<SUBMISSION>
<ACCESSION-NUMBER>0001041061-05-000235
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20050616
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20050616
<DATE-OF-FILING-DATE-CHANGE>20050616
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>YUM BRANDS INC
<CIK>0001041061
<ASSIGNED-SIC>5812
<IRS-NUMBER>133951308
<STATE-OF-INCORPORATION>NC
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13163
<FILM-NUMBER>05900570
</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>TRICON GLOBAL RESTAURANTS INC
<DATE-CHANGED>19970627
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GREAT AMERICAN RESTAURANT CO
<DATE-CHANGED>19970618
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8kp62005sales.htm
<DESCRIPTION>FORM 8K PERIOD 6, 2005 SALES RELEASE
<TEXT>
<HTML>
<head>
<title>Press Release dated June 16, 2005 P5 sales</title></head>
<BODY>

<HR SIZE=5 NOSHADE><BR><BR>

<p ALIGN=CENTER><b><FONT SIZE=4>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</font></b><BR>
<font size=3>Washington, D.C. 20549</font><BR><BR>
<font size=4><b>FORM 8-K</b><BR><BR>
CURRENT REPORT</FONT><BR><BR>
<font size=3><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act
 of 1934<BR><BR>
Date of Report (Date of earliest event reported)</b><BR>
<b>June 16, 2005</b><BR><BR>
<b>Commission file number 1-13163</b></font><BR></p>

<HR SIZE=1 WIDTH=15% ALIGN=CENTER NOSHADE>

<p align=center><b><FONT SIZE=4>YUM! BRANDS, INC.</font></b><BR>
<font size=3>(Exact name of registrant as specified in its charter)</font><BR>
<BR>

<TABLE>
<TR VALIGN="BOTTOM">
     <TD align=center width=35%>North Carolina</Td>
<td width=40%>&nbsp;</td>
     <Td  align=center width=25%>13-3951308</Td></TR>
<TR VALIGN="TOP">
     <TD align=center><HR Size=1 noshade width=85%></TD>
<td>&nbsp;</td>
     <TD align=center><HR Size=1 noshade width=70%></TD></TR>
<TR VALIGN="TOP">
     <TD align=center>(State or other jurisdiction</TD>
<td>&nbsp;</td>
     <TD align=center>(IRS Employer</TD></TR>
<TR VALIGN="TOP">
     <TD align=center>of incorporation or organization)</TD>
<td>&nbsp;</td>
     <TD align=center>Identification No.)</TD></TR>
</TABLE><BR><BR>

<p align=center>1441 Gardiner Lane, Louisville, Kentucky&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40213<BR>
(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</p>

<BR>

<p align=center>Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(502) 874-8300</p>

<BR>

<p align=center>Former name or former address, if changed since last report:
&nbsp;&nbsp;N/A</P>

<BR><BR>
<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</P>

<P>[&nbsp;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P>[&nbsp;] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P>[&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-
     2(b))</P>

<P>[&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-
     4(c))</P>


<HR SIZE=5 NOSHADE>

<BR><BR>


<p>Item 8 - Other Events</p>



<blockquote>Section 8.01 &nbsp;Other Events</blockquote>

<blockquote><blockquote>On June 16, 2005, YUM! Brands,  Inc. issued a press release  reporting Period 6 sales for its portfolio of
         International,  China and U.S.  businesses.  The Company also  confirmed its second  quarter  earnings per
         share estimate.</blockquote></blockquote>

<P> Section 9 - Financial Statements and Exhibits</P>

<blockquote>Item 9.01&nbsp;Financial Statements and Exhibits</blockquote>

<blockquote><blockquote>(c) Exhibits<BR>99.1&nbsp;&nbsp;Press Release dated June 16, 2005 from YUM! Brands, Inc.</blockquote></blockquote>


<p align=center></P>
<HR SIZE=1 NOSHADE>
<BR><BR><BR>

<p ALIGN=CENTER><FONT SIZE=3>SIGNATURE</FONT></p>

<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the  requirements of the
Securities  Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.</p>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="45%">&nbsp;</td>
<TD><U>YUM! BRANDS, INC.</u><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;(Registrant)<BR>
</TD></TR>
</TABLE>
<BR>
<BR><BR><BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="45%">Date:&nbsp;&nbsp;June 16, 2005</td>
<TD><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;Ted F. Knopf&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>
Senior Vice President of Finance <BR>
and Corporate Controller<BR>
(Principal Accounting Officer)
</TD></TR>
</TABLE>
<BR><BR><BR><BR>

<p align=center></P>
<HR noshade>


<BR><BR><BR><BR><BR>




<p align=center><b>YUM! BRANDS INC. REPORTS ESTIMATED SECOND-QUARTER SALES<BR>
                                           FOR ITS INTERNATIONAL, CHINA AND U.S. BUSINESSES;<BR>
                                                 CONFIRMS SECOND-QUARTER EPS FORECAST</b></P>

<P><B>Louisville, Ky. - June 16, 2005</b> - Yum! Brands Inc. (NYSE: YUM) today reported second-quarter system sales for its International
Division increased 6% prior to foreign currency conversion or 11% after conversion to U.S. dollars. Second-quarter system sales for
its China Division increased 2% versus last year. U.S. blended same-store sales at company restaurants increased 5% for the second
quarter 2005.<P>

<P>The company confirms its second-quarter 2005 EPS estimate previously provided in the first-quarter earnings release dated April 20,
2005.</P>

<P><B><U>International Division System-Sales Growth (Estimated)</U></b></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=75%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN="1" NOWRAP="Nowrap">2005<BR>
Reported (U.S. $)<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN="1" NOWRAP="Nowrap">2005<BR>
Local Currency<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN="1" NOWRAP="Nowrap">2004<BR>
Local Currency<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=29% ALIGN=LEFT><B>Period 6</b></TD>
     <TD WIDTH=11% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=14% ALIGN=RIGHT>+12%</TD>
     <TD WIDTH=11% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=11% ALIGN=RIGHT>+6%</TD>
     <TD WIDTH=11% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=11% ALIGN=RIGHT>+7%</TD>
     <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B>Q2</b></TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+11%</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+6%</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+6%</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
</TABLE>
<BR>

<p><b><i>Note:</i></B> These results exclude the China Division. The company&#146;s annual target growth rate for International Division system sales is at
least +5% prior to foreign currency conversion.</p>



<p><b><u>China Division System-Sales Growth (Estimated)</u></B></p>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=75%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN="1" NOWRAP="Nowrap">2005<BR>
Reported (U.S. $)<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN="1" NOWRAP="Nowrap">2005<BR>
Local Currency<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN="1" NOWRAP="Nowrap">2004<BR>
Local Currency<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=29% ALIGN=LEFT><b>Period 6</B></TD>
     <TD WIDTH=10% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=13% ALIGN=RIGHT>Even</TD>
        <TD WIDTH=10% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=13% ALIGN=RIGHT>Even</TD>
        <TD WIDTH=10% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=13% ALIGN=RIGHT>+49%</TD>
        <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><b>Q2</B></TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+2%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+2%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+34%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
</TABLE>
<BR>

<p><i><b>Note:</b></i> The China Division includes mainland China, Thailand, and KFC Taiwan. For the purpose of this report, like calendar months have
been compared. The company&#146;s annual target growth rate for China Division system sales is at least 22% prior to foreign currency
conversion.</p>


<p>As expected, China Division Period 6 system sales were even with last year, consistent with our previous guidance. As originally
detailed in the company&#146;s sales release dated March 24, 2005, and the first-quarter earnings release dated April 20, 2005, sales at
KFC restaurants in mainland China were negatively impacted by adverse publicity relating to an isolated issue with a seasoning
supplier. Sales in our mainland China Pizza Hut restaurants have not been impacted.</p>

<p>Currently, we expect Period 7 system sales to increase 2% to 3% versus last year and sales recovery from the low point in the last
week of Period 4 to continue at a slow but sure pace. The company is pursuing a partial financial recovery from its supplier in
mainland China related to the ingredient issue. It is anticipated that any recovery would be included in third- and fourth-quarter
2005 results.</p>

<BR><BR><BR>
<HR SIZE=1 NOSHADE>
<BR><BR><BR>



<p><b><u>U.S. Company Same-Store-Sales Growth (Estimated)</u></B></p>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=75%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=1>Period 6<BR>
2005<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1>Period 6<BR>
2004<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1>Q2<BR>
2005<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1>Q2<BR>
2004<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=31% ALIGN=LEFT><b>U.S. BLENDED</B></TD>
     <TD WIDTH=6% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=9% ALIGN=RIGHT>+6%</TD>
        <TD WIDTH=6% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=9% ALIGN=RIGHT>+1%</TD>
        <TD WIDTH=11% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=9% ALIGN=RIGHT>+5%</TD>
        <TD WIDTH=6% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=9% ALIGN=RIGHT>+2%</TD>
        <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Taco Bell</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+7%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+1%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+5%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+3%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Pizza Hut</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>Even</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+4%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+2%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+5%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>KFC</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+12%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(3)%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>+8%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(5)%</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
</TABLE>
<BR>

<p><b><i>Note:</I></B> The company&#146;s annual target growth rate for U.S. same-store sales is +1% to +2%.</p>


<p><b><u>Update on Second-Quarter EPS Forecast</u></B></p>

<p>The company confirms its prior EPS guidance for the second quarter. As previously communicated, we expected EPS to be $0.56 for the
second quarter, excluding any possible one-time gain from an IPO of our Poland/Czech Republic joint venture. The IPO occurred April
27, 2005. Including the impact of the IPO transaction, EPS for the second quarter is expected to total $0.59 to $0.60. The
transaction generated a gain of $17 million, which will be reflected in other income. As noted in our first-quarter release, the
company anticipates additional facility actions expense during the year to offset this gain.</p>

<p>Additional information will be communicated in the company&#146;s second-quarter earnings to be released July 13, 2005.</p>



<p><B><u>2005 Period 6 End Dates</u></B></p>

<p>International Division             5/16/2005</p>
<p>China Division                     5/31/2005</p>
<p>U.S. Business                      6/11/2005</p>



<p><b><u>Period 7 Sales Release</u></B></p>

<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P>Sales results for Period 7 (the four-week period ending July 9, 2005, for the U.S.
businesses) will be released with second-quarter earnings Wednesday, July 13, 2005, after
the market closes.</P>


<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P><b>International Division</B> includes all operations outside the U.S., with the exception of
those reported in the China Division. Currently, the International Division includes more
than 11,000 system restaurants in 100 countries and territories. The International
Division&#146;s period close remains one period earlier than the company&#146;s period-end date to
facilitate consolidated reporting. Please refer to the reporting calendar posted on Yum!
Brands&#146; Web site at the following URL:
http://investors.yum.com/ireye/ir_site.zhtml?ticker=YUM&script=1000.</P>


<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P><b>China Division</B> includes mainland China, Thailand, and KFC Taiwan. Based on restaurant
counts at the end of the first quarter 2005, the China Division includes 1,525
restaurants in mainland China, 366 restaurants in Thailand, and 132 KFC restaurants in
Taiwan.</P>

<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P>For 2005, we have moved forward mainland China&#146;s business reporting calendar one
period to more closely align the timing of reporting its results of operations with our
U.S. business.</P>

<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P>For purposes of this sales release, we have compared calendar months included in China
Division&#146;s current reporting</p>

<BR><BR><BR>
<HR SIZE=1 NOSHADE>
<BR><BR><BR>

<p> calendar with those same months last year. However, for
purposes of quarterly financial reporting, we will compare 2005 results with previously
reported 2004 results. The 2004 results for mainland China reflect a lag of one period.
For example, fiscal second-quarter 2005 results for mainland China will end at May 31,
2005. Last year&#146;s second-quarter results ended April 30, 2004.</P>


<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P><b>System-sales growth for our International and China businesses</B> includes total sales
from all restaurants regardless of ownership, including company-owned, franchise,
license, and unconsolidated affiliate (joint-venture) restaurants. Sales of franchise,
unconsolidated affiliate (joint-venture) and license restaurants generate franchise and
license fees for the company (typically at a royalty rate of 4% to 6% of sales).
Franchise, unconsolidated affiliate (joint-venture) and license restaurant sales are not
included in the company sales we present on our Consolidated Statements of Income in
accordance with U.S. GAAP; however, the royalty fees are included in the company&#146;s
revenues. We believe system-sales growth is useful to investors as a significant
indicator of the overall strength of our business as it incorporates all our revenue
drivers, company and franchise same-store sales as well as new-restaurant development.</P>


<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P><b>U.S. same-store sales</B> include only company restaurants that have been open one year or
more. U.S. blended same-store sales include KFC, Pizza Hut, and Taco Bell company-owned
restaurants only. U.S. same-store sales for Long John Silver&#146;s and A&amp;W restaurants are
not included. U.S. systemwide same-store-sales results including franchise restaurants
are reported quarterly within the company&#146;s earnings release and include only KFC, Pizza
Hut and Taco Bell restaurants.</P>


<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P>This announcement contains 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. These statements include those identified by such words as <i>may,
will, expect, project, anticipate, believe, plan</i> and other similar terminology. These &#147;forward-looking&#148; statements
reflect management&#146;s current expectations regarding future events and operating and
financial performance and are based on currently available data. However, actual results
are subject to future events and uncertainties, which could cause actual results to
differ from those projected in this announcement. Accordingly, you are cautioned not to
place undue reliance on forward-looking statements. Factors that can cause actual results
to differ materially include, but are not limited to, changes in global and local
business, economic and political conditions in the countries and territories where Yum!
Brands operates, including the effects of war and terrorist activities; changes in
currency exchange and interest rates; changes in commodity, labor and other operating
costs; changes in competition in the food industry, consumer preferences or perceptions
concerning the products of the company and/or our competitors, spending patterns and
demographic trends; the impact that any widespread illness or general health concern may
have on our business and the economy of the countries in which we operate; the
effectiveness of our operating initiatives and marketing, advertising and promotional
efforts; new-product and concept development by Yum! Brands and other food-industry
competitors; the success of our strategies for refranchising and international
development and operations; the ongoing business viability of our franchise and license
operators; our ability to secure distribution to our restaurants at competitive rates and
to ensure adequate supplies of restaurant products and equipment in our stores;
unexpected disruptions in our supply chain; publicity that may impact our business and/or
industry; severe weather conditions; effects and outcomes of pending or future legal
claims involving the company; changes in effective tax rates; our actuarially determined
casualty loss estimates; new legislation and governmental regulations or changes in
legislation and regulations and the consequent impact on our business; and changes in
accounting policies and practices. Further information about factors that could affect
Yum! Brands&#146; financial and other results are included in the company&#146;s Forms 10-Q and
10-K, filed with the Securities and Exchange Commission.</P>

<BR><BR><BR>
<HR SIZE=1 NOSHADE>
<BR><BR><BR>

<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P>Yum! Brands Inc., based in Louisville, Kentucky, is the world&#146;s largest restaurant
company in terms of system restaurants with nearly 34,000 restaurants in more than 100
countries and territories. Four of the company&#146;s restaurant brands - KFC, Pizza Hut, Taco
Bell and Long John Silver&#146;s - are the global leaders of the chicken, pizza, Mexican-style
food and quick-service seafood categories respectively. Yum! Brands is the worldwide
leader in multibranding, which offers consumers more choice and convenience at one
restaurant location from a combination of KFC, Taco Bell, Pizza Hut, A&amp;W or Long John
Silver&#146;s brands. The company and its franchisees today operate over 2,900 multibrand
restaurants. Outside the United States in 2004, the Yum! Brands&#146; system opened about
three new restaurants each day of the year, making it one of the fastest growing
retailers in the world. The company has been recognized in Black Enterprise Magazine as
one of the &#147;30 Best Companies for Diversity&#148; and for the past two years in Fortune&#146;s top
50 &#147;Best Companies for Minorities,&#148; claiming the number-one spot for &#147;managerial
diversity.&#148;</P>



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