, the Financial
Accounting Standards Board ("FASB") issued SFAS 141, which supersedes APB Opinion No. 16,
"Business Combinations." SFAS 141 eliminates the pooling-of-interests method of
accounting for business combinations and modifies the application of the purchase
accounting method. SFAS 141 also specifies criteria intangible assets acquired in a
purchase method business combination must meet to be recognized and reported separately
from goodwill. The provisions of SFAS 141 were effective for transactions accounted for
using the purchase method that were completed after June 30, 2001. Such transactions were
not significant for the Company through December 29, 2001. </P>

<P ALIGN="LEFT">Historically, the Company's business combinations have primarily
consisted of acquiring restaurants from our franchisees and have been accounted for using
the purchase method of accounting. The primary intangible asset to which we have
generally allocated value in these business combinations is reacquired franchise rights.
We have determined that reacquired franchise rights do not meet the criteria of SFAS 141
to be recognized as an asset apart from goodwill. </P>

<P ALIGN="LEFT">In 2001, the FASB also issued SFAS 142, which supersedes APB Opinion No.
17, "Intangible Assets." SFAS 142 eliminates the requirement to amortize goodwill and
indefinite-lived intangible assets, addresses the amortization of intangible assets with
a defined life, and addresses impairment testing and recognition for goodwill and
intangible assets. SFAS 142 applies to goodwill and intangible assets arising from
transactions completed before and after its effective date. SFAS 142 is effective for the
Company for fiscal year 2002. </P>

<P ALIGN="LEFT">If SFAS 142 had been effective for fiscal year 2001, the cessation of
amortization of goodwill and indefinite-lived intangibles would have resulted in our
reported net income being approximately $26 million higher. We have not yet determined
the impact of the transitional goodwill impairment test, which is required to be
performed in connection with to the adoption of SFAS 142. </P>


<BR><BR>
<p align=center>46</P>
<BR><BR>




<P ALIGN="LEFT">In 2001, the FASB issued SFAS No. 143, "Accounting for Asset Retirement
Obligations" ("SFAS 143"), which will be effective for the Company beginning fiscal year
2003. SFAS 143 addresses the financial accounting and reporting for obligations
associated with the retirement of tangible long-lived assets and the associated asset
retirement costs. We have not yet determined the impact of adopting SFAS 143 on the
Company's Financial Statements. </P>

<P ALIGN="LEFT">In 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" ("SFAS 144") which supersedes SFAS No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of"
("SFAS 121") and the accounting and reporting provisions of APB No. 30, "Reporting the
Results of Operations -- Reporting the Effects of Disposal of a Segment of a Business,
and Extraordinary, Unusual and Infrequently Occurring Events and Transactions" for the
disposal of a segment of a business. SFAS 144 retains many of the fundamental provisions
of SFAS 121, but resolves certain implementation issues associated with that Statement.
SFAS 144 is effective for the Company for fiscal year 2002. We do not anticipate that the
adoption of SFAS 144 will have a significant impact on our results of operations. </P>

<P><B>Note 3 - Accumulated Other Comprehensive Income (Loss)</B></P>

<P ALIGN="LEFT">Accumulated other comprehensive income (loss) includes: </P>

<pre>
                                                              2001           2000
                                                            ----------     ----------
Foreign currency translation adjustment                     $   (182)      $   (177)
Minimum pension liability adjustment, net of tax                 (24)             -
Unrealized losses on derivative instruments, net of tax           (1)             -
                                                            ----------     ----------
Total accumulated other comprehensive income (loss)         $   (207)      $   (177)
                                                            ==========     ==========
     </pre>

<P><B>Note 4 - Earnings Per Common Share ("EPS")</B></P>

<pre>
                                                          2001          2000          1999
                                                      ----------    ----------    ----------
Net income                                            $    492      $    413      $    627
                                                      ==========    ==========    ==========
<U>Basic EPS:</u>
Weighted-average common shares outstanding                 147           147           153
                                                      ==========    ==========    ==========

Basic EPS                                             $   3.36      $   2.81      $   4.09
                                                      ==========    ==========    ==========
<U>Diluted EPS:</u>
Weighted-average common shares outstanding                 147           147           153
Shares assumed issued on exercise of dilutive
   share equivalents                                        27            19            24
Shares assumed purchased with proceeds of dilutive
   share equivalents                                       (22)          (17)          (17)
                                                      ----------    ----------    ----------
Shares applicable to diluted earnings                      152           149           160
                                                      ==========    ==========    ==========

Diluted EPS                                           $   3.24      $   2.77      $   3.92
                                                      ==========    ==========    ==========

</pre>

<P ALIGN="LEFT">Unexercised employee stock options to purchase approximately 2.6 million,
10.8 million and 2.5 million shares of our Common Stock for the years ended December 29,
2001, December 30, 2000 and December 25, 1999, respectively, were not included in the
computation of diluted EPS because their exercise prices were greater than the average
market price of our Common Stock during the year. </P>


<BR><BR>
<p align=center>47</P>
<BR><BR>




<P><B>Note 5 - Items Affecting Comparability of Net Income</B></P>

<P><u>Facility Actions Net Loss (Gain) </u> </P>

<P ALIGN="LEFT">Facility actions net loss (gain) consists of the following three
components as described in Note 2: </P>

<UL><LI>Refranchising (gains) losses;<BR>
<li>Store closure costs; and<BR>
<LI>Impairment of long-lived  assets for  restaurants  we intend to continue to use in the business and  restaurants  we intend to
         close.</ul>

<pre>
                                                         2001          2000         1999(a)
                                                     -----------   -----------    ----------
<B><U>U.S.</u></B>
Refranchising net (gains)(b)(c)                      $     (44)    $    (202)     $    (405)
Store closure costs                                         13             6              5
Impairment charges for stores that will continue
   to be used in the business                               10             3              6
Impairment charges for stores to be closed                   4             5              9
                                                     -----------   -----------    ----------
Facility actions net (gain)                                (17)         (188)          (385)
                                                     -----------   -----------    ----------
<B><U>International</U></B>
Refranchising net losses (gains)(b)(c)                       5             2            (17)
Store closure costs                                          4             4              8
Impairment charges for stores that will continue
   to be used in the business                                8             5             10
Impairment charges for stores to be closed                   1             1              3
                                                     -----------   -----------    ----------
Facility actions net loss                                   18            12              4
                                                     -----------   -----------    ----------
<B><U>Worldwide</U></B>
Refranchising net (gains)(b)(c)                            (39)         (200)          (422)
Store closure costs                                         17            10             13
Impairment charges for stores that will continue
   to be used in the business(d)                            18             8             16
Impairment charges for stores to be closed(d)                5             6             12
                                                     -----------   -----------    ----------
Facility actions net loss (gain)                     $       1     $    (176)     $    (381)
                                                     ===========   ===========    ==========
</pre>

<ol type=a><LI>Includes favorable  adjustments of $19 million in the U.S. and unfavorable  adjustments of $6 million in International related
     to our 1997 fourth quarter charge.  These  adjustments  primarily related to  lower-than-expected  losses from stores disposed of,
     decisions to retain certain  stores  originally  expected to be disposed of and changes in estimated  costs.  The original  fourth
     quarter 1997 charge included  estimates for the costs of closing stores;  reductions to fair market value,  less costs to sell, of
     the carrying  amounts of certain  restaurants we intended to refranchise;  and impairments of certain  restaurants  intended to be
     used in the business.<BR>
<LI>Includes  initial  franchise  fees in the U.S.  of $4 million  in 2001,  $17  million  in 2000 and $38  million in 1999 and in
     International of $3 million in both 2001 and 2000 and $7 million in 1999.  See Note 7.<BR>
<LI>In 2001, U.S.  refranchising  net (gains) included $12 million of previously  deferred  refranchising  gains and International
     refranchising  net losses  (gains)  included a charge of $11 million to mark to market the net assets of the  Singapore  business,
     which is held for sale.<BR>

<BR><BR>
<p align=center>48</P>
<BR><BR>





<LI>Impairment charges for 2001, 2000 and 1999 were recorded against the following asset categories:</ol>



<pre>
                                                          2001          2000          1999
                                                     -----------    ----------    ----------
          Property, plant and equipment              $      23      $     12      $     25
          Goodwill                                           -             -             1
          Reacquired franchise rights                        -             2             2
                                                     -----------    ----------    ----------
          Total impairment                           $      23      $     14      $     28
                                                     ===========    ==========    ==========
</pre>

<P ALIGN="LEFT">The following table summarizes the 2001 and 2000 activity related to
reserves for stores disposed of or held for disposal. </P>

<pre>
                                                           Asset
                                                        Impairment
                                                        Allowances      Liabilities
                                                     --------------   --------------

Balance at December 25, 1999                         $        20      $      71
Amounts used                                                 (10)           (22)
(Income) expense impact:
   New decisions                                              14              5
   Estimate/decision changes                                  (4)            (7)
Other                                                          -              3
                                                     --------------   --------------
Balance at December 30, 2000                         $        20      $      50
Amounts used                                                  (8)           (18)
(Income) expense impact:
   New decisions                                              21              6
   Estimate/decision changes                                   -              1
Other                                                         (6)             9
                                                     --------------   --------------
Balance at December 29, 2001                         $        27      $      48
                                                     ==============   ==============
</pre>

<P ALIGN="LEFT">The following table summarizes the carrying value of assets held for
disposal by reportable operating segment. </P>

<pre>
                                                       2001         2000
                                                    ---------    ----------
U.S.                                                $     8      $     6
International(a)                                         36            -
                                                    ---------    ----------
                                                    $    44      $     6
                                                    =========    ==========
</pre>

<ol type=a><LI>The carrying value in 2001 relates to the Singapore business, which operates approximately 100 stores as of December 29,
     2001.</ol>


<BR><BR>
<p align=center>49</P>
<BR><BR>





<P ALIGN="LEFT">The following table summarizes Company sales and restaurant margin
related to stores held for disposal at December 29, 2001 or disposed of through
refranchising or closure during 2001, 2000 and 1999. Restaurant margin represents Company
sales less the cost of food and paper, payroll and employee benefits and occupancy and
other operating expenses. These amounts do not include the impact of Company stores that
have been contributed to unconsolidated affiliates. </P>

<pre>
                                                       2001          2000           1999
                                                   ----------    -----------    ----------
Stores held for disposal at December 29, 2001:
   Sales                                           $    114      $    114       $    110
   Restaurant margin                                      9             8             12

Stores disposed of in 2001, 2000 and 1999:
   Sales                                           $    157      $    684       $  1,716
   Restaurant margin                                     15            88            202
</pre>

<P ALIGN="LEFT">Restaurant margin includes a benefit from the suspension of depreciation
and amortization of approximately $1 million, $2 million and $9 million in 2001, 2000 and
1999, respectively. </P>

<P><u>Unusual Items (Income) Expense</u> </P>

     <pre>
                                                       2001          2000           1999
                                                   ----------    -----------    ----------
U.S.                                               $     15      $     29       $     13
International                                             -             8              3
Unallocated                                             (18)          167             35
                                                   ----------    -----------    ----------
Worldwide                                          $     (3)     $    204       $     51
                                                   ==========    ===========    ==========
</pre>

<P ALIGN="LEFT">Unusual items income in 2001 primarily included: (a) recoveries of
approximately $21 million related to the AmeriServe Food Distribution Inc. ("AmeriServe")
bankruptcy reorganization process; (b) aggregate settlement costs of $15 million
associated with certain litigation; and (c) expenses, primarily severance, related to
decisions to streamline certain support functions. See Note 22 for discussions of the
AmeriServe bankruptcy reorganization process and litigation. </P>

<P ALIGN="LEFT">In the fourth quarter of 2001, we recorded expenses of approximately $4
million related to streamlining certain support functions, which included the termination
of approximately 90 employees. The reserves established, which primarily related to
severance, were almost fully utilized in the first quarter of 2002. </P>

<P ALIGN="LEFT">Unusual items expense in 2000 included: (a) $170 million of charges and
direct incremental costs related to the AmeriServe bankruptcy reorganization process; (b)
an increase in the estimated costs of settlement of certain wage and hour litigation and
associated defense costs incurred in 2000; (c) costs associated with the formation of new
unconsolidated affiliates; and (d) the reversal of excess provisions arising from the
resolution of a dispute associated with the disposition of our Non-core Businesses, which
is discussed in Note 22. </P>

<P ALIGN="LEFT">Unusual items expense in 1999 included: (a) the write-off of
approximately $41 million owed to us by AmeriServe at the AmeriServe bankruptcy petition
date; (b) an increase in the estimated costs of settlement of certain wage and hour
litigation and associated defense and other costs incurred in 1999; (c) favorable
adjustments to our 1997 fourth quarter charge; (d) the write-down to estimated fair
market value less cost to sell of our idle Wichita processing facility; (e) costs
associated with the formation of new unconsolidated affiliates; (f) the impairment of
enterprise-level goodwill in one of our international businesses; and (g) severance and
other exit costs related to strategic decisions to streamline the infrastructure of our
international business. The original fourth quarter 1997 charge included impairments of
certain investments in unconsolidated affiliates to be retained and costs of certain
personnel reductions. </P>


<BR><BR>
<p align=center>50</P>
<BR><BR>




<P><u>Accounting Changes</u> </P>

<P ALIGN="LEFT">In 1998 and 1999, we adopted several accounting and human resource policy
changes (collectively, the "accounting changes") which favorably impacted our 1999
operating results by approximately $29 million. The estimated impact is summarized below: </P>

<pre>
                                                 1999
                      -------------------------------------------------------
                                             General and
                          Restaurant        Administrative       Operating
                            Margin             Expenses           Profit
                      ---------------    ------------------   ---------------
U.S.                  $        11        $         4          $        15
Unallocated                     -                 14                   14
                      ---------------    ------------------   ---------------
Total                 $        11        $        18          $        29
                      ===============    ==================   ===============
</pre>

<P ALIGN="LEFT">The accounting changes were as follows: </P>

<P ALIGN="LEFT">Effective December 27, 1998, we adopted Statement of Position 98-1 ("SOP
98-1"), "Accounting for the Costs of Computer Software Developed or Obtained for Internal
Use." Based on our adoption of SOP 98-1, we capitalized approximately $13 million of
internal software development costs and third party software costs in 1999. The
amortization of computer software assets that became ready for their intended use in 1999
was insignificant. </P>

<P ALIGN="LEFT">In addition, we adopted Emerging Issues Task Force Issue No. 97-11 ("EITF
97-11"), "Accounting for Internal Costs Relating to Real Estate Property Acquisitions,"
upon its issuance in March 1998. In the first quarter of 1999, we also made a
discretionary policy change limiting the types of costs eligible for capitalization to
those direct cost types described as capitalizable under SOP 98-1. This change
unfavorably impacted our 1999 operating profit by approximately $3 million. </P>

<P ALIGN="LEFT">To conform to the Securities and Exchange Commission's April 23, 1998
interpretation of SFAS 121 our store closure accounting policy was changed in 1998.
Effective for closure decisions made on or subsequent to April 23, 1998, we recognize
store closure costs when we have closed the restaurant within the same quarter the
closure decision is made. When we decide to close a restaurant beyond the quarter in
which the closure decision is made, we review it for impairment. In fiscal year 1999,
this change resulted in additional depreciation and amortization of approximately $3
million through April 23, 1999. </P>

<P ALIGN="LEFT">In 1999, the methodology used by our independent actuary was refined and
enhanced to provide a more reliable estimate of the self-insured portion of our current
and prior years' ultimate loss projections related to workers' compensation, general
liability and automobile liability insurance programs. The change in methodology resulted
in a one-time increase in our 1999 operating profit of over $8 million. </P>

<P ALIGN="LEFT">At the end of 1998, we changed our method of determining the pension
discount rate to better reflect the assumed investment strategies we would most likely
use to invest any short-term cash surpluses. The pension discount methodology change
resulted in a one-time increase in our 1999 operating profit of approximately $6 million. </P>

<P ALIGN="LEFT">In 1999, our vacation policies were conformed to a calendar-year based,
earn-as-you-go, use-or-lose policy. The change provided a one-time favorable increase in
our 1999 operating profit of approximately $7 million. Other accounting policy
standardization changes by our three U.S. Concepts provided a one-time favorable increase
in our 1999 operating profit of approximately $1 million. </P>

<BR><BR>
<p align=center>51</P>
<BR><BR>




<P><B>Note 6 - Supplemental Cash Flow Data</B></P>

<pre>
                                                               2001           2000           1999
                                                           -------------  -----------    ------------

Cash Paid for:
   Interest                                                $    164       $    194       $    212
   Income taxes                                                 264            252            340

Significant Non-Cash Investing and Financing
   Activities:
   Issuance of promissory note to acquire an
      unconsolidated affiliate                             $      -       $     25       $      -
   Contribution of non-cash net assets to an
      unconsolidated affiliate                                   21             67              -
   Assumption of liabilities in connection with an
      acquisition                                                36              6              1
   Fair market value of assets received in connection
      with a non-cash acquisition                                 9              -              -
   Capital lease obligations incurred to acquire assets          18              4              4
</pre>

<P><B>Note 7 - Franchise and License Fees</B></P>

<pre>
                                                                2001           2000           1999
                                                           -----------    -----------    ------------
Initial fees, including renewal fees                       $      32      $      48      $      71
Initial franchise fees included in refranchising gains            (7)           (20)           (45)
                                                           -----------    -----------    ------------
                                                                  25             28             26
Continuing fees                                                  790            760            697
                                                           -----------    -----------    ------------
                                                           $     815      $     788      $     723
                                                           ===========    ===========    ============
</pre>

<P><B>Note 8 - Other (Income) Expense</B></P>

     <pre>
                                                                2001           2000           1999
                                                           -----------    -----------    ------------
Equity income from investments in unconsolidated
   affiliates                                              $     (26)     $     (25)     $     (19)
Foreign exchange net loss                                          3              -              3
                                                           -----------    -----------    ------------
                                                           $     (23)     $     (25)     $     (16)
                                                           ===========    ===========    ============
</pre>

<P><B>Note 9 - Property, Plant and Equipment, net</B></P>

<pre>
                                                                           2001               2000
                                                                      -----------        ------------
Land                                                                  $     579          $     543
Buildings and improvements                                                2,608              2,469
Capital leases, primarily buildings                                          91                 82
Machinery and equipment                                                   1,647              1,522
                                                                      -----------        ------------
                                                                          4,925              4,616
Accumulated depreciation and amortization                                (2,121)            (2,056)
Impairment allowances                                                       (27)               (20)
                                                                      -----------        ------------
                                                                      $   2,777          $   2,540
                                                                      ===========        ============
</pre>

<P ALIGN="LEFT">Depreciation and amortization expense was $320 million, $319 million and
$345 million in 2001, 2000 and 1999, respectively. </P>


<BR><BR>
<p align=center>52</P>
<BR><BR>



<P><B>Note 10 - Intangible Assets, net</B></P>

<pre>
                                                                           2001                2000
                                                                      -----------         -----------
Reacquired franchise rights                                           $     294           $     264
Trademarks and other identifiable intangibles                               105                 102
Goodwill                                                                     59                  53
                                                                      -----------         -----------
                                                                      $     458           $     419
                                                                      ===========         ===========
</pre>

<P ALIGN="LEFT">In determining the above amounts, we have subtracted accumulated
amortization of $410 million for 2001 and $415 million for 2000. Amortization expense was
$37 million, $38 million and $44 million in 2001, 2000 and 1999, respectively. </P>

<P><B>Note 11 - Accounts Payable and Other Current Liabilities</B></P>

<pre>
                                                                           2001                2000
                                                                      -----------         -----------
Accounts payable                                                      $     326           $     326
Accrued compensation and benefits                                           210                 209
Other current liabilities                                                   459                 443
                                                                      -----------         -----------
                                                                      $     995           $     978
                                                                      ===========         ===========

</pre>

<P><B>Note 12 - Short-term Borrowings and Long-term Debt</B></P>

     <pre>
                                                                           2001                2000
                                                                      -----------         -----------
<B>Short-term Borrowings</b>
Current maturities of long-term debt                                  $     545           $      10
International lines of credit                                               138                  68
Other                                                                        13                  12
                                                                      -----------         -----------
                                                                      $     696           $      90
                                                                      ===========         ===========
<B>Long-term Debt</b>
Senior, unsecured Term Loan Facility, due October 2002                $     442           $     689
Senior, unsecured Revolving Credit Facility, expires October 2002            94               1,037
Senior, Unsecured Notes, due May 2005 (7.45%)                               351                 351
Senior, Unsecured Notes, due April 2006 (8.50%)                             198                   -
Senior, Unsecured Notes, due May 2008 (7.65%)                               251                 251
Senior, Unsecured Notes, due April 2011 (8.875%)                            644                   -
Capital lease obligations (See Note 13)                                      79                  74
Other, due through 2010 (6% - 12%)                                            4                   5
                                                                      -----------         -----------
                                                                          2,063               2,407
Less current maturities of long-term debt                                  (545)                (10)
                                                                      -----------         -----------
Long-term debt excluding SFAS 133 adjustment                              1,518               2,397
Derivative instrument adjustment under SFAS 133 (See Note 14)                34                   -
                                                                      -----------         -----------
Long-term debt including SFAS 133 adjustment                          $   1,552           $   2,397
                                                                      ===========         ===========
</pre>

<P ALIGN="LEFT">Our primary bank credit agreement, as amended, is comprised of a senior
unsecured Term Loan Facility and a $1.75 billion senior unsecured Revolving Credit
Facility, which was reduced from $3 billion as part of the amendment discussed below
(collectively referred to as the "Credit Facilities"). The Credit Facilities mature on
October 2, 2002. Amounts outstanding under our Revolving Credit Facility are expected to
fluctuate, but Term Loan Facility reductions may not be reborrowed. </P>


<BR><BR>
<p align=center>53</P>
<BR><BR>


<P ALIGN="LEFT">Under the terms of the Revolving Credit Facility, we may borrow up to
the maximum borrowing limit less outstanding letters of credit. At December
29, 2001, we had unused Revolving Credit Facilities aggregating $2.7 billion, net of
outstanding letters of credit of $0.2 billion. We expensed facility fees on the Revolving
Credit Facility of approximately $4 million in each of 2001, 2000 and 1999. </P>


<P ALIGN="LEFT">Amounts outstanding under our Credit Facilities at December 29, 2001 have
been classified as short-term borrowings in the Consolidated Balance Sheet due to the
October 2002 maturity. We are currently in negotiations to replace the Credit Facilities
prior to the maturity date with new borrowings, which will reflect the market conditions
and terms available at that time. </P>

<P ALIGN="LEFT">The Credit Facilities are subject to various covenants including
financial covenants relating to maintenance of specific leverage and fixed charge
coverage ratios. In addition, the Credit Facilities contain affirmative and negative
covenants including, among other things, limitations on certain additional indebtedness,
guarantees of indebtedness, cash dividends, aggregate non-U.S. investment and certain
other transactions, as defined in the agreement. The Credit Facilities require prepayment
of a portion of the proceeds from certain capital market transactions and refranchising
of restaurants. </P>

<P ALIGN="LEFT">Interest on amounts borrowed is payable at least quarterly at variable
rates, based principally on the London Interbank Offered Rate ("LIBOR") plus a variable
margin factor. At December 29, 2001 and December 30, 2000, the weighted average interest
rate on our variable rate debt was 3.4% and 7.2%, respectively, which includes the
effects of associated interest rate swaps. See Note 14 for a discussion of our use of
derivative instruments, our management of credit risk inherent in derivative instruments
and fair value information related to debt and interest rate swaps. </P>

<P ALIGN="LEFT">On February 22, 2002, we entered into an agreement to amend certain terms
of our Credit Facilities. This amendment provides for, among other things, additional
flexibility with respect to acquisitions and other investments. In addition, we
voluntarily reduced our maximum borrowings under the Revolving Credit Facility from $3.0
billion to $1.75 billion. As a result of this amendment, we capitalized debt costs of
approximately $1.5 million. These costs will be amortized into interest expense over the
remaining life of the Credit Facilities. </P>

<P ALIGN="LEFT">In 1997, we filed a shelf registration statement with the Securities and
Exchange Commission with respect to offerings of up to $2 billion of senior unsecured
debt. In May 1998, we issued $350 million of 7.45% Unsecured Notes due May 15, 2005
("2005 Notes") and $250 million of 7.65% Unsecured Notes due May 15, 2008 ("2008 Notes").
Interest on the 2005 Notes and 2008 Notes commenced on November 15, 1998 and is payable
semi-annually thereafter. The effective interest rate on the 2005 Notes and the 2008
Notes is 7.6% and 7.8%, respectively. In April 2001, we issued $200 million of 8.5%
Senior Unsecured Notes due April 15, 2006 ("2006 Notes") and $650 million of 8.875%
Senior Unsecured Notes due April 15, 2011 ("2011 Notes") (collectively referred to as the
"Notes"). The net proceeds from the issuance of the Notes were used to reduce amounts
outstanding under the Credit Facilities. Interest on the Notes is payable April 15 and
October 15 and commenced on October 15, 2001. The effective interest rate on the 2006
Notes and the 2011 Notes is 9.0% and 9.2%, respectively. We still have $550 million
available for issuance under the $2 billion shelf registration statement. </P>

<P ALIGN="LEFT">Interest expense on the short-term borrowings and long-term debt was $172
million, $190 million and $218 million in 2001, 2000 and 1999, respectively. Net interest
expense of $9 million on incremental borrowings related to the AmeriServe bankruptcy
reorganization process was included in unusual items in 2000. </P>

<P ALIGN="LEFT">The annual maturities of long-term debt through 2006 and thereafter,
excluding capital lease obligations and the derivative instrument adjustments, are 2002 -
$537 million; 2003 - $1 million; 2004 - $1 million; 2005 - $351 million; 2006 - $200
million and $900 million thereafter. </P>


<BR><BR>
<p align=center>54</P>
<BR><BR>



<P><B>Note 13 - Leases</B></P>

<P ALIGN="LEFT">We have non-cancelable commitments under both capital and long-term
operating leases, primarily for our restaurants. Capital and operating lease commitments
expire at various dates through 2087 and, in many cases, provide for rent escalations and
renewal options. Most leases require us to pay related executory costs, which include
property taxes, maintenance and insurance. </P>

<P ALIGN="LEFT">Future minimum commitments and amounts to be received as lessor or
sublessor under non-cancelable leases are set forth below: </P>

<pre>
                                 Commitments                     Lease Receivables
                         ---------------------------    -----------------------------------
                           Capital        Operating      Direct Financing       Operating
                         -----------    ------------    ------------------    --------------
2002                     $      11      $      221      $        2            $        9
2003                            12             203               2                     8
2004                            10             180               1                     7
2005                             9             160               1                     7
2006                             8             134               1                     6
Thereafter                      87             893               8                    33
                         -----------    ------------    ------------------    --------------
                         $     137      $    1,791      $       15            $       70
                         ===========    ============    ==================    ==============
</pre>

<P>At year-end 2001, the present value of minimum payments under capital leases was $79 million.</P>

<P>The details of rental expense and income are set forth below:</P>


     <pre>
                              2001           2000            1999
                         -----------    ------------    -----------
Rental expense
   Minimum               $     283      $     253       $     263
   Contingent                   10             28              28
                         -----------    ------------    -----------
                         $     293      $     281       $     291
                         ===========    ============    ===========
Minimum rental income    $      14      $      18       $      20
                         ===========    ============    ===========
     </pre>

<P ALIGN="LEFT">Contingent rentals are generally based on sales levels in excess of
stipulated amounts contained in the lease agreements. </P>

<P ALIGN="LEFT">During 2001, we entered into sale-leaseback transactions involving 17 of
our restaurants. Under the transactions, the restaurants were sold for approximately $18
million and have been leased back for initial terms of 15 years. These leasebacks have
been accounted for as operating leases. The future lease payments are included in the
above tables. Gains on the sales, which were not significant, were deferred and will be
amortized to rent expense over the initial term of the leases. </P>


<BR><BR>
<p align=center>55</P>
<BR><BR>




<P><B>Note 14 - Financial Instruments</B></P>

<P><u>Derivative Instruments</u> </P>

<P ALIGN="LEFT"><U>Interest Rates</u> - We enter into interest rate swaps, collars and forward
rate agreements with the objective of reducing our exposure to interest rate risk and
lowering interest expense for a portion of our debt. Under the contracts, we agree with
other parties to exchange, at specified intervals, the difference between variable rate
and fixed rate amounts calculated on a notional principal amount. At December 29, 2001
and December 30, 2000 we had outstanding pay-variable interest rate swaps with notional
amounts of $350 million. These swaps have reset dates and floating rate indices which
match those of our underlying fixed-rate debt and have been designated as fair value
hedges of a portion of that debt. As the swaps qualify for the short-cut method under
SFAS 133 no ineffectiveness has been recorded. The fair value of these swaps as of
December 29, 2001 was approximately $36 million and has been included in Other assets.
The portion of this fair value which has not yet been recognized as a reduction to
interest expense (approximately $34 million at December 29, 2001) has been included in
Long-term debt. </P>

<P ALIGN="LEFT">At December 29, 2001 and December 30, 2000, we also had outstanding
pay-fixed interest rate swaps with notional amounts of $650 million and $450 million,
respectively. These swaps have been designated as cash flow hedges of a portion of our
variable-rate debt. As the critical terms of the swaps and hedged interest payments are
the same, we have determined that the swaps are completely effective in offsetting the
variability in cash flows associated with interest payments on that debt due to interest
rate fluctuations. </P>

<P ALIGN="LEFT">During 2000, we entered into interest rate collars to reduce interest
rate sensitivity on a portion of our variable rate bank debt. Interest rate collars
effectively lock in a range of interest rates by establishing a cap and floor. Reset
dates and the floating index on the collars match those of the underlying bank debt. If
interest rates remain within the collared cap and floor, no payments are made. If rates
rise above the cap level, we receive a payment. If rates fall below the floor level, we
make a payment. At December 29, 2001 and December 30, 2000, we did not have any
outstanding interest rate collars. </P>

<P ALIGN="LEFT"><U>Foreign Exchange</u> - We enter into foreign currency forward contracts with
the objective of reducing our exposure to cash flow volatility arising from foreign
currency fluctuations associated with certain foreign currency denominated financial
instruments, the majority of which are intercompany short-term receivables and payables.
The notional amount, maturity date, and currency of these contracts match those of the
underlying receivables or payables. We also enter into foreign currency forward contracts
to reduce our cash flow volatility associated with certain forecasted foreign currency
denominated royalties. These forward contracts have historically been short-term in
nature, with termination dates matching forecasted settlement dates of the receivables or
payables or cash receipts from royalties within the next twelve months. For those foreign
currency exchange forward contracts that we have designated as cash flow hedges, we
measure ineffectiveness by comparing the cumulative change in the forward contract with
the cumulative change in the hedged item, both of which are based on forward rates. No
ineffectiveness was recognized in 2001 for those foreign currency forward contracts
designated as cash flow hedges. </P>

<P ALIGN="LEFT"><U>Commodities</u> - We also utilize on a limited basis commodity futures and
options contracts to mitigate our exposure to commodity price fluctuations over the next
twelve months. Those contracts have not been designated as hedges under SFAS 133. There
were no open commodity future and options contracts outstanding at December 29, 2001 and
those outstanding as of the adoption of SFAS 133 on December 31, 2000 were not
significant. </P>

<P ALIGN="LEFT"><U>Deferred Amounts in Accumulated Other Comprehensive Income (Loss)</u> - As of
December 29, 2001, we had a net deferred loss associated with cash flow hedges of
approximately $1 million, net of tax. Of this amount, we estimate that a net after-tax
gain of less than $1 million will be reclassified into earnings through December 28,
2002. The remaining net after-tax loss of approximately $1 million, which arose from the
settlement of treasury locks entered into prior to the issuance of certain amounts of our
fixed-rate debt, will be reclassified into earnings from December 29, 2002 through 2011
as an increase to interest expense on this debt. </P>

<BR><BR>
<p align=center>56</P>
<BR><BR>




<P><u>Credit Risks</u> </P>

<P ALIGN="LEFT">Our credit risk from the interest rate swap, collar and forward rate
agreements and foreign exchange contracts is dependent both on the movement in interest
and currency rates and possibility of non-payment by counterparties. We mitigate credit
risk by entering into these agreements with high-quality counterparties, netting swap and
forward rate payments within contracts and limiting payments associated with the collars
to differences outside the collared range. </P>

<P ALIGN="LEFT">Accounts receivable consists primarily of amounts due from franchisees
and licensees for initial and continuing fees. In addition, we have notes and lease
receivables from certain of our franchisees. The financial condition of these franchisees
and licensees is largely dependent upon the underlying business trends of our Concepts.
This concentration of credit risk is mitigated, in part, by the large number of
franchisees and licensees of each Concept and the short-term nature of the franchise and
license fee receivables. </P>

<P><u>Fair Value</u> </P>

<P ALIGN="LEFT">At December 29, 2001 and December 30, 2000, the fair values of cash and
cash equivalents, short-term investments, accounts receivable, and accounts payable
approximated carrying value because of the short-term nature of these instruments. The
fair value of notes receivable approximate carrying value after consideration of recorded
allowances. </P>

<P ALIGN="LEFT">The carrying amounts and fair values of our other financial instruments
subject to fair value disclosures are as follows: </P>

<pre>
                                                             2001                    2000
                                                   -----------------------  ------------------------
                                                     Carrying      Fair       Carrying       Fair
                                                      Amount       Value       Amount        Value
                                                   -----------  ----------  -----------  -----------
Debt
   Short-term borrowings and long-term debt,
      excluding capital leases and the derivative
      instrument adjustments                       $    2,135   $   2,215   $    2,413   $    2,393
                                                   ===========  ==========  ===========  ===========
Debt-related derivative instruments:
   Open contracts in a net asset position                  37          37            -           24
                                                   ===========  ==========  ===========  ===========
Foreign currency-related derivative
   instruments:
   Open contracts in a net asset position                   5           5            -            -
                                                   ===========  ==========  ===========  ===========
Guarantees and letters of credit                            -          38            -           51
                                                   ===========  ==========  ===========  ===========
</pre>

<P ALIGN="LEFT">We estimated the fair value of debt, debt-related derivative instruments,
foreign currency-related derivative instruments, guarantees and letters of credit using
market quotes and calculations based on market rates. </P>

<P><B>Note 15 - Pension and Postretirement Medical Benefits</B></P>

<P><u>Pension Benefits</u> </P>

<P ALIGN="LEFT">We sponsor noncontributory defined benefit pension plans covering
substantially all full-time U.S. salaried employees, certain hourly employees and certain
international employees. During 2001, the TRICON Retirement Plan (the "Plan") was amended
such that any salaried employee hired or rehired by TRICON after September 30, 2001 will
not be eligible to participate in the Plan. Benefits are based on years of service and
earnings or stated amounts for each year of service. </P>


<BR><BR>
<p align=center>57</P>
<BR><BR>



<P><u>Postretirement Medical Benefits</u> </P>

<P ALIGN="LEFT">Our postretirement plan provides health care benefits, principally to
U.S. salaried retirees and their dependents. This plan includes retiree cost sharing
provisions. During 2001, the plan was amended such that any salaried employee hired or
rehired by TRICON after September 30, 2001 will not be eligible to participate in this plan.
Employees hired prior to September 30, 2001 are eligible for benefits if they meet
age and service requirements and qualify for retirement benefits. </P>

<P ALIGN="LEFT">The components of net periodic benefit cost are set forth below: </P>

<pre>
                                                        Pension Benefits
                                               ---------------------------------
                                                  2001        2000        1999
                                               ---------   ---------   ---------
Service cost                                   $    20     $    19     $    20
Interest cost                                       28          24          22
Amortization of prior service cost                   1           1           1
Expected return on plan assets                     (29)        (25)        (24)
Recognized actuarial loss                            1           -           -
                                               ---------   ---------   ---------
Net periodic benefit cost                      $    21     $    19     $    19
                                               =========   =========   =========

Additional (gain) loss recognized due to:
   Curtailment                                 $     -     $    (4)    $    (4)
   Special termination benefits                      2           -           -
</pre>

<pre>                                               Postretirement Medical Benefits
                                               -----------------------------------
                                                  2001        2000        1999
                                               ---------   ---------   -----------
Service cost                                   $     2     $     2     $     2
Interest cost                                        4           3           3
Amortization of prior service cost                  (1)         (1)         (2)
                                               ---------   ---------   -----------
Net periodic benefit cost                      $     5     $     4     $     3
                                               =========   =========   ===========

Additional (gain) recognized due to:
Curtailment                                    $     -     $    (1)    $    (1)
</pre>

<P ALIGN="LEFT">Prior service costs are amortized on a straight-line basis over the
average remaining service period of employees expected to receive benefits. Curtailment
gains have generally been recognized in facility actions net gain as they have resulted
primarily from refranchising and closure activities. </P>


<BR><BR>
<p align=center>58</P>
<BR><BR>




<P ALIGN="LEFT">The change in benefit obligation and plan assets and reconciliation of
funded status is as follows: </P>

<pre>

                                                                                  Postretirement
                                                         Pension Benefits         Medical Benefits
                                                         2001        2000         2001        2000
                                                      ---------   ----------   ---------   ---------
<B>Change in benefit obligation</b>
  Benefit obligation at beginning of year             $   351     $   315      $    48     $    45
    Service cost                                           20          19            2           2
    Interest cost                                          28          24            4           3
    Plan amendments                                         1           -            -           -
    Special termination benefits                            2           -            -           -
    Curtailment (gain)                                     (3)         (5)           -          (2)
    Benefits and expenses paid                            (17)        (19)          (3)         (3)
    Actuarial loss                                         38          17            7           3
                                                      ---------   ----------   ---------   ---------
  Benefit obligation at end of year                   $   420     $   351      $    58     $    48
                                                      ---------   ----------   ---------   ---------
<B>Change in plan assets</b>
  Fair value of plan assets at beginning of year      $   313     $   290
    Actual return on plan assets                          (51)         39
    Employer contributions                                 48           4
    Benefits paid                                         (17)        (19)
    Administrative expenses                                (2)         (1)
                                                      ---------   ----------
  Fair value of plan assets at end of year            $   291     $   313
                                                      ---------   ----------
<B>Reconciliation of funded status</b>
  Funded status                                       $  (129)    $   (38)     $   (58)    $   (48)
  Unrecognized actuarial loss (gain)                       87         (30)          12           5
  Unrecognized prior service cost                           4           5            -          (1)
                                                      ---------   ----------   ---------   ---------
  Net amount recognized at year-end                   $   (38)    $   (63)     $   (46)    $   (44)
                                                      =========   ==========   =========   =========
<B>Amounts recognized in the statement of financial
  position consist of:</b>
  Accrued benefit liability                           $   (84)    $   (63)     $   (46)    $   (44)
  Intangible asset                                          8           -            -           -
  Accumulated other comprehensive loss                     38           -            -           -
                                                      ---------   ----------   ---------   ---------
                                                      $   (38)    $   (63)     $   (46)    $   (44)
                                                      =========   ==========   =========   =========
   Other comprehensive loss attributable to
     change in additional minimum liability
     recognition                                      $    38     $     -


<B>Additional  year-end   information  for  pension
  plans  with benefit obligations in excess of plan
  assets</b>
  Benefit obligation                                  $   420     $    42
  Fair value of plan assets                               291           -

<B>Additional  year-end   information  for  pension
  plans  with accumulated benefit obligations in
  excess of plan assets</b>
  Benefit obligation                                  $   420     $    42
  Accumulated benefit obligation                          369          21
  Fair value of plan assets                               291           -
     </pre>


<BR><BR>
<p align=center>59</P>
<BR><BR>




<P ALIGN="LEFT">The assumptions used to compute the information above are set forth below: </P>

<pre>
                                        Pension Benefits        Postretirement Medical Benefits
                                  ----------------------------  -------------------------------
                                    2001      2000      1999      2001      2000      1999
                                  --------  --------  --------  --------  --------  -----------
Discount rate                        7.6%      8.0%      7.8%      7.6%      8.3%      7.6%
Long-term rate of return on plan
   assets                           10.0%     10.0%     10.0%       -         -         -
Rate of compensation increase        4.6%      5.0%      5.5%      4.6%      5.0%      5.5%

</pre>

<P ALIGN="LEFT">We have assumed the annual increase in cost of postretirement medical
benefits was 8.0% for non-Medicare eligible retirees and 12.0% for Medicare eligible
retirees in 2001 and will be 7.5% and 11.0%, respectively, in 2002. We are assuming the
rates for non-Medicare and Medicare eligible retirees will decrease to an ultimate rate
of 5.5% by 2008 and 2010, respectively, and remain at that level thereafter. There is a
cap on our medical liability for certain retirees. The cap for Medicare eligible retirees
was reached in 2000 and the cap for non-Medicare eligible retirees is expected to be
reached between the years 2010-2012; once the cap is reached, our annual cost per retiree
will not increase. </P>

<P ALIGN="LEFT">Assumed health care cost trend rates have a significant effect on the
amounts reported for our postretirement health care plans. A one percent increase or
decrease in the assumed health care cost trend rates would have increased or decreased
our accumulated postretirement benefit obligation at December 29, 2001 by approximately
$3 million. The impact on our 2001 benefit cost would not have been significant. </P>

<P><B>Note 16 -Employee Stock-Based Compensation</B></P>

<P ALIGN="LEFT">At year-end 2001, we had four stock option plans in effect: the TRICON
Global Restaurants, Inc. Long-Term Incentive Plan ("1999 LTIP"), the 1997 Long-Term
Incentive Plan ("1997 LTIP"), the TRICON Global Restaurants, Inc. Restaurant General
Manager Stock Option Plan ("YUMBUCKS") and the TRICON Global Restaurants, Inc. SharePower
Plan ("SharePower"). </P>

<P ALIGN="LEFT">We may grant awards of up to 7.6 million shares and 22.5 million shares
of stock under the 1999 LTIP and 1997 LTIP, respectively. Potential awards to employees
and non-employee directors under the 1999 LTIP include stock options, incentive stock
options, stock appreciation rights, restricted stock, stock units, restricted stock
units, performance shares and performance units. Potential awards to employees and
non-employee directors under the 1997 LTIP include stock appreciation rights, restricted
stock and performance restricted stock units. Prior to January 1, 2002, we also could
grant stock options and incentive stock options under the 1997 LTIP. We have issued only
stock options and performance restricted stock units under the 1997 LTIP and have issued
only stock options under the 1999 LTIP. </P>


<P ALIGN="LEFT">We may grant stock options under the 1999 LTIP to purchase shares at a
price equal to or greater than the average market price of the stock on the date of
grant. New option grants under the 1999 LTIP can have varying vesting provisions and
exercise periods. Previously granted options under the 1997 LTIP and 1999 LTIP vest in
periods ranging from immediate to 2006 and expire ten to fifteen years after grant. </P>

<P ALIGN="LEFT">We may grant options to purchase up to 7.5 million shares of stock under
YUMBUCKS at a price equal to or greater than the average market price of the stock on the
date of grant. YUMBUCKS options granted have a four year vesting period and expire ten
years after grant. We may grant options to purchase up to 7.0 million shares of stock at
a price equal to or greater than the average market price of the stock under SharePower
on the date of grant. SharePower grants have not been made since Spin-off. Previously
granted SharePower options could be outstanding through 2006. </P>


<BR><BR>
<p align=center>60</P>
<BR><BR>





<P ALIGN="LEFT">At the Spin-off Date, we converted certain of the unvested options to
purchase PepsiCo stock that were held by our employees to TRICON stock options under
either the 1997 LTIP or SharePower. We converted the options at amounts and exercise
prices that maintained the amount of unrealized stock appreciation that existed
immediately prior to the Spin-off. The vesting dates and exercise periods of the options
were not affected by the conversion. Based on their original PepsiCo grant date, our
converted options vest in periods ranging from one to ten years and expire ten to fifteen
years after grant. </P>

<P ALIGN="LEFT">The following table reflects pro forma net income and earnings per common
share had we elected to adopt the fair value approach of SFAS 123. </P>

<pre>
                                                   2001          2000           1999
                                              -----------   -----------    -----------
Net Income
  As reported                                 $     492     $     413      $     627
  Pro forma                                         462           379            597

Basic Earnings per Common Share
  As reported                                 $    3.36     $    2.81      $    4.09
  Pro forma                                        3.15          2.58           3.90

Diluted Earnings per Common Share
  As reported                                 $    3.24     $    2.77      $    3.92
  Pro forma                                        3.04          2.55           3.73
</pre>

<P ALIGN="LEFT">The effects of applying SFAS 123 in the pro forma disclosures are not
likely to be representative of the effects on pro forma net income for future years
because variables such as the number of option grants, exercises and stock price
volatility included in these disclosures may not be indicative of future activity. </P>

<P ALIGN="LEFT">We estimated the fair value of each option grant made during 2001, 2000
and 1999 as of the date of grant using the Black-Scholes option-pricing model with the
following weighted average assumptions: </P>

<pre>
                                                   2001          2000           1999
                                              -----------   -----------    -----------
                  Risk-free interest rate           4.7%          6.4%           4.9%
                  Expected life (years)             6.0           6.0            6.0
                  Expected volatility              32.7%         32.6%          29.7%
                  Expected dividend yield           0.0%          0.0%           0.0%
</pre>


<BR><BR>
<p align=center>61</P>
<BR><BR>




<P ALIGN="LEFT">A summary of the status of all options granted to employees and
non-employee directors as of December 29, 2001, December 30, 2000 and December 25, 1999,
and changes during the years then ended is presented below (tabular options in thousands): </P>

<pre>
                                      December 29, 2001         December 30, 2000       December 25, 1999
                                   -----------------------  ------------------------  -----------------------
                                                 Wtd. Avg.                 Wtd. Avg.                Wtd. Avg.
                                                 Exercise                  Exercise                 Exercise
                                    Options        Price       Options       Price      Options       Price
                                   ----------  -----------  -----------  -----------  ----------  -----------
Outstanding at beginning of year      26,679   $    31.20      24,166    $    31.18      22,699   $    26.16
Granted at price equal to average
  market price                         5,009        34.68       7,860         30.33       5,709        49.07
Exercised                             (1,817)       23.12      (1,829)        21.84      (1,273)       19.51
Forfeited                             (2,645)       34.31      (3,518)        33.99      (2,969)       31.94
                                   ----------  -----------  -----------  -----------  ----------  -----------
Outstanding at end of year            27,226   $   32.07       26,679    $    31.20      24,166   $    31.18
                                   ==========  ===========  ===========  ===========  ==========  ===========
Exercisable at end of year             6,481   $   25.53        7,622    $    24.59       3,665   $    22.44
                                   ==========  ===========  ===========  ===========  ==========  ===========
Weighted average fair value of
   options at date of grant        $   14.20                $   13.48                 $   19.20
                                   ==========               ===========               ==========
</pre>

<P ALIGN="LEFT">The following table summarizes information about stock options
outstanding and exercisable at December 29, 2001 (tabular options in thousands): </P>

<pre>
                                  Options Outstanding                 Options Exercisable
                  ----------------------------------------------  ---------------------------
                                  Wtd. Avg.
   Range of                      Remaining          Wtd. Avg.                     Wtd. Avg.
 Exercise Prices     Options   Contractual Life   Exercise Price     Options    Exercise Price
----------------  -----------  ----------------  ---------------  -----------  ---------------
$ 0 - 20                934        2.91          $    15.21             934    $     15.21
 20 - 30              7,846        5.32               25.82           3,674          24.34
 30 - 35             13,211        7.89               31.70           1,676          31.77
 35 - 55              4,842        7.69               43.18             192          42.83
 55 - 75                393        7.26               72.75               5          72.75
                  -----------                                     -----------
                     27,226                                           6,481
                  ===========                                     ===========
</pre>

<P ALIGN="LEFT">In November 1997, we granted two awards of performance restricted stock
units of TRICON's Common Stock to our Chief Executive Officer ("CEO"). The awards were
made under the 1997 LTIP and may be paid in Common Stock or cash at the discretion of the
Compensation Committee of the Board of Directors. Payment of an award of $2.7 million was
contingent upon the CEO's continued employment through January 25, 2001 and our
attainment of certain pre-established earnings thresholds, as defined. In January 2001,
our CEO received a cash payment of $2.7 million following the Compensation Committee's
certification of TRICON's attainment of the pre-established earnings threshold. Payment
of an award of $3.6 million is contingent upon his employment through January 25, 2006
and our attainment of certain pre-established earnings thresholds, as defined. The annual
expense related to these awards included in earnings was $0.5 million for 2001 and $1.3
million for both 2000 and 1999. </P>

<P ALIGN="LEFT">During 2000 and 1999, modifications were made to certain 1997 LTIP and
SharePower options held by terminated employees. These modifications resulted in
additional compensation expense of an insignificant amount in 2000 and $5.0 million in
1999 with a corresponding increase in our Common Stock account. </P>


<BR><BR>
<p align=center>62</P>
<BR><BR>




<P><B>Note 17 - Other Compensation and Benefit Programs</B></P>

<P ALIGN="LEFT">We sponsor two deferred compensation benefit programs, the Restaurant
Deferred Compensation Plan and the Executive Income Deferral Program (the "RDC Plan" and
the "EID Plan," respectively) for eligible employees and non-employee directors. </P>

<P ALIGN="LEFT">Effective October 1, 2001, participants can no longer defer funds into
the RDC Plan. Prior to that date, the RDC Plan allowed participants to defer a portion of
their annual salary. The participant's balances will remain in the RDC Plan until their
scheduled distribution dates. As defined by the RDC Plan, we credit the amounts deferred
with earnings based on the investment options selected by the participants. Investment
options in the RDC Plan consist of phantom shares of various mutual funds and TRICON
Common Stock. We recognize compensation expense for the appreciation or depreciation, if
any, attributable to all investments in the RDC Plan as well as for our matching
contribution. Our obligations under the RDC program as of the end of 2001 and 2000 were
$13 million and $10 million, respectively. We recognized annual compensation expense of
$3 million in 2001 and $1 million in both 2000 and 1999 for the RDC Plan. </P>

<P ALIGN="LEFT">The EID Plan allows participants to defer receipt of a portion of their
annual salary and all or a portion of their incentive compensation. As defined by the EID
Plan, we credit the amounts deferred with earnings based on the investment options
selected by the participants. The EID Plan includes an investment option that allows
participants to defer incentive compensation to purchase phantom shares of our Common
Stock at a 25% discount from the average market price at the date of deferral (the
"Discount Stock Account"). Participants bear the risk of forfeiture of both the discount
and any amounts deferred if they voluntarily separate from employment during the two year
vesting period. We expense the intrinsic value of the discount over the vesting period. </P>

<P ALIGN="LEFT">We phased in certain program changes to the EID Plan during 1999 and
2000. These changes included limiting investment options, primarily to cash and phantom
shares of our Common Stock, and requiring the distribution of investments in the TRICON
Common Stock investment options to be paid in shares of our Common Stock. Due to these
changes, in 1998 we agreed to credit a one time premium to participant accounts on
January 1, 2000. The premium totaled approximately $3 million and was equal to 10% of the
participants' account balances as of December 31, 1999, excluding (a) investments in the
Discount Stock Account and (b) deferrals made in 1999. </P>

<P ALIGN="LEFT">Subsequent to January 1, 1999, we no longer recognize as compensation
expense the appreciation or depreciation, if any, attributable to investments in the
Discount Stock Account since these investments can only be settled in shares of our
Common Stock. We also reduced our liabilities by $21 million related to investments in
the Discount Stock Account and increased the Common Stock Account by the same amount at
January 1, 1999. </P>

<P ALIGN="LEFT">Subsequent to January 1, 2000, we no longer recognize as compensation
expense the appreciation or depreciation, if any, attributable to investments in the
phantom shares of our Common Stock, since these investments can only be settled in shares
of our Common Stock. For 1999, we recorded a benefit of $3 million related to
depreciation of investments in phantom shares of our Common Stock impacted by the January
2000 plan amendment. We also reduced our liabilities by $12 million related to
investments in the phantom shares of our Common Stock and increased the Common Stock
Account by the same amount at January 1, 2000. </P>

<P ALIGN="LEFT">Our cash obligations under the EID Plan as of the end of 2001 and 2000
were $24 million and $27 million, respectively. We recognized compensation expense of $4
million in 2001 and $6 million in both 2000 and 1999 for the EID Plan. </P>


<BR><BR>
<p align=center>63</P>
<BR><BR>




<P ALIGN="LEFT">We sponsor a contributory plan to provide retirement benefits under the
provisions of Section 401(k) of the Internal Revenue Code (the "401(k) Plan") for
eligible full-time U.S. salaried and certain hourly employees. Participants may elect to
contribute up to 15% of eligible compensation on a pre-tax basis. Effective October 1,
2001 the 401(k) Plan was amended such that the Company matches 100% of the participant's
contribution up to 3% of eligible compensation and 50% of the participant's contribution
on the next 2% of eligible compensation. Prior to this amendment, we made a discretionary
matching contribution equal to a predetermined percentage of each participant's
contribution to the TRICON Common Stock Fund. We determined our percentage match at the
beginning of each year based on the immediate prior year performance of our Concepts. All
matching contributions are made to the TRICON Common Stock Fund. We recognized as
compensation expense our total matching contribution of $5 million in 2001 and $4 million
in both 2000 and 1999. </P>

<P><B>Note 18 - Shareholders' Rights Plan</B></P>

<P ALIGN="LEFT">In July 1998, our Board of Directors declared a dividend distribution of
one right for each share of Common Stock outstanding as of August 3, 1998 (the "Record
Date"). Each right initially entitles the registered holder to purchase a unit consisting
of one one-thousandth of a share (a "Unit") of Series A Junior Participating Preferred
Stock, without par value, at a purchase price of $130 per Unit, subject to adjustment.
The rights, which do not have voting rights, will become exercisable for our Common Stock
ten business days following a public announcement that a person or group has acquired, or
has commenced or intends to commence a tender offer for, 15% or more, or 20% or more if
such person or group owned 10% or more on the adoption date of this plan, of our Common
Stock. In the event the rights become exercisable for Common Stock, each right will
entitle its holder (other than the Acquiring Person as defined in the Agreement) to
purchase, at the right's then-current exercise price, TRICON Common Stock having a value
of twice the exercise price of the right. In the event the rights become exercisable for
Common Stock and thereafter we are acquired in a merger or other business combination,
each right will entitle its holder to purchase, at the right's then-current exercise
price, common stock of the acquiring company having a value of twice the exercise price
of the right. </P>

<P ALIGN="LEFT">We can redeem the rights in their entirety, prior to becoming
exercisable, at $0.01 per right under certain specified conditions. The rights expire on
July 21, 2008, unless we extend that date or we have earlier redeemed or exchanged the
rights as provided in the Agreement. </P>

<P ALIGN="LEFT">This description of the rights is qualified in its entirety by reference
to the Rights Agreement between TRICON and BankBoston, N.A., as Rights Agent, dated as of
July 21, 1998 (including the exhibits thereto). </P>

<P><B>Note 19 - Share Repurchase Program</B></P>

<P ALIGN="LEFT">In February 2001, our Board of Directors authorized a share repurchase
program. This program authorizes us to repurchase, through February 14, 2003, up to $300
million (excluding applicable transaction fees) of our outstanding Common Stock. During
2001, we repurchased approximately 2.4 million shares for approximately $100 million at
an average price per share of approximately $42. Based on market conditions and other
factors, additional repurchases may be made from time to time in the open market or
through privately negotiated transactions at the discretion of the Company. </P>

<P ALIGN="LEFT">In 1999, our Board of Directors authorized the repurchase of up to $350
million (excluding applicable transaction fees), of our outstanding Common Stock. This
share repurchase program was completed in the second quarter of 2000. During 2000, we
repurchased approximately 6.4 million shares for $216 million at an average price per
share of $34. During 1999, we repurchased over 3.3 million shares for approximately $134
million at an average price of $40 per share. </P>


<BR><BR>
<p align=center>64</P>
<BR><BR>





<P><B>Note 20 - Income Taxes</B></P>

<P ALIGN="LEFT">The details of our income tax provision (benefit) are set forth below: </P>

     <pre>
                                  2001          2000          1999
                              -----------   -----------   -------------
Current:          Federal     $     200     $     215     $     342
                  Foreign            75            66            46
                  State              38            41            39
                              -----------   -----------   -------------
                                    313           322           427
                              -----------   -----------   -------------

Deferred:         Federal           (29)          (11)          (18)
                  Foreign           (33)           (9)           17
                  State             (10)          (31)          (15)
                              -----------   -----------   -------------
                                    (72)          (51)          (16)
                              -----------   -----------   -------------
                              $     241     $     271     $     411
                              ===========   ===========   =============
     </pre>

<P ALIGN="LEFT">Taxes payable were reduced by $13 million, $5 million and $14 million in
2001, 2000 and 1999, respectively, as a result of stock option exercises. In addition,
goodwill and other intangibles were reduced by $8 million and $2 million in 2001 and
2000, respectively, as a result of the settlement of a disputed claim with the Internal
Revenue Service relating to the deductibility of reacquired franchise rights and other
intangibles. These reductions were offset by reductions in deferred and accrued taxes
payable. </P>

<P ALIGN="LEFT">In 2001, valuation allowances related to deferred tax assets in certain
states and foreign countries were reduced by $9 million ($6 million, net of federal tax)
and $6 million, respectively, as a result of making a determination that it is more
likely than not that these assets will be utilized in the current and future years. In
2000, valuation allowances related to deferred tax assets in certain states and foreign
countries were reduced by $35 million ($23 million, net of federal tax) and $6 million,
respectively, as a result of making a determination that it is more likely than not that
these assets will be utilized in the current and future years. In 1999, valuation
allowances related to deferred tax assets in certain foreign countries were reduced by
$13 million for the same reason. </P>

<P ALIGN="LEFT">The deferred foreign tax provision for 2001 included a $2 million charge
to reflect the impact of changes in statutory tax rates in various countries. The impact
of statutory rate changes in foreign countries was less than $1 million in 2000. The 1999
deferred foreign provision included a benefit of $1 million. </P>

<P ALIGN="LEFT">U.S. and foreign income before income taxes are set forth below: </P>

<pre>
                                   2001          2000          1999
                              -----------   -----------   -------------
U.S.                          $     599     $     537     $     902
Foreign                             134           147           136
                              -----------   -----------   -------------
                              $     733     $     684     $   1,038
                              ===========   ===========   =============
     </pre>


<BR><BR>
<p align=center>65</P>
<BR><BR>




<P>The reconciliation of income taxes calculated at the U.S. federal tax statutory rate to our effective tax rate is set forth below:</P>


<pre>
                                                              2001         2000        1999
                                                          ----------  ----------  ----------
U.S. federal statutory rate                                  35.0%        35.0%       35.0%
State income tax, net of federal tax benefit                  2.1          3.3         3.0
Foreign and U.S. tax effects attributable to foreign
   operations                                                 0.7          0.2         2.8
Effect of unusual items                                       0.1         (0.5)       (0.5)
Adjustments relating to prior years                          (3.2)         5.5         0.8
Valuation allowance reversals                                (1.7)        (4.2)       (1.3)
Other, net                                                   (0.2)         0.3        (0.3)
                                                          ----------  ----------  ----------
Effective income tax rate                                    32.8%        39.6%       39.5%
                                                          ==========  ==========  ==========
</pre>

<P ALIGN="LEFT">The details of 2001 and 2000 deferred tax liabilities (assets) are set
forth below: </P>

<pre>
                                                                 2001              2000
                                                          -------------     -------------
Intangible assets and property, plant and equipment       $       176       $       184
Other                                                              29                35
                                                          -------------     -------------
Gross deferred tax liabilities                            $       205       $       219
                                                          =============     =============

Net operating loss and tax credit carryforwards           $      (171)      $      (142)
Employee benefits                                                 (73)              (82)
Self-insured casualty claims                                      (62)              (55)
Various liabilities and other                                    (274)             (214)
                                                          -------------     -------------
Gross deferred tax assets                                        (580)             (493)
Deferred tax assets valuation allowances                          130               132
                                                          -------------     -------------
Net deferred tax assets                                          (450)             (361)
                                                          -------------     -------------
Net deferred tax (assets) liabilities                     $      (245)      $      (142)
                                                          =============     =============
Reported in Consolidated Balance Sheets as:
     Deferred income tax assets                           $       (79)      $       (75)
     Other assets                                                (166)              (78)
     Accounts payable and other current liabilities                 -                 1
     Deferred income taxes                                          -                10
                                                          -------------     -------------
                                                          $      (245)      $      (142)
                                                          =============     =============
</pre>

<P ALIGN="LEFT">Our valuation allowance related to deferred tax assets decreased by $2
million in 2001 primarily due to the previously discussed change in circumstances,
partially offset by increases in valuation allowances related to deferred tax assets in
certain foreign countries and states. </P>

<P ALIGN="LEFT">A determination of the unrecognized deferred tax liability for temporary
differences related to our investments in foreign subsidiaries and investments in foreign
unconsolidated affiliates that are essentially permanent in duration is not practicable. </P>

<P ALIGN="LEFT">We have available net operating loss and tax credit carryforwards
totaling approximately $1.1 billion at December 29, 2001 to reduce future tax of TRICON
and certain subsidiaries. The carryforwards are related to a number of foreign and state
jurisdictions. Of these carryforwards, $15 million expire in 2002 and $910 million expire
at various times between 2003 and 2020. The remaining carryforwards of approximately $150
million do not expire. </P>


<BR><BR>
<p align=center>66</P>
<BR><BR>




<P><B>Note 21 - Reportable Operating Segments</B></P>

<P ALIGN="LEFT">We are engaged principally in developing, operating, franchising and
licensing the worldwide KFC, Pizza Hut and Taco Bell concepts. KFC, Pizza Hut and Taco
Bell operate throughout the U.S. and in 84, 86 and 13 countries and territories outside
the U.S., respectively. Our five largest international markets based on operating profit
in 2001 are Australia, Canada, China, Korea and the United Kingdom. At December 29, 2001,
we had investments in 10 unconsolidated affiliates outside the U.S. which operate KFC
and/or Pizza Hut restaurants. These unconsolidated affiliates operate in Canada, China,
Japan, Poland and the United Kingdom. </P>

<P ALIGN="LEFT">We identify our operating segments based on management responsibility
within the U.S. and International. For purposes of applying SFAS No. 131 "Disclosure
About Segments of An Enterprise and Related Information" we consider our three U.S.
Concept operating segments to be similar and therefore have aggregated them into a single
reportable operating segment. Other than the U.S., no individual country represented 10%
or more of our total revenues, operating profit or assets. </P>

<pre>
                                                           Revenues
                                        ----------------------------------------------
                                             2001            2000             1999
                                        ------------    -------------    -------------
United States                           $     4,827     $     5,062      $     5,748
International                                 2,126           2,031            2,074
                                        ------------    -------------    -------------
                                        $     6,953     $     7,093      $     7,822
                                        ============    =============    =============

                                         Operating Profit; Interest Expense, Net; and
                                                Income Before Income Taxes
                                        ----------------------------------------------
                                              2001           2000             1999
                                        ------------    -------------    -------------
United States                           $      722      $       742      $       828
International(a)                               318              309              265
Unallocated and corporate expenses            (148)            (163)            (180)
Foreign exchange net (loss)                     (3)               -               (3)
Facility actions net loss (gain)(b)              1             (176)            (381)
Unusual items income (expense)(b)                3             (204)             (51)
                                        ------------    -------------    -------------
Total operating profit                         891              860            1,240
Interest expense, net                          158              176              202
                                        ------------    -------------    -------------
Income before income taxes              $      733      $       684      $     1,038
                                        ============    =============    =============

                                                 Depreciation and Amortization
                                        ----------------------------------------------
                                             2001            2000             1999
                                        ------------    -------------    -------------
United States                           $     224       $      231       $      266
International                                 117              110              110
Corporate                                      13               13               10
                                        ------------    -------------    -------------
                                        $     354       $      354       $      386
                                        ============    =============    =============

                                                        Capital Spending
                                        ----------------------------------------------
                                             2001            2000             1999
                                        ------------    -------------    -------------
United States                           $      392      $      370       $      315
International                                  232             192              139
Corporate                                       12              10               16
                                        ------------    -------------    -------------
                                        $      636      $      572       $      470
                                        ============    =============    =============
</pre>


<BR><BR>
<p align=center>67</P>
<BR><BR>




<pre>
                                                    Identifiable Assets
                                        ----------------------------------------------
                                             2001            2000             1999
                                        ------------    -------------    -------------
United States                           $    2,489      $    2,400       $    2,444
International(c)                             1,593           1,501            1,367
Corporate(d)                                   306             248              150
                                        ------------    -------------    -------------
                                        $    4,388      $    4,149       $    3,961
                                        ============    =============    =============

                                                    Long-Lived Assets(e)
                                        ----------------------------------------------
                                             2001            2000             1999
                                        ------------    -------------    -------------
United States                           $    2,203      $    2,101       $    2,143
International                                  987             828              874
Corporate                                       45              30               41
                                        ------------    -------------    -------------
                                        $    3,235      $    2,959       $    3,058
                                        ============    =============    =============
</pre>

<ol type=a><LI>Includes  equity  income of  unconsolidated  affiliates  of $26 million,  $25 million and $22 million in 2001,  2000 and 1999,
     respectively.<BR>
<LI>See Note 5 for a discussion  by  reportable  operating  segment of facility  actions net loss (gain) and unusual  items income
     (expense).<BR>
<LI>Includes  investment in  unconsolidated  affiliates of $213  million,  $257 million and $170 million for 2001,  2000 and 1999,
     respectively.<BR>
<LI>Primarily  includes  deferred  tax assets,  Property,  Plant and  Equipment  related to our office  facilities,  fair value of
     derivative  instruments,  accounts receivable arising from the AmeriServe bankruptcy  reorganization  process and unamortized debt
     issuance costs.<BR>
<LI>Includes Property, Plant and Equipment, net and Intangible Assets, net.</ol>

<P ALIGN="LEFT">See Note 5 for additional operating segment disclosures related to
impairment and the carrying amount of assets held for disposal. </P>

<P><B>Note 22 - Commitments and Contingencies</B></P>

<P><B>AmeriServe Bankruptcy Reorganization Process</B></P>

<P ALIGN="LEFT">We and our franchisees and licensees are dependent on frequent
replenishment of the food ingredients and paper supplies required by our restaurants. We
and a large number of our franchisees and licensees operated under multi-year contracts,
which were assumed by McLane Company, Inc. ("McLane"), that had required the use of
AmeriServe to purchase and make deliveries of most of these supplies. AmeriServe filed
for protection under Chapter 11 of the U.S. Bankruptcy Code on January 31, 2000. A plan
of reorganization for AmeriServe (the "POR") was approved by the U.S. Bankruptcy Court on
November 28, 2000. </P>

<P ALIGN="LEFT">During the AmeriServe bankruptcy reorganization process, we took a number
of actions to ensure continued supply to our system. These actions, resulted in a total
expense of $170 million which was recorded as unusual items in 2000. These costs included
the net funding of $70 million under a debtor-in possession revolving credit facility,
$59 million of net charges related to the global settlement with holders of allowed
secured and administrative priority claims in the bankruptcy and other costs of $41
million. The other costs included allowances for estimated uncollectible receivables
arising from supply sales to our franchisees and licensees under a temporary program. The
costs also included incremental interest expenses arising from the additional debt
required to finance inventory purchases and the receivables arising from these supply
sales. In 2001, we recorded unusual items income of $21 million related to net recoveries
of residual assets and certain preference claims under the POR. We will record additional
recoveries, if any, as unusual items as they are realized. </P>


<BR><BR>
<p align=center>68</P>
<BR><BR>




<P><B>Other Commitments and Contingencies</B></P>

<P><u>Contingent Liabilities</u> </P>

<P ALIGN="LEFT">We were directly or indirectly contingently liable in the amounts of $353
million and $401 million at year-end 2001 and 2000, respectively, for certain lease
assignments and guarantees. At December 29, 2001, $293 million represented contingent
liabilities to lessors as a result of assigning our interest in and obligations under
real estate leases as a condition to the refranchising of certain Company restaurants,
the contribution of certain Company restaurants to unconsolidated affiliates and
guarantees of certain other leases. The $293 million represented the present value of the
minimum payments of the assigned leases, excluding any renewal option periods, discounted
at our pre-tax cost of debt. On a nominal basis, the contingent liability resulting from
the assigned leases is $435 million. </P>

<P ALIGN="LEFT">The contingent liabilities also include guarantees of approximately $32.4
million to support financial arrangements of certain franchisees, including partial
guarantees of franchisee loan pools originated primarily in connection with the Company's
refranchising programs. The total loans outstanding under these loan pools were
approximately $180 million at December 29, 2001. In support of these guarantees, we have
posted $32.4 million of letters of credit. Also, TRICON provides a standby letter of
credit under which TRICON could potentially be required to fund a portion (up to $25
million) of one of the franchisee loan pools. Any such funding under the standby letter
of credit would be secured by franchisee loan collateral. We believe that we have
appropriately provided for our estimated probable exposures under these contingent
liabilities. These provisions were primarily charged to refranchising (gains) losses. </P>

<P ALIGN="LEFT">The remaining contingent liabilities of $28 million primarily related to
our guarantees of financial arrangements of certain unconsolidated affiliates and third
parties. These financial arrangements primarily include lines of credit, loans and
letters of credit. If all lines of credit and letters of credit were fully drawn down,
the maximum contingent liability under these arrangements would be approximately $56
million as of December 29, 2001. </P>

<P><u>Insurance Programs</u> </P>

<P ALIGN="LEFT">We are currently self-insured for a portion of our current and prior
years' losses related to workers' compensation, general liability and automobile
liability insurance programs (collectively, "casualty loss(es)") as well as property
losses and certain other insurable risks. To mitigate the cost of our exposures for
certain property and casualty losses, we make annual decisions to either retain the risks
of loss up to certain maximum per occurrence or aggregate loss limits negotiated with our
insurance carriers or to fully insure those risks. Since the Spin-off, we have elected to
retain the risks subject to certain insured limitations. Effective August 16, 1999, we
made changes to our U.S. and portions of our International property and casualty
insurance programs. For fiscal years 2001, 2000 and the period from August 16, 1999
through the end of fiscal year 1999, we have bundled our risks for casualty losses,
property losses and various other insurable risks into one pool with a single
self-insured retention and have purchased reinsurance coverage up to a specified limit
which is significantly above our actuarially determined probable losses. We are
self-insured for losses in excess of the reinsurance limit. We believe the likelihood of
losses exceeding the reinsurance limit is remote. We are also self-insured for healthcare
claims for eligible participating employees subject to certain deductibles and
limitations. We have accounted for our retained liabilities for property and casualty
losses and healthcare claims, including reported and incurred but not reported claims,
based on information provided by our independent actuaries. </P>

<P ALIGN="LEFT">Due to the inherent volatility of our property and actuarially determined
casualty loss estimates, it is reasonably possible that we could experience changes in
estimated losses which could be material to our growth in quarterly and annual net
income. We believe that we have recorded our reserves for property and casualty losses at
a level which has substantially mitigated the potential negative impact of adverse
developments and/or volatility. </P>


<BR><BR>
<p align=center>69</P>
<BR><BR>



<P><u>Change of Control Severance Agreements </u> </P>

<P ALIGN="LEFT">In September 2000, the Compensation Committee of the Board of Directors
approved renewing severance agreements with certain key executives (the "Agreements")
that were set to expire on December 31, 2000. These Agreements are triggered by a
termination, under certain conditions, of the executive's employment following a change
in control of the Company, as defined in the Agreements. If triggered, the affected
executives would generally receive twice the amount of both their annual base salary and
their annual incentive in a lump sum, outplacement services and a tax gross-up for any
excise taxes. These Agreements have a three-year term and automatically renew each
January 1 for another three-year term unless the Company elects not to renew the
Agreements. Since the timing of any payments under these Agreements cannot be
anticipated, the amounts are not estimable. However, these payments, if made, could be
substantial. In the event of a change of control, rabbi trusts would be established and
used to provide payouts under existing deferred and incentive compensation plans. </P>

<P><u>Wage and Hour Litigation</u> </P>

<P ALIGN="LEFT">We are subject to various claims and contingencies related to lawsuits,
taxes, environmental and other matters arising out of the normal course of business. Like
certain other large retail employers, Pizza Hut and Taco Bell have been faced in certain
states with allegations of purported class-wide wage and hour violations. </P>

<P ALIGN="LEFT">On August 29, 1997, a class action lawsuit against Taco Bell Corp.,
entitled <U>Bravo, et al. v. Taco Bell Corp.</u>("Bravo"), was filed in the Circuit Court
of the State of Oregon of the County of Multnomah. The lawsuit was filed by two former
Taco Bell shift managers purporting to represent approximately 17,000 current and former
hourly employees statewide. The lawsuit alleges violations of state wage and hour laws,
principally involving unpaid wages including overtime, and rest and meal period
violations, and seeks an unspecified amount in damages. Under Oregon class action
procedures, Taco Bell was allowed an opportunity to "cure" the unpaid wage and hour
allegations by opening a claims process to all putative class members prior to
certification of the class. In this cure process, Taco Bell has paid out less than $1
million. On January 26, 1999, the Court certified a class of all current and former shift
managers and crew members who claim one or more of the alleged violations. A trial date
of November 2, 1999 was set. However, on November 1, 1999, the Court issued a proposed
order postponing the trial and establishing a pre-trial claims process. The final order
regarding the claims process was entered on January 14, 2000. Taco Bell moved for
certification of an immediate appeal of the Court-ordered claims process and requested a
stay of the proceedings. This motion was denied on February 8, 2000. Taco Bell appealed
this decision to the Supreme Court of Oregon and the Court denied Taco Bell's Writ of
Mandamus on March 21, 2000. A Court-approved notice and claim form was mailed to
approximately 14,500 class members on January 31, 2000. The Court ordered pre-trial
claims process went forward, and hearings to determine potential damages were held for
claimants employed or previously employed in four selected Taco Bell units. After the
initial hearings relating to these four units, the damage claims hearings were
discontinued. Trial began on January 4, 2001. On March 9, 2001, the jury reached verdicts
on the substantive issues in this matter. A number of these verdicts were in favor of the
Taco Bell position; however, certain issues were decided in favor of the plaintiffs. The
Court reduced the number of potential claimants to 1,100. A jury trial to determine the
damages of 93 of those claimants began on February 25, 2002, and is expected to last six
to eight weeks. </P>

<P ALIGN="LEFT">We have provided for the estimated costs of the Bravo litigation, based
on a projection of eligible claims (including claims filed to date, where applicable),
the cost of each eligible claim, the estimated legal fees incurred by plaintiffs and the
results of settlement negotiations in this and other wage and hour litigation matters.
Although the outcome of this case cannot be determined at this time, we believe the
ultimate cost of this case in excess of the amounts already provided will not be material
to our annual results of operations, financial condition or cash flows. Any provisions
have been recorded as unusual items. </P>


<BR><BR>
<p align=center>70</P>
<BR><BR>




<P ALIGN="LEFT">On May 11, 1998, a purported class action lawsuit against Pizza Hut,
Inc., and one of its franchisees, PacPizza, LLC, entitled <U>Aguardo, et al. v. Pizza Hut,
Inc., et al.,</u> ("Aguardo"), was filed in the Superior Court of the State of California of
the County of San Francisco. The lawsuit was filed by three former Pizza Hut restaurant
general managers purporting to represent approximately 1,300 current and former
California restaurant general managers of Pizza Hut and PacPizza, LLC. The lawsuit
alleged violations of state wage and hour laws involving unpaid overtime wages and
vacation pay and sought an unspecified amount in damages. On January 12, 2000, the Court
certified a class of approximately 1,300 current and former restaurant general managers.
The Court amended the class on June 1, 2000 to include approximately 150 additional
current and former restaurant general managers. On May 2, 2001, the parties reached an
agreement to settle this matter and entered into a stipulation of discontinuance of the
case. The Court granted preliminary approval of the settlement on September 27, 2001, and
final approval of the settlement on December 20, 2001. As no objections to the settlement
were made, the Court's order approving the settlement and dismissing with prejudice all
claims is final and non-appealable. We have provided for the costs of this settlement as
unusual items. </P>

<P ALIGN="LEFT">On October 2, 1996, a class action lawsuit against Taco Bell Corp.,
entitled <U>Mynaf, et al. v. Taco Bell Corp.,</u> was filed in the Superior Court of the State
of California of the County of Santa Clara. The lawsuit was filed by two former
restaurant general managers and two former assistant restaurant general managers
purporting to represent all current and former Taco Bell restaurant general managers and
assistant restaurant general managers in California. The lawsuit alleged violations of
California wage and hour laws involving unpaid overtime wages and violations of the State
Labor Code's record-keeping requirements. The complaint also included an unfair business
practices claim. Plaintiffs claimed individual damages ranging from $10,000 to $100,000
each. On September 17, 1998, the court certified a class of approximately 3,000 current
and former assistant restaurant general managers and restaurant general managers. Taco
Bell petitioned the appellate court to review the trial court's certification order. The
petition was denied on December 31, 1998. Taco Bell then filed a petition for review with
the California Supreme Court, and the petition was subsequently denied. Class notices
were mailed on August 31, 1999 to over 3,400 class members. Trial began on January 29,
2001. Before conclusion of the trial, the parties reached an agreement to settle this
matter, and entered into a stipulation of discontinuance of the case. This settlement
agreement was approved by the court on September 21, 2001. We have provided for the costs
of this settlement as unusual items. </P>

<P><u>Other Litigation</u> </P>

<P ALIGN="LEFT">On January 16, 1998, a lawsuit against Taco Bell Corp., entitled <U>Wrench
LLC, Joseph Shields and Thomas Rinks v. Taco Bell Corp.</u> ("Wrench") was filed in the
United States District Court for the Western District of Michigan. The lawsuit alleges
that Taco Bell Corp. misappropriated certain ideas and concepts used in its advertising
featuring a Chihuahua. Plaintiffs seek to recover damages under several theories,
including breach of implied-in-fact contract, idea misappropriation, conversion and
unfair competition. On June 10, 1999, the District Court granted summary judgment in
favor of Taco Bell Corp. Plaintiffs filed an appeal with the U.S. Court of Appeals for
the Sixth Circuit (the "Court of Appeals"), and oral arguments were held on September 20,
2000. On July 6, 2001, the Court of Appeals reversed the District Court's judgment in
favor of Taco Bell Corp. and remanded the case to the District Court. Taco Bell Corp.
unsuccessfully petitioned the Court of Appeals for rehearing en banc, and its petition
for writ of certiorari to the United States Supreme Court was denied on January 21, 2002.
The case has now officially been returned to the District Court, where the Wrench
plaintiffs will be allowed to bring their claims to trial. </P>

<P ALIGN="LEFT">We believe that the Wrench plaintiffs' claims are without merit and are
vigorously defending the case. However, in view of the inherent uncertainties of
litigation, the outcome of the case cannot be predicted at this time. Likewise, the
amount of any potential loss cannot be reasonably estimated. </P>


<BR><BR>
<p align=center>71</P>
<BR><BR>




<U>C&amp;F Packing Co.,  Inc. v. Pizza Hut,  Inc.</u> This action was  originally  filed in 1993 by C&amp;F Packing Co.,  Inc., a Chicago meat packing
company  ("C&amp;F"),  in the United  States  District  Court for the Northern  District of Illinois.  This lawsuit  alleges that Pizza Hut
misappropriated  various trade secrets relating to C&amp;F's alleged process for  manufacturing a precooked  Italian sausage pizza topping.
C&amp;F's trade secret claims  against  Pizza Hut were  originally  dismissed by the trial court on statute of  limitations  grounds.  That
ruling was later  overturned  by the U.S.  Court of Appeals  for the Federal  Circuit in August  2000 and the case was  remanded to the
trial court for further  proceedings.  On remand,  Pizza Hut moved for summary  judgment on its statute of  limitations  defense.  That
motion was denied in January  2001.  This lawsuit was scheduled for trial in late January  2002.  Prior to trial,  the parties  entered
into a written  settlement  agreement  pursuant to which C&amp;F agreed to dismiss the case in exchange  for a lump sum payment  from Pizza
Hut.  This  payment has been made and the case was  dismissed  with  prejudice  effective  February 6, 2002.  We have  provided for the
costs of this settlement as unusual items in 2001.

<P><u>Obligations to PepsiCo, Inc. After Spin-off</u> </P>

<P ALIGN="LEFT">In connection with the Spin-off, we entered into separation and other
related agreements (the "Separation Agreements"), governing the Spin-off transaction and
our subsequent relationship with PepsiCo. These agreements provide certain indemnities to
PepsiCo. </P>

<P ALIGN="LEFT">The Separation Agreements provided for, among other things, our
assumption of all liabilities relating to the restaurant businesses, including California
Pizza Kitchen, Chevys Mexican Restaurant, D'Angelo's Sandwich Shops, East Side Mario's
and Hot 'n Now (collectively the "Non-core Businesses"), and our indemnification of
PepsiCo with respect to these liabilities. We have included our best estimates of these
liabilities in the accompanying Consolidated Financial Statements. </P>

<P ALIGN="LEFT">In addition, we have indemnified PepsiCo for any costs or losses it
incurs with respect to all letters of credit, guarantees and contingent liabilities
relating to our businesses under which PepsiCo remains liable. As of December 29, 2001,
PepsiCo remains liable for approximately $94 million on a nominal basis related to these
contingencies. This obligation ends at the time PepsiCo is released, terminated or
replaced by a qualified letter of credit. We have not been required to make any payments
under this indemnity. </P>

<P ALIGN="LEFT">Under the Separation Agreements, PepsiCo maintains full control and
absolute discretion with regard to any combined or consolidated tax filings for periods
through October 6, 1997. PepsiCo also maintains full control and absolute discretion
regarding any common tax audit issues. Although PepsiCo has contractually agreed to, in
good faith, use its best efforts to settle all joint interests in any common audit issue
on a basis consistent with prior practice, there can be no assurance that determinations
made by PepsiCo would be the same as we would reach, acting on our own behalf. Through
December 29, 2001, there have not been any determinations made by PepsiCo where we would
have reached a different determination. </P>

<P ALIGN="LEFT">We also agreed to certain restrictions on our actions to help ensure that
the Spin-off maintained its tax-free status. These restrictions, which were generally
applicable to the two-year period following October 6, 1997, included among other things,
limitations on any liquidation, merger or consolidation with another company, certain
issuances and redemptions of our Common Stock, our granting of stock options and our
sale, refranchising, distribution or other disposition of assets. If we failed to abide
by these restrictions or to obtain waivers from PepsiCo and, as a result, the Spin-off
fails to qualify as a tax-free reorganization, we may be obligated to indemnify PepsiCo
for any resulting tax liability, which could be substantial. No payments under these
indemnities have been required or are expected to be required. Additionally, PepsiCo is
entitled to the federal income tax benefits related to the exercise after the Spin-off of
vested PepsiCo options held by our employees. We expense the payroll taxes related to the
exercise of these options as incurred. </P>


<BR><BR>
<p align=center>72</P>
<BR><BR>




<P><B>Note 23 - Selected Quarterly Financial Data (Unaudited)</B></P>

<pre>
                                                              2001
                                    ----------------------------------------------------------
                                       First     Second       Third      Fourth
                                      Quarter    Quarter     Quarter     Quarter       Total
----------------------------------------------------------------------------------------------
Revenues:
  Company sales                     $   1,326  $   1,416   $   1,449   $   1,947   $   6,138
  Franchise and license fees              180        189         191         255         815
                                    ----------------------------------------------------------
  Total revenues                        1,506      1,605       1,640       2,202       6,953

Total costs and expenses, net           1,330      1,390       1,409       1,933       6,062
Operating profit                          176        215         231         269         891
Net income                                 88        116         124         164         492
Diluted earnings per common share        0.59       0.76        0.81        1.08        3.24
Operating profit attributable to:
  Facility actions net loss (gain)          2        (18)         (9)         26           1
  Unusual items (income) expense            2         (4)          -          (1)         (3)
----------------------------------------------------------------------------------------------
                                                              2000
                                    ----------------------------------------------------------
                                       First     Second       Third      Fourth
                                      Quarter    Quarter     Quarter     Quarter       Total
----------------------------------------------------------------------------------------------
Revenues:
  Company sales                     $   1,425  $   1,480   $   1,470   $   1,930   $   6,305
  Franchise and license fees              172        176         188         252         788
                                    ----------------------------------------------------------
  Total revenues                        1,597      1,656       1,658       2,182       7,093

Total costs and expenses, net           1,355      1,436       1,526       1,916       6,233
Operating profit                          242        220         132         266         860
Net income                                120        106          59         128         413
Diluted earnings per common share        0.80       0.71        0.40        0.86        2.77
Operating profit attributable to:
  Facility actions net (gain)             (47)       (66)         (3)        (60)       (176)
  Unusual items expense                     4         72          92          36         204
----------------------------------------------------------------------------------------------
</pre>

<P ALIGN="LEFT">See Note 5 for details of facility actions net loss (gain) and unusual
items (income) expense. </P>


<BR><BR>
<p align=center>73</P>
<BR><BR><BR><BR>





<P><B>Management's Responsibility for Financial Statements</B></P>
<hr noshade size=1>
<BR><BR><BR>

<P ALIGN="LEFT">To Our Shareholders: </P>

<P ALIGN="LEFT">We are responsible for the preparation, integrity and fair presentation
of the Consolidated Financial Statements, related notes and other information included in
this annual report. The financial statements were prepared in accordance with accounting
principles generally accepted in the United States of America and include certain amounts
based upon our estimates and assumptions, as required. Other financial information
presented in the annual report is derived from the financial statements. </P>

<P ALIGN="LEFT">We maintain a system of internal control over financial reporting,
designed to provide reasonable assurance as to the reliability of the financial
statements, as well as to safeguard assets from unauthorized use or disposition. The
system is supported by formal policies and procedures, including an active Code of
Conduct program intended to ensure employees adhere to the highest standards of personal
and professional integrity. Our internal audit function monitors and reports on the
adequacy of and compliance with the internal control system, and appropriate actions are
taken to address significant control deficiencies and other opportunities for improving
the system as they are identified. </P>

<P ALIGN="LEFT">The Consolidated Financial Statements have been audited and reported on
by our independent auditors, KPMG LLP, who were given free access to all financial
records and related data, including minutes of the meetings of the Board of Directors and
Committees of the Board. We believe that management representations made to the
independent auditors were valid and appropriate. </P>

<P ALIGN="LEFT">The Audit Committee of the Board of Directors, which is composed solely
of outside directors, provides oversight to our financial reporting process and our
controls to safeguard assets through periodic meetings with our independent auditors,
internal auditors and management. Both our independent auditors and internal auditors
have free access to the Audit Committee. </P>

<P ALIGN="LEFT">Although no cost-effective internal control system will preclude all
errors and irregularities, we believe our controls as of December 29, 2001 provide
reasonable assurance that our assets are reasonably safeguarded. </P>
<BR><BR><BR><BR>



<P ALIGN="LEFT">David J. Deno<BR>
Chief Financial Officer </P>
<BR><BR><BR><BR>



<p align=center>74</P>
<BR><BR><BR><BR><BR><BR><BR>


<P ALIGN="LEFT"><B>Report of Independent Auditors</b> </P>
<hr noshade size=1>
<BR><BR>

<P ALIGN="LEFT">The Board of Directors<BR>
TRICON Global Restaurants, Inc.: </P>

<P ALIGN="LEFT">We have audited the accompanying consolidated balance sheets of TRICON
Global Restaurants, Inc. and Subsidiaries ("TRICON") as of December 29, 2001 and December
30, 2000, and the related consolidated statements of income, cash flows and shareholders'
equity (deficit) and comprehensive income for each of the years in the three-year period
ended December 29, 2001. These consolidated financial statements are the responsibility
of TRICON's management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits. </P>

<P ALIGN="LEFT">We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion. </P>

<P ALIGN="LEFT">In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of TRICON as of December
29, 2001 and December 30, 2000, and the results of its operations and its cash flows for
each of the years in the three-year period ended December 29, 2001, in conformity with
accounting principles generally accepted in the United States of America. </P>
<BR><BR><BR><BR>



<P>/s/ KPMG LLP<BR>
Louisville, Kentucky<BR>
February 7, 2002, except as to Note 12<BR>
&nbsp;&nbsp;&nbsp;which is as of February 22, 2002</P>


<BR><BR>
<p align=center>75</P>
<BR><BR><BR>




<P><B>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.</b></p>

<P ALIGN="LEFT">None. </P>

<P ALIGN=CENTER><B>PART III</b> </P>

<P><B>Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and Executive Officers of the Registrant.</b></P>

<P ALIGN="LEFT">Information regarding directors is incorporated by reference from the
Company's definitive proxy statement which will be filed with the Securities and Exchange
Commission no later than 120 days after December 29, 2001. </P>

<P ALIGN="LEFT">Information regarding executive officers of the Company is included in
Part I. </P>

<P><B>Item 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Compensation.</b></P>

<P ALIGN="LEFT">Information regarding executive compensation is incorporated by reference
from the Company's definitive proxy statement which will be filed with the Securities and
Exchange Commission no later than 120 days after December 29, 2001. Information appearing
in the sections entitled "Compensation Committee Report on Executive Compensation" and
"Performance Graph" contained in the Company's definitive proxy statement shall not be
deemed to be incorporated by reference in this Form 10-K, notwithstanding any general
statement contained herein incorporating portions of such proxy statement by reference. </P>

<P><B>Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Ownership of Certain Beneficial Owners and Management.</b></p>

<P ALIGN="LEFT">Information regarding security ownership of certain beneficial owners and
management is incorporated by reference from the Company's definitive proxy statement
which will be filed with the Securities and Exchange Commission no later than 120 days
after December 29, 2001. </P>

<p><b>Item 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Relationships and Related Transactions.</b></p>

<P ALIGN="LEFT">Information regarding certain relationships and related transactions is
incorporated by reference from the Company's definitive proxy statement which will be
filed with the Securities and Exchange Commission no later than 120 days after December
29, 2001. </P>


<BR><BR>
<p align=center>76</P>
<BR><BR>






<P ALIGN=CENTER><B>PART IV </b></P>

<p align=left><B>Item 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits, Financial Statement Schedules and Reports on Form 8-K.</b></P><BR>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=top>
<td align=center width=5%>(a)</td>
<td align=center width=5%>(1)</td>
<td align=justify width=90%>Financial Statements:  Consolidated  financial statements filed as part of this report are listed under Part II, Item
                  8 of this Form 10-K.</td>
</tr>

<tr valign=top>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign=top>
<td>&nbsp;</td>
<td align=center>(2)</td>
<td>Financial Statement  Schedules:  No schedules are required because either the required  information is not present or
                  not present in amounts  sufficient  to require  submission of the schedule,  or because the  information  required is
                  included in the financial statements or the related notes thereto filed as a part of this Form 10-K.</td>
</tr>

<tr valign=top>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign=top>
<td>&nbsp;</td>
<td align=center>(3)</td>
<td> Exhibits:  The exhibits listed in the  accompanying  Index to Exhibits are filed as part of this Form 10-K. The Index
                  to Exhibits specifically  identifies each management contract or compensatory plan required to be filed as an exhibit
                  to this Form 10-K.</td>

</tr>

<tr valign=top>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign=top>
<td align=center>(b)</td>
<td>&nbsp;</td>
<td>Reports on Form 8-K</td>
</tr>

<tr valign=top>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign=top>
<td>&nbsp;</td>
<td align=center>(1)</td>
<td> We filed a Current Report on Form 8-K dated October 18, 2001 attaching our third quarter earnings release dated October 16,
                  2001.</td>
</tr>


<tr valign=top>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign=top>
<td>&nbsp;</td>
<td align=center>(2)</td>
<td>We filed a Current Report on Form 8-K dated December 19, 2001 attaching our 2002 earnings expectations as well as
                  reconfirming our ongoing operating EPS expectations for the full-year 2001 press release dated December 13, 2001.</td>

</tr>

</table>

<BR><BR>
<p align=center>77</P>
<BR><BR>




<p align=center><B>SIGNATURES</b></p>

<P>Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Form 10-K annual report to be
signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P>Dated: March 7, 2002</p>



<p align=right>TRICON GLOBAL RESTAURANTS, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br><br>
By:&nbsp;<u> /s/ David C. Novak&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>


<P>Pursuant  to the  requirements  of the  Securities  Exchange  Act of 1934,  this Form 10-K annual  report has been signed  below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.</p>


<table width=100% cellpadding=0 cellspacing=0>

<tr valign=top>
<td width=30%><b><u>Signature</u></b></td>
<td width=50%><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Title </u></b></td>
<td width=20% align=center><b><u>Date</u></b></td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ David C. Novak</u><br>David C. Novak</td>
<td>Chairman of the Board, <BR>Chief Executive Officer and President<BR> (principal executive officer)</td>
<td align=center>March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Andrall E. Pearson </u><br>Andrall E. Pearson</td>
<td>Founding Chairman </td>
<td align=center>March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ David J. Deno</u><br>David J. Deno</td>
<td>Chief Financial Officer <BR>(principal financial officer)</td>
<td align=center>March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Brent A. Woodford</u><br>Brent A. Woodford</td>
<td> Vice President and Controller<br>(principal accounting officer)</td>
<td align="center">March 7, 2002</td>
</tr>

<TR VALIGN="TOP">
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ D. Ronald Daniel</u><br>D. Ronald Daniel</td>
<td>Director</td>
<td align="center">March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ James Dimon</u><br>James Dimon</td>
<td>Director</td>
<td align=center>March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Massimo Ferragamo</u><br>Massimo Ferragamo</td>
<td>Director</td>
<td align="center">March 7, 2002</td>
</tr>

</table>

<BR><BR>
<p align=center>78</P>
<BR><BR>

<table width=100% cellpadding=0 cellspacing=0>

<tr valign=top>
<td width=30%><b><u>Signature</u></b></td>
<td width=50%><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Title </u></b></td>
<td width=20% align=center><b><u>Date</u></b></td>
</tr>


<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Robert Holland, Jr.</u><br>Robert Holland, Jr.</td>
<td>Director</td>
<td align=center>March 7, 2002</td>
</tr>

<TR VALIGN="TOP">
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Sidney Kohl </u><br>Sidney Kohl</td>
<td>Director </td>
<td align="center">March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Kenneth G. Langone</u><br>Kenneth G. Langone</td>
<td>Director </td>
<td align="center">March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Jackie Trujillo</u><br>Jackie Trujillo</td>
<td>Director</td>
<td align="center">March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Robert J. Ulrich</u><br>Robert J. Ulrich</td>
<td> Director</td>
<td align=center>March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ Jeanette S. Wagner</u><br>Jeanette S. Wagner</td>
<td>Director</td>
<td align=center>March 7, 2002</td>
</tr>

<TR VALIGN=TOP>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
<TD>&nbsp;</td>
</TR>

<tr valign=top>
<td><u>/s/ John L. Weinberg</u><br>John L. Weinberg</td>
<td>Director</td>
<td align=center>March 7, 2002</td>
</tr>

</TABLE>


<BR><BR>
<p align=center>79</P>
<BR><BR>

<p align=center><b>TRICON Global Restaurants, Inc.<BR>
Exhibit Index<BR>
(Item 14)</b></P>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=bottom>
<td width=15% align=center><b>Exhibit<BR>
<u>Number</u></b></td>
<td align=center width=85%><b><u>Description of Exhibits</u></b></td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">3.1</td>
<td>Restated  Articles of  Incorporation  of Tricon,  which are  incorporated  herein by  reference  from  Exhibit 3.1 to
                  Tricon's Annual Report on Form 10-K for the fiscal year ended December 26, 1998.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>



<tr valign="top">
<td align="center">3.2</td>
<td>Amended and  restated  Bylaws of Tricon,  which are  incorporated  herein by  reference  from Exhibit 3.2 to Tricon's
                  Annual Report on Form 10-K for the fiscal year ended December 26, 1998.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">4.1*</td>
<td>Indenture,  dated as of May 1, 1998,  between  Tricon and The First  National  Bank of Chicago,  pertaining  to 7.45%
                  Senior  Notes and 7.65%  Senior  Notes due May 15, 2005 and May 15,  2008,  respectively,  and 8.5% Senior  Notes and
                  8.875% Senior Notes due April 15, 2006 and April 15, 2011,  respectively,  which is incorporated  herein by reference
                  from Exhibit 4.1 to Tricon's Report on Form 8-K filed with the Commission on May 13, 1998.</td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">4.2</td>
<td>Rights Agreement,  dated as of July 21, 1998,  between Tricon and BankBoston,  N.A., which is incorporated  herein by
                  reference from Exhibit 4.01 to Tricon's Quarterly Report on Form 10-Q for the quarter ended June 13, 1998.</td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">10.1</td>
<td>Separation  Agreement  between  PepsiCo,  Inc. and Tricon  effective as of August 26, 1997,  and the First  Amendment
                  thereto dated as of October 6, 1997,  which is incorporated  herein by reference from Exhibit 10.1 to Tricon's Annual
                  Report on Form 10-K for the fiscal year ended December 27, 1997.</td>
</tr>



<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.2</td>
<td>Tax Separation  Agreement  between  PepsiCo,  Inc. and Tricon  effective as of August 26, 1997, which is incorporated
                  herein by reference  from Exhibit 10.2 to Tricon's  Annual Report on Form 10-K for the fiscal year ended December 27,
                  1997.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">10.3</td>
<td>Employee Programs  Agreement between PepsiCo,  Inc. and Tricon effective as of August 26, 1997, which is incorporated
                  herein by reference  from Exhibit 10.3 to Tricon's  Annual Report on Form 10-K for the fiscal year ended December 27,
                  1997.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">10.4</td>
<td>Telecommunications,  Software and Computing  Services  Agreement  between  PepsiCo,  Inc. and Tricon  effective as of
                  August 26, 1997,  which is incorporated  herein by reference from Exhibit 10.4 to Tricon's Annual Report on Form 10-K
                  for the fiscal year ended December 27, 1997.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.5 </td>
<td>Amended and Restated Sales and Distribution Agreement between AmeriServe Food Distribution,  Inc., Tricon, Pizza Hut,
                  Taco Bell and KFC,  effective as of November 1, 1998,  which is  incorporated  herein by reference from Exhibit 10 to
                  Tricon's  Annual Report on Form 10-K for the fiscal year ended  December 26, 1998, as amended by the First  Amendment
                  thereto,  which is incorporated  herein by reference from Exhibit 10.5 to Tricon's Annual Report on Form 10-K for the
                  fiscal year ended December 30, 2000.</td>
</tr>


</table>

<BR><BR>
<p align=center>80</P>
<BR><BR>


<table width=100% cellpadding=0 cellspacing=0>
<tr valign=bottom>
<td width=15% align=center>&nbsp;</td>
<td align=center width=85%>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.6 </td>
<td> Credit  Agreement dated as of October 2, 1997 among Tricon,  the lenders party thereto,  The Chase Manhattan Bank, as
                  Administrative  Agent,  and Chase  Manhattan  Bank as Issuing Bank,  which is  incorporated  herein by reference from
                  Exhibit  10 to  Tricon's  Quarterly  Report on Form 10-Q for the  quarter  ended  September  6,  1997,  as amended by
                  Amendment No. 1 thereto which is incorporated  herein by reference from Exhibit 10.6 to Tricon's  Quarterly Report on
                  Form 10-Q for the quarter ended March 20, 1999, as amended by Amendment No. 2 thereto,  which is incorporated  herein
                  by reference  from  Tricon's  Annual  Report on Form 10-K for the fiscal year ended  December 25, 1999, as amended by
                  Amendment No. 3 thereto (as filed herewith).</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">10.7&#134;</td>
<td>Tricon Director Deferred  Compensation Plan, as effective October 7, 1997, which is incorporated  herein by reference
                  from Exhibit 10.7 to Tricon's Annual Report on Form 10-K for the fiscal year ended December 27, 1997.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">10.8&#134;</td>
<td>Tricon 1997 Long Term Incentive Plan, as effective  October 7, 1997,  which is incorporated  herein by reference from
                  Exhibit 10.8 to Tricon's Annual Report on Form 10-K for the fiscal year ended December 27, 1997.</td>
</tr>

 <tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.9&#134;</td>
<td>Tricon Executive Incentive  Compensation Plan, as effective January 1, 1999, as amended, which is incorporated herein
                  by reference from Tricon's Annual Report on Form 10-K for the fiscal year ended December 25, 1999.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.10&#134;</td>
<td>Tricon Executive Income Deferral  Program,  as effective  October 7, 1997, which is incorporated  herein by reference
                  from Exhibit 10.11 to Tricon's Annual Report on Form 10-K for the fiscal year ended December 27, 1997.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.13&#134;</td>
<td>Tricon  Pension  Equalization  Plan, as effective  October 7, 1997,  which is  incorporated  herein by reference from
                  Exhibit 10.14 to Tricon's Annual Report on Form 10-K for the fiscal year ended December 27, 1997.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.16</td>
<td> Form of  Directors'  Indemnification  Agreement,  which is  incorporated  herein by reference  from Exhibit  10.17 to
                  Tricon's Annual Report on Form 10-K for the fiscal year ended December 27, 1997.</td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.17&#134;</td>
<td>Amended and restated form of Severance Agreement (in the event of a change in control),  which is incorporated herein
                  by reference from Exhibit 10.17 to Tricon's Annual Report on Form 10-K for the fiscal year ended December 30, 2000.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.18&#134;</td>
<td> Tricon 1999 Long Term  Incentive  Plan, as effective May 20, 1999,  which is  incorporated  herein by reference  from
                  Tricon's Annual Report on Form 10-K for the fiscal year ended December 25, 1999.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.19&#134;</td>
<td>Employment  Agreement between Tricon and Christian L. Campbell,  dated as of September 3, 1997, which is incorporated
                  herein by reference  from Exhibit  10.19 to Tricon's  Annual  Report on Form 10-K for fiscal year ended  December 26,
                  1998.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.20</td>
<td> Tricon  Purchasing Coop Agreement,  dated as of March 1, 1999,  between Tricon and the Unified  FoodService  Purchasing  Coop,
LLC, which is  incorporated  herein by reference  from  Exhibit  10.20 to Tricon's  Annual  Report on Form 10-K for
the fiscal year ended December 26, 1998, as amended by the First Amendment thereto (as filed herewith).</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">10.21&#134;</td>
<td>Employment Agreement between Tricon and Cheryl A. Bachelder, dated as of April 1, 2001 (as filed herewith).</td>
</tr>

</table>

<BR><BR>
<p align=center>81</P>
<BR><BR>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=bottom>
<td width=15% align=center>&nbsp;</td>
<td align=center width=85%>&nbsp;</td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">12.1</td>
<td>Computation of ratio of earnings to fixed charges.</td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign="top">
<td align="center">21.1</td>
<td>Active Subsidiaries of Tricon.</td>
</tr>

<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>



<tr valign="top">
<td align="center">23.1</td>
<td>Consent of KPMG LLP.</td>
</tr>
</table>

<BR>
<hr align=left width=20%>

<table>
<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>



<tr valign="top">
<td align="center">*</td>
<td>Neither Tricon nor any of its  subsidiaries  is party to any other long-term debt instrument  under which  securities  authorized
      exceed 10  percent of the total  assets of Tricon and its  subsidiaries  on a  consolidated  basis.  Copies of  instruments  with
      respect to long-term debt of lesser amounts will be furnished to the Commission upon request.</td>
</tr>


<tr valign="top">
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
</tr>



<tr valign="top">
<td align="center">&#134;</td>
<td>Indicates a management contract or compensatory plan.</td>
</tr>

</table>



<BR><BR>
<p align=center>82</P>
<BR><BR>



<BR><BR><BR><BR><BR>



<p align=right><b>Exhibit 10.6</b></p>
<BR><BR><BR><BR>



<p align=right>AMENDMENT, WAIVER AND AGREEMENT dated as</p>

<blockquote><blockquote>of February 22, 2002, to the Credit Agreement dated as of October 2, 1997, as amended (the
                           "Credit Agreement"), among TRICON GLOBAL RESTAURANTS, INC. (the "Borrower"), the Lenders
                           party thereto, and JPMORGAN CHASE BANK, as successor to The Chase Manhattan Bank, as
                           Administrative Agent (the "Administrative Agent").  Capitalized terms used and not defined
                           herein shall have the meaning assigned to such terms in the Credit Agreement.</blockquote></blockquote>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS the Borrower has requested the Lenders to amend the Credit Agreement and agree to certain
waivers and agreements as set forth herein; and</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS the undersigned Lenders are willing to approve such amendment and agree to such waivers and
agreements, subject to the terms and conditions set forth herein;</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual agreements contained in this Amendment and other
good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto
hereby agree as follows:</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.  <U>Amendments.</U>  (a) Section 6.01 of the Credit Agreement is hereby amended, as of the
Amendment Effective Date (as defined in Section 5 below), by deleting the amount "$50,000,000" contained therein and
substituting in lieu thereof the amount "$100,000,000".</p>

<ol type=a start=2><li>Section 6.04 of the Credit Agreement is hereby amended, as of the Amendment Effective Date, by deleting the
amount "$150,000,000" contained in clause (1) thereof and substituting in lieu thereof the amount "$450,000,000".</Ol>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.  <U>Waivers and Agreements.</U>  The parties hereto hereby agree to reduce the Revolving
Commitments to $1,750,000,000, effective upon satisfaction of the conditions set forth in Section 5.  This agreement
shall constitute notice under Section 2.09(c) of the Credit Agreement.  The Required Lenders hereby waive receipt of
such notice at least three Business Days prior to the effective date of such reduction.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.  <U>Representation and Warranties.</U>  The Borrower represents and warrants to each of the
Lenders, on and as of the date hereof after giving effect to this Amendment, that:</P>

<ol type=a><li>The representations and warranties of each Loan Party set forth in each Loan Document are
                  true and correct on and as of the date hereof except to the extent that any such representations
                  and warranties expressly relate to an earlier date in which case any such representations and
                  warranties shall be true and correct at and as of such earlier date.<BR><BR>

<li>No Default has occurred and is continuing.</ol>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.  <U>Applicable Law.</U>  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.  <U>Conditions of Effectiveness.</U>  This Amendment shall become effective (the date on which
this Amendment so becomes effective being herein called the "<U>Amendment Effective Date</u>") only when (a) the
Administrative Agent or its counsel shall have received duly executed counterparts of this Amendment which, when
taken together, bear the signatures of the Borrower and the Required Lenders and (b) the Administrative Agent shall
have received for the account of each Lender executing this Amendment on or prior to 12:00 noon, eastern standard
time, on March 1, 2002, a lender fee equal to 5 basis points multiplied by the sum of such Lender's Revolving
Commitment, as reduced pursuant to Section 2, and outstanding Term Loans.  Unless and until this Amendment becomes
effective, the Credit Agreement shall continue in full force and effect in accordance with the provisions thereof
and the rights and obligations of the parties thereof shall not be affected hereby.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.  <U>Amended Credit Agreement.</u>  Any reference in the Credit Agreement, or in any documents
or instruments required thereunder or annexes or schedules thereto, referring to the Credit Agreement shall be
deemed to refer to the Credit Agreement as amended and modified by this Amendment.  As used in the Credit Agreement
the terms "Agreement", "this Agreement", "herein", "hereinafter", "hereto", "hereof" and words of similar import
shall, unless the context otherwise requires, mean the Credit Agreement as amended by this Amendment.  Except as
expressly modified by this Amendment, the terms and provisions of the Credit Agreement are hereby confirmed and
ratified in all respects and shall remain in full force and effect.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.  <U>Counterparts.</u>  This Amendment may be executed in two or more counterparts, each of
which shall constitute an original but all of which when taken together shall constitute but one contract.  Delivery
of an executed counterpart of a signature page by facsimile transmission shall be effective as delivery of a
manually executed counterpart of this Amendment.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.  <U>Expenses.</u>  The Borrower agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements
of Cravath, Swaine &amp; Moore, counsel for the Administrative Agent.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized officers as of the day and year first written above.</P>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">TRICON
GLOBAL RESTAURANTS, INC. </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<u>/s/&nbsp;Denise L. Ramos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Denise L. Ramos</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President, Treasurer</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">JPMORGAN CHASE BANK,<BR>
individually and as Administrative Agent<BR>
and Swingline Lender,  </P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Berry Bergman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Berry Bergman</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">CHASE MANHATTAN BANK USA,<BR>
N.A., as Issuing Agent </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>&nbsp;/s/&nbsp;Michael P. Handago&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Michael P. Handago</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>




<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALLIED IRISH BANK, PLC
</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Rima Terradista&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Rima Terradista</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Anthony O'Reilly&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Anthony O'Reilly</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>


<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CDO I, LIMITED<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:  American Money Management Corp.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Collateral Manager</P></TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;David P. Meyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;David P. Meyer
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CDO II, LIMITED<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:  American Money Management Corp.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Collateral Manager</P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;David P. Meyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;David P. Meyer</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARAB BANKING CORPORATION
</P></TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Charles F. Azzara&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Charles F. Azzara</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANCA DI ROMA
</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Robert Jozkowski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Robert Jozkowski</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Alasandro Poli&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Alasandro Poli
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;A.T.</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK HAPOALIM B.M.

</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;James P. Surless&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;James P. Surless
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK OF AMERICA, N.A.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Chitt Swamidasan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Chitt Swamidasan
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Principal</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK OF LOUISVILLE
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;S. Gordon Dabney, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;S. Gordon Dabney, Jr.</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK OF MONTREAL</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Bruce A. Pietka&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Bruce A. Pietka</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK OF SCOTLAND
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Joseph Fratus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Joseph Fratus</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President
</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK OF TOKYO-MITSUBISHI TRUST CO.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;John R. Jeffers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;John R. Jeffers</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK ONE, INDIANA, N.A.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Michael R. Zaksheske&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Michael R. Zaksheske</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAYERISCHE HYPO-UND  VEREINS BANK AG
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;John T. Murphy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;John T. Murphy</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Tricia Grieve&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Tricia Grieve
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>



<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP PARIBAS
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Frederick Moryl&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Frederick Moryl</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Managing Director</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Christine Howatt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Christine Howatt</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>


<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOS (USA) INC.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Joseph Fratus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Joseph Fratus</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHANG HWA COMMERCIAL BANK,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTD., NEW YORK BRANCH
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Ming-Hsien Lin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Ming-Hsien Lin</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;VP &amp; General Manager</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITIBANK N.A.

</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Sandy Salgado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Sandy Salgado</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>

<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CREDIT AGRICOLE INDOSUEZ
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Bradley C. Peterson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Bradley C. Peterson</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;First Vice President</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Richard A. Drennan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Richard A. Drennan</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMERICA BANK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Kathleen M. Kasperek&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Kathleen M. Kasperek</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Assistant Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CREDIT INDUSTRIEL ET COMMERCIAL
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Brian O'Leary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Brian O'Leary</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Marcus Edward&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Marcus Edward</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>
<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CREDIT LYONNAIS CHICAGO BRANCH
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Lee E. Greve&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Lee E. Greve</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;First Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERSTE BANK, NEW YORK BRANCH
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Paul Judicke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Paul Judicke</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;John S. Runnion&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;John S. Runnion</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Managing Director</P></TD>
</TR>
</TABLE>
<BR>


<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIDELITY ADVISOR SERIES II;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIDELITY ADVISOR HIGH FLOATING<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE HIGH INCOME TRUST
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Paul Maloney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Paul Maloney</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Assistant Treasurer</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTH THIRD BANK, KENTUCKY, INC.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Edward B. Martin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Edward B. Martin</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRSTRUST BANK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Kent Nelson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Kent Nelson</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST UNION NATIONAL BANK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Roger Pelz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Roger Pelz</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLEET NATIONAL BANK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Robert W. MacElhiney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Robert W. MacElhiney</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GALAXY CLO 1999-1 LTD.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Thomas G. Brandt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Thomas G. Brandt</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL ELECTRIC CAPITAL CORPORATION
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Gregory Hong&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Gregory Hong</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Duly Authorized Signatory</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRAYSON AND CO.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: Boston Management and Research, as<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisor
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Paysor F. Swaffield&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Paysor F. Swaffield</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIBERNIA NATIONAL BANK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Connie Disbrow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Connie Disbrow</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Relationship Manager</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC BANK USA
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Anne Serewicz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Anne Serewicz</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING BANK N.V.

</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;David Owens&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;David Owens</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Caroline Magee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Caroline Magee</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KZH CNC LLC
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Anthony Iarrobino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Anthony Iarrobino</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Authorized Agent</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NATEXIS BANQUES POPULAIRES
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Frank H. Madden, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Frank H. Madden, Jr.</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President &amp; Group Manager</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Harris Frommer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Harris Frommer</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Assistant Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NATIONAL BANK OF KUWAIT SAK - NEW YORK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Muhannad Kamal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Muhannad Kamal</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;General Manager</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Robert McNeill&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Robert McNeill</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Executive Manager</P></TD>
</TR>
</TABLE>
<BR>
<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NATIONAL CITY BANK OF KENTUCKY
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Kevin L. Anderson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Kevin L. Anderson</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NATIONAL WESTMINISTER BANK PLC<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: NatWest Capital Markets Limited, its Agent<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: Greenwich Capital Markets, Inc., its Agent<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: American Money Management Corp.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Collateral Manager
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;David P. Meyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;David P. Meyer</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORDDEUTSCHE LANDESBANK<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIROZENTRALE NY BRANCH AND/OR<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAYMAN ISLANDS
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Stephen K. Hunter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Stephen K. Hunter</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="50%">&nbsp;</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Hinrich Holm&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Hinrich Holm</P></TD>
</TR>

</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President
</P></TD>
</TR>
</TABLE>
<BR>


<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORDEA BANK FINLAND PLC<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(formerly Merita Bank Plc)
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Michael J. Maher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Michael J. Maher</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Garry Weiss&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Garry Weiss</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>


<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC BANK, N.A.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Bruce G. Shearer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Bruce G. Shearer</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAYMOND JAMES BANK, FSB
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Andrew D. Hahn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Andrew D. Hahn</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROYAL BANK OF CANADA
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Sheryl L. Greenberg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Sheryl L. Greenberg</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Manager</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOCIETE GENERALE
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;John R. Watkins&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;John R. Watkins</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Managing Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STANDARD CHARTERED BANK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Joe Langlois&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Joe Langlois</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Robert Reddington&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Robert Reddington</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;AVP/Credit Documentation</P></TD>
</TR>
</TABLE>
<BR>
<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STB DELAWARE FUNDING TRUST I
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Donald C. Hargadon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Donald C. Hargadon</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUMITOMO MITSUI BANKING CORPORATION
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Edward D. Henderson, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Edward D. Henderson, Jr.</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUNTRUST BANK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Charles J. Johnson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Charles J. Johnson</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Managing Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE BANK OF NEW YORK
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Kenneth R. McDonnell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Kenneth R. McDonnell</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Assistant Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE BANK OF NOVIA SCOTIA
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Todd Meller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Todd Meller</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Managing Director</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE DAI-ICHI KANGYO BANK, LTD.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Chimie T. Pemba&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Chimie T. Pemba</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Assistant Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE FUJI BANK, LIMITED
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Peter L. Chinnici&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Peter L. Chinnici
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President &amp; Group Head</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE INDUSTRIAL BANK OF JAPAN, LIMITED
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Akihoko Mabuchi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Akihiko Mabuchi</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE MITSUBISHI TRUST AND<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANKING CORPORATION
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Hiroyuki Tsuru&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Hiroyuki Tsuru</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Deputy General Manager</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE NORTHERN TRUST COMPANY
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Karen E. Dahl&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Karen E. Dahl</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSAMERICA OCCIDENTIAL LIFE INS. CO.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Bill Henricksen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Bill Henricksen</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG, STAMFORD BRANCH
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Anthony N. Joseph&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Anthony N. Joseph</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Associate Director</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Lynne B. Alfarone&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Lynne B. Alfarone</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Associate Director</P></TD>
</TR>
</TABLE>
<BR>




<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFJ BANK LIMITED,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acting through its New York Branch
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;P. Barlett Wu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;P. Barlett Wu
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>




<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. BANK NATIONAL ASSOCIATION
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Toby B. Rau&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Toby B. Rau&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WACHOVIA BANK, N.A.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Roger Pelz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Roger Pelz</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WELLS FARGO BANK

</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Brian O'Melveny&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Brian O'Melveny</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Vice President</P></TD>
</TR>
</TABLE>
<BR>




<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WELLS FARGO BANK, N.A.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Jack Haye&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Jack Haye</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Senior Vice President</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESTDEUTSCHE LANDESBANK<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIROZENTRALE, NEW YORK BRANCH
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Andreas Schroeter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Andreas Schroeter</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Director</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Walter T. Duffy III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Walter T. Duffy III</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Associate Director</P></TD>
</TR>
</TABLE>
<BR>


<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESTPAC BANKING CORPORATION
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Andrew Ramsay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Andrew Ramsay</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Head of Relationship Management</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
<TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WINGED FOOT FUNDING TRUST</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Ann E. Morris&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Ann E. Morris</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Authorized Agent</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">SIGNATURE PAGE TO THE AMENDMENT<BR>
 DATED AS OF FEBRUARY 22, 2002, <BR>
AMONG TRICON GLOBAL RESTAURANTS, <BR>
INC., THE LENDERS AND JPMORGAN <BR>
CHASE BANK, as Administrative<BR>
 Agent</P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Institution</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YASUDA TRUST &amp; BANKING CO., LTD.
</P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;<U>/s/&nbsp;Atsunobu Tanimoto&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Atsunobu Tanimoto</P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;Chief Representative</P></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>


<p align=right><b>Exhibit 10.20</b></P><BR><BR><BR>




<P align=center><b>                                           TRICON PURCHASING COOP AGREEMENT</b></P>


<p align=center><b>                                                      AMENDMENT</b></P>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         Paragraph  14.(a) of the Tricon  Purchasing  Coop  Agreement  dated  March 1,  1999,  between  Tricon  Global
Restaurants,  Inc. and Unified FoodService  Purchasing Co-Op, LLC is hereby amended so that as amended it reads in its
entirety as follows:</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term and Termination.
</P>


<ol type=a><li>The initial term of this  Agreement  shall  commence on the date hereof and shall  continue
                           until  December 31, 2010.  Either Tricon or the Unified Coop may terminate  this  Agreement
                           on any December 31  (beginning  with December 31, 2010) upon giving at least 365 days prior
                           written  notice of  termination  to the other  party.  In any event,  this  Agreement  will
                           terminate  upon the  dissolution  of the  Unified  Coop  pursuant  to  paragraph  17 of the
                           Operating Agreement.</ol>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">Unified FoodService Purchasing Co-op, LLC<BR><BR><BR><BR><BR>
By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel E. Woodside<BR><BR>
Date:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P></TD>
</TR>
</TABLE>
<BR><BR><BR><BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT">Tricon Global Restaurants, Inc.<BR><BR>
By:<U>/s/&nbsp;&nbsp;&nbsp;Christian L. Campbell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;
</u><BR><BR><BR>
Date:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-10-01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD>
</TR>
</TABLE>
<BR>


<hr noshade size=1><BR><BR><BR><BR><BR><BR>






<p align=right><b>Exhibit 10.21</b></P><BR><BR><BR>

<p>December 12, 2000</p>


<P>Ms. Cheryl Bachelder<BR>
1029 Andover Drive<BR>
Northville, MI  48167<BR>
</p>

<P>Dear Cheryl,</p>

<P>I am pleased to confirm our offer to you for the  position of President  and Chief  Concept  Officer of KFC USA,  Inc.
("KFC"), a subsidiary of Tricon Global Restaurants,  Inc. ("Tricon"),  reporting to Tricon's CEO and President,  David
Novak.</p>

<P>The conditions of the offer are as follows:</p>

<table width=100% cellpadding=0 cellspacing=0>

<tr valign=top>
<td width=20%></td>
<td width=70%></td>
</tr>

<tr>
<td><B><U>Start Date</U></B></td>
<td>For  compensation  purposes,  your start date will be mutually  agreed upon, but
not later than [April 1, 2001] ("Start Date").</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Title and Duties</U></B></td>
<td>Title:  President  and  Chief  Concept  Officer  of KFC  reporting  to the Chief
Executive  Officer and /or President of Tricon.  Duties:  Authority,  duties and responsibilities  customarily  exercised  by  an  individual  serving  in  those
positions in a corporation of the size and nature of KFC.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Principal Place of Employment</U></B></td>
<td>Initial  principal  place  of  employment  will be KFC  corporate  headquarters,
Louisville, Kentucky.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Base Salary</U></B></td>
<td>You will be paid $400,000  (gross before taxes)  annually or $15,384.62  per pay period. This salary is guaranteed for 6 months from the Start Date.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>2000 Incentive Buy-Out</U></B></td>
<td>You will  receive  a  one-time  payment  of  $430,000  (gross  before  taxes) to compensate you for the  forfeiture of your 2000  incentive  from Domino's.  This
will be paid to you within approximately 30 days following the Start Date.
</td>
</tr>


<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>2001 Incentive</U></B></td>
<td>This position  carries a target bonus of 75% of base salary.  For 2001,  you are guaranteed  a minimum of 100% of  target.  In the event you  voluntarily  resign
within  twelve  months  of your  start  date,  you  agree  that  you will not be entitled to any 2001  incentive  payment and if it is paid,  you agree to return
it  immediately.  The 2001  bonus is  payable  in early  2002  during the normal bonus process.  Additionally, you are eligible to receive any upside earned as a
result  of  individual  and  KFC   performance  for  the  period  of  time  from commencement  of your  employment to the end of the year, in accordance with the
provisions of our annual incentive program.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Relocation</U></B></td>
<td>You are  eligible to  participate  in  Tricon's  relocation  program  which will include one month's  salary (after taxes),  a full home sale package,  buyout on
your home,  house hunting  trips,  temporary  living,  and shipment of household goods.  We will arrange for Sue Newton,  Manager  Relocation,  at (502) 874-2858
to contact you and discuss your relocation needs.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Hiring Bonus</U></B></td>
<td>We will pay you a hiring  bonus in the amount of  $75,000  (after  taxes).  This hiring  bonus is payable  within two (2) weeks of the Start Date.  You may elect
to defer this bonus into Tricon stock in our Executive Income Deferral  program, provided  you  notify us before or at the time you  accept  this  offer.  In the
event that you  voluntarily  resign  without Good Reason within twelve months of the Start Date,  you agree to repay this hiring  bonus  immediately.  Otherwise,
this hiring bonus is not subject to any repayment requirement.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Stock Option Program</U></B></td>
<td>You will be eligible for the Tricon Stock  Option  Grant  Program in 2001.  Your 2001 face value award amount is $2,000,000  and will be granted on the executive
grant date of January 25, 2001,  provided your  commencement of employment is on or  before  that  date,  and  otherwise  will be  granted  as soon as  practical
thereafter.  This first  grant will have 25% per year  vesting  and an  exercise price equal to the  date-of-grant  market  price.  You will also receive a grant
of 31,250  stock  options on the grant  date  described  above.  This grant will vest  100%  four (4) years  from the date of grant  and have an  exercise  price
equal to the fair  market  value on the date of  grant.  Future  grants  will be awarded on the executive  grant  schedule.  Your 2002 grant will be a minimum of
$2,000,000  face  value with 25% per year  vesting  and with an  exercise  price equal to the date-of-grant market price.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><U><B>Stock Ownership</B></U></td>
<td>Executives of this company are encouraged to meet their stock ownership guideline.  Your stock ownership
guideline will be 24,000 shares. You have five years to achieve this  guideline  and need to reach an annual 20%  commitment to be eligible  for our  ownership  stock  option  grants.  You are not required to
meet the guideline  trend for the first stock option grant in 2001,  but will be required to be 20% on trend for the 2002 grant.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Income Deferral</U></B></td>
<td>You will be eligible to participate in Tricon's  Executive Income Deferral (EID) Plan.  Under  EID,  you may  voluntarily  elect to  defer  up to 100% of  salary
and/or annual incentive.  For your incentive deferrals,  Tricon stock is offered at a 25% discount to fair market value,  subject to a risk of forfeiture  should
you  voluntarily  leave KFC or Tricon  within two years of your  deferral.  This program can be utilized to meet your ownership requirements.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Change in Control Agreement</U></B></td>
<td>You  will  receive  a change  in  control  agreement  similar  to  other  Tricon Executives.  Your payment under the agreement in case of  termination on account
of a change in control  will be  calculated  based on two times base salary plus greater of target bonus or prior year bonus.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Definitions</U></B></td>
<td>Definitions of Cause, Good Reason and Disability are contained in Attachment A of this letter.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Involuntary Termination or  Good Reason Termination</U></B></td>
<td> If you are  involuntarily  terminated  other than for Cause or you terminate for
Good Reason,  you will receive salary  continuation  (including medical coverage for one year or until your new  employer  provides  coverage  if sooner) for one
year plus target bonus. In addition,  if you are involuntarily  terminated prior to January 1, 2002,  you will receive  additional  months of salary equal to the
number of full  calendar  months  remaining  in  2001 less  any  months of salary guarantee  that remain to be paid  pursuant to the base  salary  section  above.
You will also  receive a pro-rata  bonus for the year of  termination  (based on your target bonus.) If an executive  severance program is adopted for executives
at your level with a higher  payment than the payments  described in the previous two sentences,
you will receive that payment.<BR><BR>

In addition,  you will also be entitled to reimbursement  for expenses  incurred to  relocate  you and  your  family  back to  Michigan.  Expenses  eligible  for
reimbursement   are  the  sales  commission  on  the  sale  of  your  Louisville residence,  loss on the  sale  of  your  Louisville  residence  up to  $150,000, shipping,  and  unloading  of ordinary  household  goods,  and  one-way  airfare (business class) for you and your family.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Termination for Cause or Voluntary Termination</U></B></td>
<td>If you are terminated for cause or leave voluntarily  (without Good Reason), you will only be  entitled  to salary  up to the date of  termination  and any other
accrued benefits accrued up to the date of termination.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Termination due to Death or Permanent Disability</U></B></td>
<td>If your  employment  is  terminated  due to your Death or  Disability,  you will receive a  pro-rata  bonus  for the year of  termination  (based on your  target
bonus).  In addition,  your Stock  Options will vest and remain  exercisable  in accordance with terms of stock option plan.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Vacation</U></B></td>
<td>You will be  entitled to five (5) weeks'  vacation  annually  per full  calendar year.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign=top>
<td><B><U>Benefits</U></B></td>
<td>You will be  eligible to  participate  in the Tricon  benefits  plan on the same basis as other senior executives,  including the pension program (including, but
not limited to, the Tricon  Salaried  Employees  Retirement  Plan and the Tricon Pension  Equalization  Plan), 60 days after your commencement of employment.  We
will  reimburse you for COBRA costs until you are eligible to participate in our medical plans.  You will be covered under  Tricon's group life insurance  policy
from your first date of  employment  at one times annual base and target  bonus. Should  you  have  any   questions   regarding   your   benefits,   please  call
1-888-372-5313.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Annual Physical</U></B></td>
<td>You will be eligible for an annual  executive  physical that can be taken at the Cooper Clinic in Dallas in accordance with Tricon's standard tests.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Exec. Auto Allowance</U></B></td>
<td>A car allowance of $27,500 (gross before taxes) will be provided annually.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<tr valign=top>
<td><B><U>Perquisites Allowance</U></B></td>
<td>A perquisites allowance of $5,000 (after taxes) will be provided annually.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Country Club Membership</U></B></td>
<td>You will be  eligible  for a country  club  membership  with dues paid by KFC at Valhalla Golf Club as previously discussed.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Expenses</U></B></td>
<td>You will be entitled to reimbursement  for all appropriate  business expenses in accordance with the Company travel and entertainment policy.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Confidential Information</U></B></td>
<td>KFC  is  not  interested  in  any  confidential  information  or  trade  secrets belonging  to any other  parties,  including  any of your prior  employers.  The
offer  in this  letter  is  contingent  upon  our  understanding,  based on your representation,  that you have not  disclosed to Tricon or KFC, and you will not
use or disclose as a Tricon or KFC employee,  any  confidential  information  or trade secrets of any other party.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Indemnification/D&amp;O Insurance</U></B></td>
<td>a.  Tricon and KFC will  indemnify  you on a current  basis  against any and all attorneys' fees and expenses  reasonably  incurred by you in connection with any
actual or  anticipated  claim,  action,  suit or  proceeding by Domino's (or any negotiation in connection  therewith)  based on your acceptance of this offer or
your  services for KFC.  This  indemnification  is based on your  representation that you have not taken or used, without  authorization and will not take or use
without authorization,  any trade secrets or confidential  information belonging to Domino's in  connection  with your  employment  with KFC. In the event that a
Court determines in a final and  non-appealable  judgement,  that you have taken without  authorization  or misused  trade  secrets or  confidential  information
belonging to Domino's in  connection  with your  employment  with KFC, then this indemnification  will  be  null  and  void  and you  will  refund  to KFC (on an
after-tax  basis)  any  sums  previously  paid to you,  or on  your  behalf,  in connection  with this  indemnification.  This  indemnification  is also based on
your acknowledgment and agreement that KFC may, in its sole discretion,  control the  defense in any lawsuit  against you and/or  Tricon or KFC and that you will
cooperate with Tricon and KFC in such defense at their sole expense.<BR><BR>

b. KFC (Tricon) will  indemnify  you as provided and to the extent  permitted in its Articles of Incorporation  and/or By-laws, in the event you are made a party
to any action,  suit or proceeding  or are  threatened to by made a party to any action, suit or proceeding.  This  indemnification does not apply to any action,
suit or  proceeding,  or  threatened  action,  suit, or  proceeding,  covered by subparagraph a. above.<BR><BR>

c.  Tricon  will  keep in place  directors  and  officers'  liability  insurance policy (or policies) providing  comprehensive coverage to you to the same extent
as  provided  by Tricon for any other  present  or former  senior  executive  or director of Tricon.
</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Resolution of Disputes</U></B></td>
<td>Arbitration  (American  Arbitration  Association  ("AAA")  in  Louisville,   KY,
                             expedited  employment  arbitration rules of the AAA.  Expenses,  including legal
                             fees, to be paid by each party.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>



<tr valign=top>
<td><B><U>Legal Fees</U></B></td>
<td>We will pay up to  $15,000  of your  legal  fees  incurred  with  respect to the
                             negotiation  of this  offer  letter.  (Any  amounts  in  excess  of this must be
                             approved in advance by me.)</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>No Mitigation/ No Offset</U></B></td>
<td>In the event of any  termination of employment,  you will be under no obligation to seek other  employment  and there will be no offset  against  amounts due you
under  this  Agreement  on  account  of  any  remuneration  attributable  to any subsequent employment that you may obtain.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Notices</U></B></td>
<td>All  notices  must be in writing.  If  addressed  to Tricon,  the notice will be sent  to  the  Corporate  Secretary  at  Tricon's  corporate  headquarters.   If
addressed to you, the notice will be sent to your last known address.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Nonassignability</U></B></td>
<td>Neither  you nor Tricon  and/or KFC may  assign  the rights  and/or  obligations under this Agreement without the other party's written consent.</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign=top>
<td><B><U>Applicable Law</U></B></td>
<td>The State of Kentucky [without regard to its conflicts of laws].</td>
</tr>

<tr valign=top>
<td width=25%>&nbsp;</td>
<td>&nbsp;</td>
</tr>


</table>

<P>Please see the enclosed  program  overview for more  information.  Feel free to contact  Jack  LeVier,  Sr.  Director,
People Services at (502) 874-2794 to discuss this and other compensation questions.</p>

<P>This offer of employment is contingent upon your  successfully  meeting Tricon  employment  eligibility  requirements,
which include a background  check and  establishment of your status as either a United States Citizen or an authorized
alien worker prior to the  commencement  of your  employment.  By your  acceptance of this offer,  you acknowledge and
agree that your  employment  will be employment  at-will and not for a specified  duration,  that either you or Tricon
can end your employment and  compensation,  with or without cause,  with or without notice,  at any time in accordance
with the terms of this  letter.  Please  acknowledge  acceptance  of this  offer by  signing  the space  provided  and
returning the enclosed copy of this letter to me at your convenience.</p>

<P>We are looking forward to working with you and are confident you will add significant value to our Tricon team.</P>

<P>Sincerely,</p>
<P>Anne P. Byerlein<BR>
KFC CPO and<BR>
Vice President Tricon Human Resources</p>

<table width=100% cellpadding=0 cellspacing=0>
<tr valign=top>
<td width=10%></td>
<td width=5%></td>
<td></td>
</tr>
<tr>
<td>Enclosures:</td>
<td>1.</td>
<td> Copy of this letter</td></tr>
<tr>
<td>&nbsp;</td>
<td>2.</td>
<td>Benefits Book</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>3.</td>
<td>Stock Option Brochure</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>4.</td>
<td>Relocation Policy</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>5.</td>
<td>Executive Income Deferral Prospectus</td>
</tr>
</table>

<P>APB:sm<BR>
cc:  David Novak<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gregg Dedrick<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sue Newton<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack LeVier<BR>
</P>
<hr>

<P><B>I accept and agree that the above accurately reflects the terms of my employment.</b></P>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH></TR>
<TR>
<td colspan=2 align=left><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></td>
<td align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></td>
</tr>
<TR VALIGN="BOTTOM">
     <TD WIDTH="25%" ALIGN="LEFT">Signature</TD>
     <TD WIDTH="25%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="25%" ALIGN="right">Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH="25%" ALIGN="LEFT">&nbsp;</TD></TR>
</TABLE>


<BR><BR><BR>
<hr noshade size=1>
<BR><BR><BR><BR><BR><BR>
<BR>






<p align=right><B>Exhibit 12.1</b></p><BR><BR>

<p align=center>TRICON Global Restaurants, Inc.<BR>
Ratio of Earnings to Fixed Charges Years Ended 2001-1997<BR>
(in millions except ratio amounts)</p><BR><BR>

<pre>

                                                       52         53
                                                      Weeks      Weeks     /--------- 52 Weeks-----------/
                                                     --------   --------   -----------------------------
                                                       2001       2000       1999       1998       1997
                                                     --------   --------   --------   --------   --------
<I>Earnings:</I>
Pretax income from continuing operations before
   cumulative effect of accounting changes(a)        $  733     $  684     $1,038     $  756     $  (35)

Unconsolidated affiliates' interests,
   net(a)                                                (7)       (13)       (12)       (10)        (3)

Interest expense(a)                                     172        190        218        291        290

Interest portion of net rent expense(a)                  93         87         90        105        118
                                                     --------   --------   --------   --------   --------
Earnings available for fixed charges                 $  991     $  948     $1,334     $1,142     $  370
                                                     ========   ========   ========   ========   ========
<I>Fixed Charges:</I>
Interest expense(a)                                  $  172     $  190     $  218     $  291     $  290

Interest portion of net rent expense(a)                  93         87         90        105        118
                                                     --------   --------   --------   --------   --------

Total fixed charges                                  $  265     $  277     $  308     $  396     $  408
                                                     ========   ========   ========   ========   ========
Ratio of earnings to fixed
   charges(b)(c)                                      3.74x      3.42x      4.33x      2.88x      0.91x

</pre>

<ol type=a><li>Included in earnings  for 1997 are certain  allocations  related to overhead  costs and  interest  expense
   from PepsiCo.  For purposes of these ratios,  earnings are  calculated  by adding to  (subtracting  from) pretax
   income  from  continuing  operations  before  income  taxes and  cumulative  effect of  accounting  changes  the
   following:  fixed charges,  excluding capitalized interest; (equity income (loss) from unconsolidated  affiliates);  and distributed income from unconsolidated  affiliates.
   Fixed charges  consist of interest on  borrowings,  the  allocation of PepsiCo's  interest  expense for 1997 and
   that portion of rental expense that approximates interest.<BR><BR>

<li>Included the impact of unusual items (income) expense of $(3) million in 2001, $204  million in 2000, $51 million in 1999,  $15 million in 1998,  and $184 million in 1997.  Excluding the impact of
   these unusual items,  the ratio of earnings to fixed charges would have been 3.73x, 4.16x, 4.49x, 2.92x, and 1.36x for
   the fiscal years ended 2001, 2000, 1999, 1998, and 1997, respectively.<BR><BR>

<li>For  the  fiscal  year  ended December  27,  1997,   earnings  were  insufficient  to  cover  fixed  charges  by
   approximately  $38 million.  Earnings in 1997 included a charge of $530 million taken
   in the fourth quarter to refocus our business.</ol>

<BR><BR><BR>

<hr noshade size=1>
<BR><BR><BR><BR><BR><BR>






<p align="right"><b>Exhibit 21.1</b></p>
<p align="center"><b>SUBSIDIARIES OF TRICON<BR>
AS OF DECEMBER 29, 2001</b></p>

<table width="100%" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td width="70%"><u><B>Name of Subsidiary</b></u></td>
<td width="30%">&nbsp;&nbsp;&nbsp;<B>State or</b><br>
&nbsp;<B>Country of</b><br><u><b>Incorporation</b></u></td>
</tr>

<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>


<tr valign="top">
<td>2843-5196 Quebec, Inc. </td>
<td>Canada</td>
</tr>

<tr valign="top">
<td>3018538 Nova Scotia Company </td>
<td> Canada </td>
</tr>

  <tr valign="top">
<td>3019392 Nova Scotia Company</td>
<td>Canada</td>
</tr>

<tr valign="top">
<td>3026183 Nova Scotia Company </td>
<td>Canada</td>
</tr>

<tr valign="top">
<td>354881 Alberta, Inc.</td>
<td>Canada</td>
</tr>

<tr valign="top">
<td>A&amp;M Food Services, Inc.</td>
<td>Nevada</td>
</tr>

<tr valign="top">
<td>ACN 085 239 961 (SA1)</td>
<td>Australia</td>
</tr>

<tr valign="top">
<td>ACN 085 239 998 (SA2)</td>
<td>Australia</td>
</tr>

<tr valign="top">
<td>American Restaurant Services Sp. z o.o.</td>
<td>Poland</td>
</tr>

<tr valign="top">
<td>American Restaurants Sp. z o.o.</td>
<td>Poland</td>
</tr>

<tr valign="top">
<td>Amit, Ltd.</td>
<td>Hong Kong</td>
</tr>

 <tr valign="top">
<td>Amrest Holdings N.V. </td>
<td>Netherlands</td>
</tr>

 <tr valign="top">
<td>Anglian Fast Foods Limited</td>
<td>United Kingdom</td>
</tr>

<tr valign="top">
<td>Ashton Fried Chicken Pty. Ltd.</td>
<td>Australia</td>
</tr>

<tr valign="top">
<td>Beijing Pizza Co., Ltd.</td>
<td>China</td>
</tr>

<tr valign="top">
<td>Bell Taco Pty. Ltd.</td>
<td>Australia</td>
</tr>

<tr valign="top">
<td>Big Sur Restaurants, Inc.</td>
<td>Delaware</td>
</tr>

<tr valign="top">
<td>Birdland (Taiwan) Limited </td>
<td>Taiwan</td>
</tr>

<tr valign="top">
<td>Birdland Nata Co., Ltd.</td>
<td>Taiwan</td>
</tr>

<tr valign="top">
<td>Blue Ridge Pizza Hut, Inc.</td>
<td>Virginia</td>
</tr>


<tr valign="top">
<td>Buckeye PH, Inc. </td>
<td>Ohio </td>
</tr>

<tr valign="top">
<td>Calny of Texas, Inc. </td>
<td>Texas </td>
</tr>

<tr valign="top">
<td>Calny, Inc. </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Changsha KFC Co., Ltd. </td>
<td>China</td>
</tr>

<tr valign="top">
<td>Cheeroffer Limited </td>
<td>United Kingdom</td>
</tr>

<tr valign="top">
<td>Chesapeake Bay Pizza Hut, Inc. </td>
<td>Maryland </td>
</tr>

<tr valign="top">
<td>Chia Tai-KFC Investment Co. Ltd. </td>
<td> Hong Kong</td>
</tr>

<tr valign="top">
<td>Chongqing KFC Co., Ltd. </td>
<td>China </td>
</tr>

 <tr valign="top">
<td> Colonel's Realty, Inc.</td>
<td> Canada</td>
</tr>

<tr valign="top">
<td>D H Gorman (Leicester) Limited </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>D&amp;E Foodservice, Inc.</td>
<td>South Carolina </td>
</tr>

<tr valign="top">
<td> Dairyland Pizza Hut, Inc.</td>
<td>Wisconsin </td>
</tr>

<tr valign="top">
<td> Dalian Kentucky Foodhall Co., Ltd.</td>
<td>China </td>
</tr>

<tr valign="top">
<td>Dalian Kentucky Fried Chicken Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Dedman and Rose Caterers Limited </td>
<td> United Kingdom</td>
</tr>

<tr valign="top">
<td>Delta Creator Sp. Z o.o. </td>
<td>Poland </td>
</tr>

<tr valign="top">
<td>Domicile Pizza S.N.C.  </td>
<td>France </td>
</tr>

<tr valign="top">
<td> Dongguan KFC Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>El KrAm, Inc.  </td>
<td>Iowa </td>
</tr>

<tr valign="top">
<td>Erin Investment Corp. </td>
<td> Pennsylvania</td>
</tr>

<tr valign="top">
<td>Finger Lickin' Chicken Limited  </td>
<td> United Kingdom</td>
</tr>


<tr valign="top">
<td>FTB, Inc. </td>
<td> Florida</td>
</tr>

<tr valign="top">
<td>Fuzhou KFC Co., Ltd.  </td>
<td>China </td>
</tr>

<tr valign="top">
<td>G Judd and Rose Caterers Limited </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Gittins and Rose Caterers Limited  </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Glenharney Insurance Company </td>
<td>Vermont </td>
</tr>

<tr valign="top">
<td>Global Restaurants, Inc  </td>
<td> Mauritius</td>
</tr>

<tr valign="top">
<td>Glouscester Properties Pty. Ltd. </td>
<td>Australia </td>
</tr>


<tr valign="top">
<td>Guangdong KFC Co., Ltd. (a.k.a. Guangzhou KFC Co., Ltd.) </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Hangzhou KFC Co., Ltd. </td>
<td> China</td>
</tr>

 <tr valign="top">
<td>Hoosier Pizza Hut Co. </td>
<td>Indiana </td>
</tr>

 <tr valign="top">
<td>International Fast Food Polska Sp. z o.o. </td>
<td>Poland </td>
</tr>

 <tr valign="top">
<td>Kempton International Limited </td>
<td> British Virgin Islands</td>
</tr>

 <tr valign="top">
<td>Kentucky Fried Chicken (Germany) Rest. Holding GmbH  </td>
<td>Germany </td>
</tr>

 <tr valign="top">
<td>Kentucky Fried Chicken (Great Britain) Limited  </td>
<td>United Kingdom </td>
</tr>

 <tr valign="top">
<td>Kentucky Fried Chicken Advertising </td>
<td> United Kingdom</td>
</tr>

 <tr valign="top">
<td>Kentucky Fried Chicken Beijing Co., Ltd  </td>
<td>China</td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Corporate Holdings, Ltd. </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Corporation </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken de Mexico, S.A. de C.V. </td>
<td> Mexico</td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Espana, S.L. </td>
<td>Spain </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Global BV   </td>
<td>Netherlands </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Global III BV   </td>
<td>Netherlands </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken International Corporation </td>
<td> Delaware</td>
</tr>

<tr valign="top">
<td> Kentucky Fried Chicken International Holdings, Inc.</td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Japan Ltd. </td>
<td>Japan </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Limited </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Management Pte. Ltd. </td>
<td> Singapore</td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken of California, Inc.  </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td> Kentucky Fried Chicken Pty. Ltd.</td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Singapore Holdings Pte Ltd. </td>
<td>Singapore </td>
</tr>

<tr valign="top">
<td>Kentucky Fried Chicken Worldwide BV  </td>
<td>Netherlands </td>
</tr>

 <tr valign="top">
<td>Kentucky S.R.L. </td>
<td>Spain </td>
</tr>


<tr valign="top">
<td>KFC Corporation </td>
<td> Delaware</td>
</tr>

<tr valign="top">
<td>KFC Development Company (Thailand) Limited </td>
<td>Thailand </td>
</tr>

<tr valign="top">
<td>KFC Enterprises, Inc.  </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>KFC France SAS   </td>
<td> France</td>
</tr>

<tr valign="top">
<td>KFC Germany, Inc.  </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>KFC Holdings BV </td>
<td>Netherlands </td>
</tr>

<tr valign="top">
<td>KFC Ireland Limited </td>
<td>Ireland </td>
</tr>

<tr valign="top">
<td>KFC National Management Company </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>KFC Netherlands, Inc. </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td> KFC of America, Inc. </td>
<td>California </td>
</tr>

<tr valign="top">
<td>KFC Pension Trust Co. Ltd.  </td>
<td> United Kingdom</td>
</tr>

<tr valign="top">
<td>KFC Poland Holding B.V. </td>
<td>Netherlands </td>
</tr>


<tr valign="top">
<td>KFC Productos Alimenticious C.A. </td>
<td>Venezuela </td>
</tr>


<tr valign="top">
<td>KFC San Juan, Inc. </td>
<td>Delaware </td>
</tr>


<tr valign="top">
<td>KFC Services, Ltd.  </td>
<td>United Kingdom </td>
</tr>


<tr valign="top">
<td>KFC USA, Inc. </td>
<td> Delaware</td>
</tr>


<tr valign="top">
<td>KFCC/Tricon Holding Ltd.  </td>
<td>Canada </td>
</tr>


<tr valign="top">
<td>Kunming KFC Co., Ltd.   </td>
<td>China </td>
</tr>


<tr valign="top">
<td>Lake Michigan Management Co., Inc.  </td>
<td>Wisconsin </td>
</tr>


<tr valign="top">
<td>Lanzhou KFC Co., Ltd.   </td>
<td>China </td>
</tr>


<tr valign="top">
<td>Lee Huts, Inc. </td>
<td>Florida </td>
</tr>


<tr valign="top">
<td>Lookchief Limited  </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Middleton Enterprises, Inc.  </td>
<td> Missouri</td>
</tr>

<tr valign="top">
<td>Mountaineer Pizza Hut, Inc. </td>
<td>West Virginia </td>
</tr>

<tr valign="top">
<td>NanChang KFC Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Nanjing KFC Co., Ltd.</td>
<td>China </td>
</tr>

<tr valign="top">
<td>Nanning KFC Co., Ltd.   </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Nero's Holdings Pty. Ltd.   </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Nero's Pizza Pty. Ltd. </td>
<td> Australia</td>
</tr>

<tr valign="top">
<td>Newcastle Fried Chicken Pty. Ltd. </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Norfolk Fast Foods Ltd  </td>
<td> United Kingdom </td>
</tr>

<tr valign="top">
<td>Northside Fried Chicken Pty. Ltd.  </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Odyssey Investments, Ltd. </td>
<td> Florida</td>
</tr>

<tr valign="top">
<td>OLCO S.N.C.   </td>
<td> France</td>
</tr>

<tr valign="top">
<td> Omnis Investment Pte Ltd</td>
<td> Singapore</td>
</tr>

<tr valign="top">
<td>Omnis Investment Pte Ltd  </td>
<td> Singapore</td>
</tr>

<tr valign="top">
<td>One-O-Nine Company      </td>
<td>Missouri </td>
</tr>

<tr valign="top">
<td>Oriole Pizza Hut, Inc. </td>
<td>Maryland </td>
</tr>

<tr valign="top">
<td>Parr and Rose Caterers Limited   </td>
<td> United Kingdom </td>
</tr>

<tr valign="top">
<td>PCNZ INVESTMENTS LIMITED   </td>
<td>Mauritius </td>
</tr>

<tr valign="top">
<td>PCNZ LIMITED </td>
<td>Mauritius </td>
</tr>

<tr valign="top">
<td>PepsiCo Eurasia Limited  </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>PHM de Mexico S.A. de C.V.  </td>
<td>Mexico </td>
</tr>

<tr valign="top">
<td>PHP De Mexico Inmobiliaria, S.A. de C.V.  </td>
<td>Mexico </td>
</tr>

<tr valign="top">
<td>Pizza France S.N.C. </td>
<td>France </td>
</tr>

<tr valign="top">
<td>Pizza Hut (Thai) Limited  </td>
<td>Thailand </td>
</tr>

<tr valign="top">
<td>Pizza Hut (U.K.) Limited  </td>
<td>  United Kingdom </td>
</tr>

<tr valign="top">
<td>Pizza Hut Australia Finance Pty. Ltd.  </td>
<td> Australia</td>
</tr>

<tr valign="top">
<td>Pizza Hut Del Distrito, S.A. de C.V.  </td>
<td>Mexico </td>
</tr>

<tr valign="top">
<td>Pizza Hut Distributors Pty. Ltd. </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td> Pizza Hut G.m.b.H. </td>
<td>Germany </td>
</tr>

<tr valign="top">
<td>Pizza Hut Holdings GmbH  </td>
<td>Germany </td>
</tr>

<tr valign="top">
<td>Pizza Hut International (UK) Ltd. </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Pizza Hut International, LLC  </td>
<td> Delaware</td>
</tr>

<tr valign="top">
<td>Pizza Hut Korea Co., Ltd.       </td>
<td>Korea </td>
</tr>

<tr valign="top">
<td>Pizza Hut Mexicana, S.A. de C.V.   </td>
<td>Mexico </td>
</tr>

<tr valign="top">
<td>Pizza Hut of Allegany County, Inc.  </td>
<td> Maryland</td>
</tr>

<tr valign="top">
<td>Pizza Hut of America, Inc. </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Pizza Hut of Charles County, Inc.   </td>
<td>Maryland </td>
</tr>

<tr valign="top">
<td>Pizza Hut of Florida, Inc.  </td>
<td>Florida </td>
</tr>

<tr valign="top">
<td>Pizza Hut of Frederick County, Inc.  </td>
<td> Maryland</td>
</tr>

<tr valign="top">
<td>Pizza Hut of Louisiana, Inc.    </td>
<td>Louisiana </td>
</tr>

<tr valign="top">
<td> Pizza Hut of North America, Inc.</td>
<td> Texas</td>
</tr>

<tr valign="top">
<td>Pizza Hut of Northern Louisiana, Inc.  </td>
<td> Louisiana</td>
</tr>

<tr valign="top">
<td>Pizza Hut of Oregon, Inc. </td>
<td> Oregon</td>
</tr>

<tr valign="top">
<td>Pizza Hut of Puerto Rico, Inc.</td>
<td> Delaware</td>
</tr>

<tr valign="top">
<td>Pizza Hut of St. Louis, Inc. </td>
<td>Missouri </td>
</tr>

<tr valign="top">
<td>Pizza Hut of St. Mary's County, Inc.  </td>
<td>Maryland </td>
</tr>

<tr valign="top">
<td>Pizza Hut of Titusville, Inc. </td>
<td> Florida</td>
</tr>

<tr valign="top">
<td> Pizza Hut of Washington County, Inc. </td>
<td> Maryland</td>
</tr>

<tr valign="top">
<td>Pizza Hut Properties, Pty, Ltd.      </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Pizza Hut Restaurant Systems Pty. Ltd.</td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Pizza Hut Services Limited</td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Pizza Hut Singapore Pte. Ltd.</td>
<td>Singapore  </td>
</tr>

<tr valign="top">
<td>Pizza Hut Special Delivery Australia Pty, Ltd.</td>
<td>Delaware  </td>
</tr>

<tr valign="top">
<td>Pizza Hut UK Pension Trust Limited</td>
<td>United Kingdom  </td>
</tr>

<tr valign="top">
<td>Pizza Hut Victoria Pty. Ltd.</td>
<td>Australia  </td>
</tr>

<tr valign="top">
<td>Pizza Hut West, Inc.</td>
<td>California  </td>
</tr>

<tr valign="top">
<td>Pizza Hut, Inc.</td>
<td>California  </td>
</tr>

<tr valign="top">
<td>Pizza Hut, Ltd.</td>
<td>Texas  </td>
</tr>

<tr valign="top">
<td>Pizza Huts of Cincinnati, Inc. </td>
<td>Indiana</td>
</tr>

<tr valign="top">
<td>Pizza Huts of Las Vegas, Inc.</td>
<td>Nevada  </td>
</tr>

<tr valign="top">
<td>Pizza Huts of the Northwest, Inc.</td>
<td> Minnesota </td>
</tr>

<tr valign="top">
<td>Pizza Restaurant Realty, Inc. </td>
<td>Delaware</td>
</tr>

<tr valign="top">
<td>Potomac Pizza Hut, Inc. </td>
<td>Maryland</td>
</tr>

<tr valign="top">
<td>Priszm Brandz LP</td>
<td> Canada</td>
</tr>

<tr valign="top">
<td>Priszm Brandz, Inc. </td>
<td>Canada</td>
</tr>

<tr valign="top">
<td>Qingdao Kentucky Fried Chicken Co., Ltd. </td>
<td> China</TD>
</tr>

<tr valign="top">
<td>Quick Service Restaurants AS </td>
<td>Czech </td>
</tr>

<tr valign="top">
<td> Red Raider Pizza Company</td>
<td> Delaware</td>
</tr>

<tr valign="top">
<td>Restaurant Holdings Limited </td>
<td>United Kingdom </td>
</tr>


<tr valign="top">
<td>Restaurantes Internacionales Limitada de Chile   </td>
<td>Chile </td>
</tr>


<tr valign="top">
<td>Roberts Restaurants Limited   </td>
<td>United Kingdom </td>
</tr>


<tr valign="top">
<td>Romet Corp. </td>
<td>Pennsylvania </td>
</tr>

<tr valign="top">
<td>Salsa Rio Grill, Inc. </td>
<td> California</td>
</tr>

<tr valign="top">
<td>SCI Argo </td>
<td>France </td>
</tr>

<tr valign="top">
<td>SCI Duranton </td>
<td>France </td>
</tr>

<tr valign="top">
<td>Semoran Management Corporation </td>
<td>Florida </td>
</tr>

<tr valign="top">
<td> Semoran Pizza Huts of Southwest Georgia, Inc. </td>
<td>Florida </td>
</tr>

<tr valign="top">
<td>Semoran Pizza Huts, Inc.  </td>
<td> Florida</td>
</tr>

<tr valign="top">
<td>SEPSA S.N.C. </td>
<td>France </td>
</tr>

<tr valign="top">
<td>Servicios Administrativos R.P.I. S.A. de C.V. </td>
<td>Mexico </td>
</tr>

<tr valign="top">
<td>Servicios Operativos RPI, S.A. de C.V. </td>
<td>Mexico </td>
</tr>

<tr valign="top">
<td>Shanghai Kentucky Fried Chicken Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Shanghai Pizza Hut Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Shantou KFC Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Shenzhen KFC Ltd. </td>
<td> China</td>
</tr>

<tr valign="top">
<td> Single Tree Corporation</td>
<td>Missouri </td>
</tr>

<tr valign="top">
<td>Southern Fast Foods Limited </td>
<td> United Kingdom</td>
</tr>

<tr valign="top">
<td> Southern Tier Pizza Hut, Inc.</td>
<td>New York </td>
</tr>

<tr valign="top">
<td>Spizza 30 Nord S.N.C. </td>
<td>France </td>
</tr>

<tr valign="top">
<td>Spizza 30 SAS </td>
<td>France </td>
</tr>

<tr valign="top">
<td>Suffolk Fast Foods Ltd </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Supreme Pizza, Inc. </td>
<td>Missouri </td>
</tr>

<tr valign="top">
<td> Suzhou KFC Co., Ltd.</td>
<td>China</td>
</tr>

<tr valign="top">
<td>Taco Amigo Australia   </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Taco Bell Advertising, Inc. </td>
<td>California </td>
</tr>

<tr valign="top">
<td>Taco Bell Corp.   </td>
<td> California</td>
</tr>

<tr valign="top">
<td>Taco Bell of America, Inc. </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Taco Bell Pty. Ltd. </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Taco Caliente, Inc. </td>
<td>Arizona </td>
</tr>

<tr valign="top">
<td>Taco Del Sur, Inc. </td>
<td>Georgia </td>
</tr>

<tr valign="top">
<td>Taco Enterprises, Inc. </td>
<td>Michigan </td>
</tr>

<tr valign="top">
<td>TaiYuan KFC Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>TB Holdings </td>
<td>California </td>
</tr>

<tr valign="top">
<td>TBLD Corp. </td>
<td> California</td>
</tr>

<tr valign="top">
<td>TCL, Inc. </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Tenga Taco, Inc. </td>
<td>Florida </td>
</tr>

<tr valign="top">
<td>TGRI-Relo, Inc. </td>
<td>Texas </td>
</tr>

<tr valign="top">
<td>THC I Limited </td>
<td>Malta </td>
</tr>

<tr valign="top">
<td>THC II Limited </td>
<td>Malta </td>
</tr>

<tr valign="top">
<td>THC III Limited </td>
<td>Malta </td>
</tr>

<tr valign="top">
<td>Tianjin KFC Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>TJNS (Thailand) Limited </td>
<td> Thailand</td>
</tr>

<tr valign="top">
<td>TRI Australia Equipment Pty Ltd. </td>
<td> Australia</td>
</tr>

<tr valign="top">
<td>TRI Restaurants (Southern Africa) (Pty) Ltd. </td>
<td>South Africa </td>
</tr>

<tr valign="top">
<td>Tricon (China) Investment Co., Ltd.</td>
<td>China </td>
</tr>

<tr valign="top">
<td>Tricon (Shanghai) Consulting Co., Ltd.  </td>
<td> China</td>
</tr>

<tr valign="top">
<td>Tricon Australia Finance Pty. Ltd.   </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Tricon Australia Investments Pty. Ltd.  </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Tricon Australia Superannuation Fund    </td>
<td> Australia</td>
</tr>

<tr valign="top">
<td>Tricon Aviation Services, Inc. </td>
<td>Delaware</td>
</tr>

<tr valign="top">
<td>Tricon Canada Management Holding, Inc.  </td>
<td>Canada </td>
</tr>

<tr valign="top">
<td>Tricon Canada Management L.P. </td>
<td> Canada</td>
</tr>

<tr valign="top">
<td>Tricon Capital Pty. Ltd. </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Tricon Chengdu Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Tricon do Brazil Ltda  </td>
<td> Brazil</td>
</tr>

<tr valign="top">
<td>Tricon Express Restaurants, Inc. </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Tricon Franchise (Canada) L.P.   </td>
<td> Canada</td>
</tr>

<tr valign="top">
<td>TRICON Global Restaurants (Canada), Inc.  </td>
<td>Canada </td>
</tr>

<tr valign="top">
<td>TRICON Global Restaurants, S.A. de C.V. </td>
<td>Mexico </td>
</tr>

<tr valign="top">
<td> Tricon Holdings (Australia) Pty. Ltd.</td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Tricon International Participations, S.a.r.l.</td>
<td>Luxembourg </td>
</tr>

<tr valign="top">
<td>Tricon Logistic Co., Ltd.   </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Tricon Procurement Corporation   </td>
<td> Delaware</td>
</tr>

<tr valign="top">
<td> Tricon Procurement Holding Corporation</td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td> Tricon Procurement Services, L.P.</td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Tricon Restaurant Services Group, Inc.  </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants (Hong Kong) Ltd.       </td>
<td> Hong Kong</td>
</tr>

<tr valign="top">
<td>Tricon Restaurants (India) Pvt. Ltd. </td>
<td>India </td>
</tr>

<tr valign="top">
<td> Tricon Restaurants (Taiwan) Co., Ltd.</td>
<td>Taiwan </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants (Thailand) Co., Ltd. </td>
<td>Thailand </td>
</tr>

<tr valign="top">
<td> Tricon Restaurants Asia Development Private Limited </td>
<td> Singapore</td>
</tr>

<tr valign="top">
<td>Tricon Restaurants Australia Pty. Ltd.   </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants Germany GmbH    </td>
<td>Germany </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants International (PR), Inc.  </td>
<td>Cayman Islands </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants International BV  </td>
<td> Netherlands</td>
</tr>

<tr valign="top">
<td>Tricon Restaurants International Limited (UK) </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants International Ltd. &amp; Co. KG  </td>
<td>Germany</td>
</tr>

<tr valign="top">
<td>Tricon Restaurants International, Inc.  </td>
<td> Delaware</td>
</tr>

<tr valign="top">
<td>Tricon Restaurants International, Ltd.  </td>
<td>Cayman Islands </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants Marketing Private Limited  </td>
<td>India </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants Netherlands Limited  </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td> Tricon Restaurants New Zealand Ltd </td>
<td> New Zealand</td>
</tr>

<tr valign="top">
<td>Tricon Restaurants Puerto Rico, Inc.  </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Tricon Restaurants UK Ltd </td>
<td> United Kingdom </td>
</tr>

<tr valign="top">
<td>Tricon Services Limited  </td>
<td>Cayman Islands </td>
</tr>

<tr valign="top">
<td>Tricon Shenyang Co., Ltd.  </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Tricon Wuhan Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Tri-L Pizza Huts, Inc. </td>
<td> Pennsylvania</td>
</tr>

<tr valign="top">
<td>U.S. Food S.N.C.      </td>
<td>France </td>
</tr>

<tr valign="top">
<td>Upper Midwest Pizza Hut, Inc.  </td>
<td>Delaware </td>
</tr>

<tr valign="top">
<td>Valagu SA  </td>
<td>Spain </td>
</tr>

<tr valign="top">
<td>Valleythorn Limited  </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>West End Restaurants (Holdings) Limited </td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td> West End Restaurants (Investments) Limited</td>
<td>United Kingdom </td>
</tr>

<tr valign="top">
<td>West End Restaurants Limited </td>
<td> United Kingdom</td>
</tr>

<tr valign="top">
<td>Wuxi KFC Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>Xiamen - KFC Co., Ltd. </td>
<td>China </td>
</tr>

<tr valign="top">
<td>YGC, Inc. </td>
<td>Arizona </td>
</tr>

<tr valign="top">
<td>Yumsop Pty. Ltd. </td>
<td>Australia </td>
</tr>

<tr valign="top">
<td> ZhengZhou KFC Co., Ltd. </td>
<td> China</td>
</tr>

<tr valign="top">
<td> </td>
<td> </td>
</tr>

<tr valign="top">
<td> </td>
<td> </td>
</tr>
</table>
<BR><BR><BR><BR><BR>

<hr noshade size=1><BR><BR><BR><BR>


<p align=right><b>Exhibit 23.1</b></P>

<p align=center><b><u>Consent of Independent Auditors</u></b></P>


<p>The Board of Directors<BR>
TRICON Global Restaurants, Inc.:</P>

<P>We consent to incorporation by reference in the registration  statements  listed below of our report dated February 7,
2002, except as to Note 12 which is as of February  22, 2002,  relating to the  consolidated  balance  sheets of TRICON
Global  Restaurants,  Inc.  and  Subsidiaries  as of  December  29,  2001  and  December  30,  2000,  and the  related
consolidated  statements of income,  cash flows and shareholders'  equity (deficit) and comprehensive  income for each
of the years in the three-year  period ended  December 29, 2001,  which report appears in the December 29, 2001 annual
report on Form 10-K of TRICON Global Restaurants, Inc.:
</P>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="top">
     <TD WIDTH="63%" ALIGN="LEFT"><b><u>Description</u></b></TD>
     <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="32%" ALIGN="left"><b><u>Registration Statement Number</u><BR><BR></b></TD>
     <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
     <td></td></tr>

    <TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><b><u><BR>Form S-3</u></b></TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">TRICON Global Restaurants, Inc. YUM Direct</TD>
<TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-46242</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>


  <TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><b><u><BR>Form S-3/A</u></b></TD><TD ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">$2,000,000 Debt Securities</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-42969</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><b><u><BR>Form S-8</u></b></TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
<TD ALIGN="LEFT">Restaurant Deferred Compensation Plan</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-36877, 333-32050</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>


<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">TRICON Long-Term Savings Program</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-36893, 333-32048</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">TRICON Long-Term Incentive Plan</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-36895, 333-85073, 333-32046</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">Executive Income Deferral Program</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-36955</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">SharePower Stock Option Plan</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-36961</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">Tricon Restaurants Puerto Rico, Inc. Save-Up Plan</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-85069</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>



<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">Tricon Global Restaurants, Inc. Restaurant General Manager <BR>&nbsp;&nbsp;&nbsp;Stock Option Plan</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-64547</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">Tricon Global Restaurants, Inc. Long Term Incentive Plan</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="left">333-32052</TD><TD ALIGN="center">&nbsp;</TD></TR>

</table>

<BR><BR><BR><BR>


<P>/s/ KPMG LLP<BR>
Louisville, Kentucky<BR>
March 7, 2002</p>





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