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<SEC-DOCUMENT>0001104659-07-075527.txt : 20071018
<SEC-HEADER>0001104659-07-075527.hdr.sgml : 20071018
<ACCEPTANCE-DATETIME>20071018105252
ACCESSION NUMBER:		0001104659-07-075527
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20071018
DATE AS OF CHANGE:		20071018

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YUM BRANDS INC
		CENTRAL INDEX KEY:			0001041061
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133951308
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-133097
		FILM NUMBER:		071178033

	BUSINESS ADDRESS:	
		STREET 1:		1441 GARDINER LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213
		BUSINESS PHONE:		5028748300

	MAIL ADDRESS:	
		STREET 1:		1900 COLONEL SANDERS LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRICON GLOBAL RESTAURANTS INC
		DATE OF NAME CHANGE:	19970627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREAT AMERICAN RESTAURANT CO
		DATE OF NAME CHANGE:	19970618
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>a07-25341_1424b2.htm
<DESCRIPTION>424B2
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <p align="right" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:right;"><b><i style="font-weight:bold;">Filed Pursuant to Rule 424(b)(2)<br> Registration Number: 333-133097<br> <font color="black" style="color:black;">A filing fee of $36,840 calculated in accordance with<br> Rule 457(r), has been transmitted to the SEC in connection<br> with the securities offered by means of this prospectus supplement.</font></i></b></p> <p style="color:#9C412A;font-weight:bold;margin:0pt 0pt 6.0pt;text-align:center;"><b><font size="2" color="#9c412a" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">PROSPECTUS SUPPLEMENT</font></i></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">(To Prospectus Dated April&nbsp;7, 2006)</font></i></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="5" face="Times New Roman" style="font-size:16.0pt;font-style:italic;">$1,200,000,000</font></i></b></p>

<p align="center" style="margin:0pt 0pt 3.0pt;text-align:center;"><font size="2" face="Times New Roman"><img width="160" height="133" src="g253411bai001.gif" alt="GRAPHIC"></font></p>

<p align="center" style="margin:0pt 0pt 3.0pt;text-align:center;"><b><i><font size="5" face="Times New Roman" style="font-size:16.0pt;font-style:italic;font-weight:bold;">YUM! BRANDS, INC.<br>
</font></i></b><b><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;font-weight:bold;">$600,000,000 6.25% Senior
Notes due 2018<br>
$600,000,000 6.875% Senior Notes due 2037</font></i></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.0pt;text-align:center;"><hr size="1" width="128" noshade color="black" align="center" style="width:96.0pt;"></div>

<p style="font-weight:bold;line-height:10.5pt;margin:0pt 0pt 3.0pt;"><b><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">We are offering $600&nbsp;million aggregate principal amount of 6.25%
notes due 2018 and $600&nbsp;million aggregate principal amount of 6.875% notes
due 2037. Interest on the 2018 notes is payable on March&nbsp;15 and September&nbsp;15
of each year, beginning on March&nbsp;15, 2008. Interest on the 2037 notes is
payable on May&nbsp;15 and November&nbsp;15 of each year, beginning on
May&nbsp;15, 2008. The 2018 notes will mature on March&nbsp;15, 2018 and the
2037 notes will mature on November&nbsp;15, 2037. We may redeem all or any
portion of the notes at any time at the redemption price described under the
caption &#147;Description of Notes&#151;Optional Redemption.&#148; If a change of control
triggering event as described in this prospectus supplement occurs, we will be
required to offer to purchase the notes from the holders. See &#147;Description of
Notes&#151;Offer to Purchase Upon Change of Control Triggering Event.&#148;</font></i></b></p>

<p style="font-weight:bold;line-height:10.5pt;margin:0pt 0pt 3.0pt;"><b><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">The notes will be our senior obligations and will rank equally with all
of our other senior unsecured indebtedness from time to time outstanding.</font></i></b></p>

<p style="font-weight:bold;line-height:10.5pt;margin:0pt 0pt .0001pt;"><b><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">Investing in the notes involves risks. See &#147;Risk
Factors&#148; beginning on page&nbsp;1 of the accompanying prospectus.</font></i></b></p>

<div align="center" style="margin:0pt 0pt 2.0pt;text-align:center;"><hr size="1" width="128" noshade color="black" align="center" style="width:96.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 2.0pt;"><b><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">Neither the United States
Securities and Exchange Commission nor any other regulatory body has approved
or disapproved of these securities or passed upon the accuracy or adequacy of
this prospectus supplement or the accompanying prospectus. Any representation
to the contrary is a criminal offense.</font></i></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><hr size="1" width="128" noshade color="black" align="center" style="width:96.0pt;"></div>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="317" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:237.95pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></b></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">Price&nbsp;to<br>
  Public</font></i></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></b></p>
  </td>
  <td width="70" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:52.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">Underwriting<br>
  Discount</font></i></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></b></p>
  </td>
  <td width="97" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:72.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">Proceeds,<br>
  Before&nbsp;Expenses,&nbsp;to<br>
  YUM!&nbsp;Brands,&nbsp;Inc.</font></i></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="317" valign="top" style="padding:0pt .7pt 0pt 0pt;width:237.95pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">Per 2018 Note</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">99.592%</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.75pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">.650%</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.45pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">98.942%</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="317" valign="top" style="padding:0pt .7pt 0pt 0pt;width:237.95pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">Total</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">$</font></i></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">597,552,000</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">$</font></i></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.75pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">3,900,000</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">$</font></i></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.45pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">593,652,000</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="317" valign="top" style="padding:0pt .7pt 0pt 0pt;width:237.95pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">Per 2037 Note</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">99.575%</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.75pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">.875%</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.45pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">98.700%</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="317" valign="top" style="padding:0pt .7pt 0pt 0pt;width:237.95pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">Total</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">$</font></i></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.45pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">597,450,000</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:10.5pt;margin:0pt 0pt .0001pt;text-align:left;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">$</font></i></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.75pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">5,250,000</font></i></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:10.5pt;margin:0pt 0pt .0001pt;text-align:left;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">$</font></i></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.45pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">592,200,000</font></i></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="line-height:10.5pt;margin:0pt 0pt .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 3.0pt;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0pt 0pt 3.0pt;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">The price to public set forth above does not include accrued interest,
if any. Interest on the notes will accrue from October&nbsp;19, 2007 and must
be paid by the purchaser if the notes are delivered after October&nbsp;19,
2007.</font></i></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.0pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:italic;">

<hr size="1" width="128" noshade color="black" align="center" style="width:96.0pt;">

</font></i></div>

<p style="margin:0pt 0pt .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:8.5pt;font-style:italic;">The underwriters expect to deliver the notes
through the facilities of The Depository Trust Company against payment in New
York, New York on October&nbsp;19, 2007.</font></i></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:italic;">

<hr size="1" width="128" noshade color="black" align="center" style="width:96.0pt;">

</font></i></div>

<p style="margin:0pt 0pt 3.0pt;page-break-after:auto;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:9.5pt;font-style:italic;">Joint Book-Running Managers</font></i></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="252" valign="top" style="padding:0pt 5.4pt 0pt 5.4pt;width:189.1pt;">
  <p align="left" style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="4" face="Times New Roman" style="font-size:14.0pt;font-style:italic;">MORGAN STANLEY</font></i></b></p>
  </td>
  <td width="162" valign="top" style="padding:0pt 5.4pt 0pt 5.4pt;width:121.3pt;">
  <p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:auto;text-align:center;"><b><i><font size="4" face="Times New Roman" style="font-size:14.0pt;font-style:italic;">CITI</font></i></b></p>
  </td>
  <td width="200" valign="top" style="padding:0pt 5.4pt 0pt 5.4pt;width:150.0pt;">
  <p align="right" style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:auto;text-align:right;"><b><i><font size="4" face="Times New Roman" style="font-size:14.0pt;font-style:italic;">JPMORGAN</font></i></b></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 4.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" bgcolor="white" style="background:white;border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="101" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:75.85pt;">
  <p align="left" style="font-size:10.0pt;line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading --><b><i><font face="Times New Roman" style="font-style:italic;font-weight:bold;">HSBC</font></i></b></p>
  </td>
  <td width="101" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.1pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="101" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.05pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="101" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="94" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.7pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="110" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.35pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="380" colspan="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:285.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Rabo Securities USA,
  Inc.</font></i></b></p>
  </td>
  <td width="189" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:142.05pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="102" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.15pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="58" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.85pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="260" colspan="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:195.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">RBS Greenwich Capital</font></i></b></p>
  </td>
  <td width="189" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:142.05pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="102" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.15pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="102" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.2pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="70" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.65pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="147" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:110.0pt;">
  <p align="center" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Scotia Capital</font></i></b></p>
  </td>
  <td width="189" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:142.05pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="393" colspan="11" valign="top" style="padding:0pt .7pt 0pt 0pt;width:295.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="216" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:162.05pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">SunTrust Robinson
  Humphrey</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="137" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:102.85pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="160" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:120.05pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="176" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:132.1pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="136" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:102.05pt;">
  <p align="right" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Wachovia Securities</font></i></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="40" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="0" style="border:none;"></td>
  <td width="36" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="43" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="70" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="53" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="110" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">October&nbsp;16, 2007</font></i></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\2901838663_D11055_2463166\25341-1-ba.htm',USER='jmsproofassembler',CD='Oct 17 18:04 2007' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">


<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No dealer, salesperson or other person is authorized
to give any information or to represent anything not contained in this
prospectus. You must not rely on any unauthorized information or
representations. This prospectus is an offer to sell only the notes offered
hereby, but only under circumstances and in jurisdictions where it is lawful to
do so. The information contained in this prospectus is current only as of its
date.</font></p>

<div style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="128" noshade color="black" align="center" style="width:96.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="608" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:456.05pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --><font size="2" style="font-size:10.0pt;">Prospectus Supplement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#YumBrandsInc__195621">YUM! Brands,&nbsp;Inc.</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_194915">Use of Proceeds</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RatioOfEarningsToFixedCharges_194915">Ratio of Earnings
  to Fixed Charges</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfNotes_195742">Description of Notes</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UnderwritingsubjectToUpdateByUnde_200039">Underwriting</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-7</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_200212">Legal Matters</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="608" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.05pt;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Prospectus</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:12.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AboutThisProspectus_224111" title="Click to goto ">About
  this Prospectus</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CautionaryNoteRegardingForwardloo_224111" title="Click to goto ">Cautionary Note Regarding Forward-Looking Statements</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RiskFactors_161701" title="Click to goto ">Risk Factors</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AvailableInformation_224111" title="Click to goto ">Available
  Information</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IncorporationByReference_224112" title="Click to goto ">Incorporation
  by Reference</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RatioOfEarningsToFixedCharges_224112" title="Click to goto ">Ratio of Earnings to Fixed Charges</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_224112" title="Click to goto ">Use of
  Proceeds</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfOurDebtSecurities_224113" title="Click to goto ">Description of Our Debt Securities</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_225010" title="Click to goto ">Experts</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="562" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_225010" title="Click to goto ">Legal
  Matters</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">YUM! BRANDS, INC.<a name="YumBrandsInc__195621"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal executive
offices are located at 1441 Gardiner Lane, Louisville, Kentucky 40213, and our
telephone number is (502) 874-8300. We maintain a website at
http://www.yum.com. The information on our website is not part of this prospectus
supplement or the accompanying prospectus. Unless the context requires
otherwise, the terms &#147;Company,&#148; &#147;YUM! Brands,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to
YUM! Brands,&nbsp;Inc. together with its subsidiaries.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">USE OF PROCEEDS<a name="UseOfProceeds_194915"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that the net
proceeds of this offering will be approximately $1.185&nbsp;billion after
deduction of expenses and underwriting discount. We will use approximately $443
million of the net proceeds from this offering to repay borrowings under our
revolving credit facility and the remainder for general corporate purposes,
including stock repurchases. The borrowings under our revolving credit facility
to be repaid with the proceeds of this offering currently bear interest at a
weighted average interest rate of approximately 5.18% per annum and mature in September&nbsp;2009.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RATIO OF EARNINGS
TO FIXED CHARGES<a name="RatioOfEarningsToFixedCharges_194915"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set
forth below are our consolidated ratios of earnings to fixed charges for the 36
week period ended September&nbsp;8, 2007 and for the fiscal years ended 2006,
2005, 2004, 2003 and 2002. </font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="296" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:221.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="86" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:64.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">36&nbsp;weeks&nbsp;ended<br>
  September&nbsp;8,&nbsp;2007</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="296" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:221.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratio of earnings to fixed charges</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:22.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.24</font></p>
  </td>
  <td width="30" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:22.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.86</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.11</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.31</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.67</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.92</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="296" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION OF
NOTES<a name="DescriptionOfNotes_195742"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will issue each of the $600&nbsp;million aggregate
principal amount of 6.25% Senior Notes due March&nbsp;15, 2018 and the $600&nbsp;million
aggregate principal amount of 6.875% Senior Notes due November&nbsp;15, 2037 as
a separate series of senior debt securities under our Indenture, dated as of May&nbsp;1,
1998 (as amended, modified or supplemented from time to time, the &#147;Indenture&#148;),
between YUM! Brands and The Bank of New York Trust Company, N.A. (as successor
in interest to J.P. Morgan Trust Company, National Association), as trustee.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description
of certain provisions of the notes and of the Indenture is a summary and is
subject to, and qualified in its entirety by reference to, the accompanying
prospectus and the Indenture. Not all the defined terms used in this prospectus
supplement are defined here, and you should refer to the accompanying
prospectus or Indenture for the definitions of such terms. This description of
the particular terms of the notes supplements, and to the extent inconsistent
therewith, replaces, the description of the general terms and provisions of the
debt securities and the Indenture in the accompanying prospectus under the
heading &#147;Description of Our Debt Securities,&#148; to which we refer you.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General<a name="General_194916"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2018 notes will:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>be our senior unsecured
obligations;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>rank equally with all of
our other senior unsecured indebtedness outstanding from time to time;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>be initially limited to $600&nbsp;million
aggregate principal amount;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>be issued in registered
form in minimum denominations of $2,000 and in integral multiples of $1,000;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>mature on March&nbsp;15,
2018; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>bear interest at the rate
per annum shown on the front cover of this prospectus supplement.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2037 notes
will:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>be our senior unsecured
obligations;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>rank equally with all of
our other senior unsecured indebtedness outstanding from time to time;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>be initially limited to $600&nbsp;million
aggregate principal amount;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>be issued in registered
form in minimum denominations of $2,000 and in integral multiples of $1,000;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>mature on November&nbsp;15,
2037; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>bear interest at the rate
per annum shown on the front cover of this prospectus supplement.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture does
not limit the aggregate principal amount of debt securities which we may issue
thereunder. We may, from time to time, without notice to or the consent of the
holders of the notes of either series:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>create and issue additional
notes ranking equally and ratably with the notes of either series in all
respects (or in all respects except for the payment of interest accruing prior
to the issue date of such additional notes or except for the first payment of
interest following the issue date of such additional notes), so that such
additional notes will be consolidated and form a single series with the notes
of such series and will otherwise have the same terms as the notes of such
series; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>provide for the issuance of
other debt securities under the Indenture in addition to the $1.2&nbsp;billion aggregate
principal amount of the notes offered hereby.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes are obligations exclusively of YUM! Brands. Our
operations are conducted almost entirely through our subsidiaries. Accordingly,
our cash flow and our consequent ability to service our debt, including the
notes, are dependent upon the earnings of our subsidiaries and the distribution
of those earnings to us, whether by dividends, loans or otherwise. The payment
of dividends and the making of loans and advances to us and our right to
receive assets of any of our subsidiaries upon their liquidation or
reorganization, and the consequent right of the holders of the notes to
participate in those assets, will be effectively subordinated to the claims of
that subsidiary&#146;s creditors, including trade creditors, except to the extent
that we are recognized as a creditor of such subsidiary, in which case our
claims would still be subordinate to any security interests in the assets of
such subsidiary and any indebtedness of such subsidiary senior to ours. As of September&nbsp;8,
2007, our subsidiaries had approximately $2.3&nbsp;billion of indebtedness
outstanding, including accounts and taxes payable, accrued liabilities and
other recorded liabilities and excluding deferred taxes and all intercompany
liabilities. The Indenture does not limit our or our subsidiaries&#146; ability to
incur additional indebtedness. In addition, certain of our subsidiaries are
guarantors under our existing credit facilities.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on the notes will be
</font>computed on the basis of a 360-day year consisting of twelve 30-day
months.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest on the 2018 notes will be payable
semiannually in arrears on March&nbsp;15 and September&nbsp;15 of each year,
commencing on March&nbsp;15, 2008, to the persons in whose names the notes are
registered at the close of business on March&nbsp;1 or September&nbsp;1, as the
case may be, next preceding such March&nbsp;15 or September&nbsp;15.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest on the 2037 notes will be payable
semiannually in arrears on May&nbsp;15 and November&nbsp;15 of each year,
commencing on May&nbsp;15, 2008, to the persons in whose names the notes are
registered at the </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">close of business on
May&nbsp;1 or November&nbsp;1, as the case may be, next preceding such
May&nbsp;15 or November&nbsp;15.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes are not entitled to any mandatory</font> redemption or sinking fund payments.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Optional Redemption<a name="OptionalRedemption_194917"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes will be redeemable, at our option, in whole
at any time or in part from time to time, at a redemption price equal to the
greater of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>100% of the principal
amount of the notes to be redeemed plus accrued and unpaid interest thereon to
the date of redemption; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the sum of the remaining
scheduled payments of principal of and interest on the notes to be redeemed
(not including any portion of the payment of interest accrued as of the date of
redemption), discounted to their present value as of the date of redemption on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate, as determined by the Quotation Agent,
plus 25 basis points in the case of the 2018 notes and 30 basis points in the
case of the 2037 notes, plus accrued and unpaid interest on the principal
amount to be redeemed to the date of redemption.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Adjusted Treasury Rate&#148; means, with respect to any
redemption date, the rate per annum equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such redemption date.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Issue&#148; means the United States
Treasury security selected by the Quotation Agent as having an actual or
interpolated maturity comparable to the remaining term of the applicable series
of notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such
series of notes. &#147;Quotation Agent&#148; means one of the Reference Treasury Dealers
who we appointed.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Price&#148; means, with respect to any
redemption date, (i)&nbsp;the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest
such Reference Treasury Dealer Quotations, or (ii)&nbsp;if we are provided
fewer than four such Reference Treasury Dealer Quotations, the average of all
such Quotations.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer Quotations&#148; means, with
respect to each Reference Treasury Dealer and any redemption date, the average
of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to us by
such Reference Treasury Dealer at 5:00&nbsp;p.m. on the third business day
preceding such redemption date.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer&#148; means each of Morgan
Stanley&nbsp;&amp; Co. Incorporated, Citigroup Global Markets Inc. and J.P.
Morgan Securities Inc., and their respective successors and, at our option,
additional Primary Treasury Dealers; provided, however, that if any of the
foregoing ceases to be a primary U.S. Government securities dealer in New York
City (a &#147;Primary Treasury Dealer&#148;), we will substitute another Primary Treasury
Dealer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of any redemption will be mailed at least 30
days but not more than 60 days before the redemption date to each holder of the
notes to be redeemed. Unless we default in payment of the redemption price, on
and after the redemption date, interest will cease to accrue on the notes or
portions thereof called for redemption.</font></p>


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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Offer to
Purchase Upon Change of Control Triggering Event</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.05pt;">If
a change of control triggering event occurs, unless we have exercised our
option to redeem </font>the notes as described above, we will be required to
make an offer (the &#147;change of control offer&#148;) to each holder of the notes to
repurchase all or any part (equal to $2,000 or an integral <font style="letter-spacing:.05pt;">multiple of $1,000 in excess thereof) of that holder&#146;s
notes on the terms set forth in the notes. </font><font style="letter-spacing:.1pt;">In the change of control offer, we will be required to offer payment in
cash equal to 101% of </font>the aggregate principal amount of notes
repurchased, plus accrued and unpaid interest, if any, on the notes repurchased
to the date of repurchase (the &#147;change of control payment&#148;). Within <font style="letter-spacing:.05pt;">30 days following any change of control triggering
event or, at our option, prior to any change </font><font style="letter-spacing:-.05pt;">of </font>control<font style="letter-spacing:-.05pt;">, but after public
announcement of the transaction that constitutes or may constitute </font>the
change of control, a notice will be mailed to holders of the notes describing
the transaction <font style="letter-spacing:.2pt;">that constitutes or may
constitute the change of control triggering event and offering to </font><font style="letter-spacing:.15pt;">repurchase the notes on the date specified in the
notice, which date will be no earlier than </font><font style="letter-spacing:-.2pt;">30 days and no later than 60 days from the date such notice is mailed
(the &#147;change of control </font>payment date&#148;). The notice will, if mailed prior
to the date of consummation of the change of <font style="letter-spacing:.2pt;">control,
state that the offer to purchase is conditioned on the change of control
triggering </font>event occurring on or prior to the change of control payment
date.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the change of
control payment date, we will, to the extent lawful:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>accept for payment all
notes or portions of notes properly tendered pursuant to the change of control
offer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>deposit with the paying
agent an amount equal to the change of control payment in respect of all notes
or portions of notes properly tendered; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>deliver or cause to be
delivered to the trustee the notes properly accepted together with an <font style="letter-spacing:-.1pt;">officer&#146;s certificate stating the aggregate
principal amount of notes or portions of notes being </font>repurchased.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not be required to comply with the obligations
relating to repurchasing the notes if a third party instead satisfies them<font style="letter-spacing:-.05pt;">. In addition, we will </font>not repurchase any
notes if there has occurred and is continuing on the change of control payment
date an event of default under the indenture, other than a default in the
payment of the change of control payment upon a change of control triggering
event.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will comply with the requirements of Rule&nbsp;14e-1
under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and
any other securities laws and regulations applicable to the repurchase of the
notes<font style="letter-spacing:.1pt;">. To the extent that the provisions of </font><font style="letter-spacing:-.25pt;">any such securities laws or regulations conflict
with the change of control offer provisions of the </font><font style="letter-spacing:-.2pt;">notes, we will comply with those securities laws
and regulations and will not be deemed to have </font><font style="letter-spacing:-.05pt;">breached our obligations under the change of control offer provisions
of the notes by virtue of </font>any such conflict.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a change of control offer is made, there can be no
assurance that we will have available funds sufficient to make the change of
control payment for all of the notes that may be tendered for repurchase.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of the change of control offer provisions
of the notes, the following terms will be applicable:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Change of control&#148;<i>  </i></font>means the occurrence of any of the
following: (1)&nbsp;the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of <font style="letter-spacing:.05pt;">which is that any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3)&nbsp;of
the Exchange Act), </font>other than us or one of our subsidiaries, becomes the
beneficial owner (as defined in <font style="letter-spacing:-.1pt;">Rules&nbsp;13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of </font>our voting stock or other voting stock into which our voting
stock is reclassified, consol<font style="letter-spacing:.15pt;">idated,
exchanged or changed, measured by voting power rather than number of shares; </font><font style="letter-spacing:-.2pt;">(2)&nbsp;the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of </font>merger or
consolidation), in one or a series of related transactions, of all or
substantially all <font style="letter-spacing:-.1pt;">of our assets and the </font></font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">assets
of our subsidiaries, taken as a whole, to one or more &#147;persons&#148; (as that term
is defined in the indenture), other than us or one of our subsidiaries; or (3)&nbsp;the
first day on which a majority of the members of our Board of Directors are not
continuing </font>directors. Notwithstanding the foregoing, a transaction will
not be deemed to be a <font style="letter-spacing:-.2pt;">change of control if (1)&nbsp;we
become a direct or indirect wholly-owned subsidiary of a holding </font>company
and (2)(A)&nbsp;the direct or indirect holders of the voting stock of such
holding <font style="letter-spacing:-.1pt;">company immediately following that
transaction are substantially the same as the holders of </font>our voting
stock immediately prior to that transaction or (B)&nbsp;immediately following
that <font style="letter-spacing:-.2pt;">transaction no &#147;person&#148; (as that term
is used in Section&nbsp;13(d)(3)&nbsp;of the Exchange Act) (other </font><font style="letter-spacing:.25pt;">than a holding company satisfying the requirements
of this sentence) is the beneficial </font><font style="letter-spacing:-.05pt;">owner,
directly or indirectly, of more than 50% of the voting stock of such holding
company.</font></font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Change of control </font><font style="letter-spacing:-.1pt;">triggering</font> event&#148; means the occurrence of both a change of control and a
rating event.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.2pt;">&#147;Continuing
director&#148; </font><font style="letter-spacing:-.2pt;">means, as of any date of
determination, any member of our Board of </font>Directors who (1)&nbsp;was a
member of such Board of Directors on the date the notes were issued or (2)&nbsp;was
nominated for election, elected or appointed to such Board of Directors <font style="letter-spacing:.2pt;">with the approval of a majority of the continuing
directors who were members of such </font>Board of Directors at the time of
such nomination, election or appointment (either by a <font style="letter-spacing:-.2pt;">specific vote or by approval of our proxy statement in which such member
was named as a </font>nominee for election as a director).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Investment grade rating&#148; </font>means
a <font style="letter-spacing:-.1pt;">rating</font> equal to or higher than Baa3
(or the equivalent) <font style="letter-spacing:-.2pt;">by Moody&#146;s and BBB- (or
the equivalent) by S&amp;P, and the equivalent investment grade credit </font>rating
from any replacement rating agency or rating agencies.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Moody&#146;s&#148; </font>means
Moody&#146;s Investors Service,&nbsp;Inc.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Rating agencies&#148; </font>means
(1)&nbsp;each of Moody&#146;s and S&amp;P, and (2)&nbsp;if either Moody&#146;s or S&amp;P
ceases to rate the notes or fails to make a rating of the notes publicly
available for reasons <font style="letter-spacing:-.1pt;">outside of our
control, a &#147;nationally recognized statistical rating organization&#148; within the </font>meaning
of Rule&nbsp;15c3-1(c)(2)(vi)(F)&nbsp;under the Exchange Act selected by
us (as certified by a resolution of our Board of Directors) as a replacement
agency for Moody&#146;s or S&amp;P, or both of them, as the case may be.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Rating event&#148; </font>means
the rating on the notes is lowered by each of the rating agencies and the notes
are rated below an investment grade rating by each of the rating agencies on
any <font style="letter-spacing:-.2pt;">day within the 60-day period
(which 60-day period will be extended so long as the rating of </font><font style="letter-spacing:.2pt;">the notes is under publicly announced consideration
for a possible downgrade by any of the </font>rating agencies) after the
earlier of (1)&nbsp;the occurrence of a change of control and (2)&nbsp;public <font style="letter-spacing:.1pt;">notice of our intention to effect a change of
control; provided, however, that
a rating event </font><font style="letter-spacing:.2pt;">otherwise arising by
virtue of a particular reduction in rating will not be deemed to have occurred
in respect of a particular change of control (and thus will not be deemed a
rating </font><font style="letter-spacing:.4pt;">event for purposes of the
definition of change of control triggering event) if the rating </font><font style="letter-spacing:.35pt;">agencies making the reduction in rating to which
this definition would otherwise apply do not announce or publicly confirm or
inform the trustee in writing at our or its request that </font><font style="letter-spacing:.3pt;">the reduction was the result, in whole or in part,
of any event or circumstance comprised of </font><font style="letter-spacing:.45pt;">or arising as a result of, or in respect of, the applicable change of
control (whether or not </font>the applicable change of control has occurred at
the time of the rating event).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;S&amp;P&#148; </font>means
Standard&nbsp;&amp; Poor&#146;s Rating Services, a division of The McGraw-Hill
Companies,&nbsp;Inc.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Voting stock&#148; </font>means,
with respect to any <font style="letter-spacing:-.1pt;">specified</font>
&#147;person&#148; (as that term is used in Section&nbsp;13(d)(3)&nbsp;of the Exchange
Act), as of any date, the capital stock of such person that is <font style="letter-spacing:.05pt;">at the time entitled to vote generally in the
election of the board of directors of such person.</font></font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:.2pt;">The definition of change of
control includes a phrase relating to the direct or indirect sale, </font>transfer,
conveyance or other disposition, in one or a series of related transactions, of
&#147;all or substantially all&#148; of our assets and the assets of <font style="letter-spacing:.05pt;">our subsidiaries, taken as a whole. Although there
is a limited body of case law interpreting the phrase &#147;substantially all,&#148;
there is no precise established definition of such phrase under applicable </font><font style="letter-spacing:.2pt;">law. Accordingly, the ability of a holder of the
notes to require us to repurchase that holder&#146;s </font><font style="letter-spacing:-.05pt;">notes as a result of the sale, transfer, conveyance or other
disposition of less than all of our assets </font>and the assets of our
subsidiaries, taken as a whole, to one or more persons may be uncertain.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our obligation to
purchase the notes following a change of control triggering event is subject to
the provisions described in the a</font>ccompanying prospectus under the heading &#147;Description of Our Debt
Securities&#151;Discharge and Defeasance.&#148;</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Global Securities<a name="GlobalSecurities_200039"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes will be
represented by one or more global securities that will be deposited with, or on
behalf of, the Depository Trust Company, or DTC, the depositary for the notes,
and registered in the name of Cede&nbsp;&amp; Co., the nominee of DTC. So long
as the notes are represented by a global security or securities, the interest
payable on the notes will be paid to Cede&nbsp;&amp; Co., the nominee of DTC,
or its registered assigns, as the registered owner of the notes, by wire
transfer in immediately available funds on each interest payment date. If the
notes are no longer represented by a global security or securities, payment of
interest on the notes may, at our option, be made by check mailed to the
address of the person entitled thereto. </font>A description of DTC&#146;s procedures is set forth in the accompanying
prospectus under the heading &#147;Description of Our Debt Securities&#151;Book-Entry
Securities.&#148;</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-6</font></p>
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<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITING<a name="UnderwritingsubjectToUpdateByUnde_200039"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We and the
underwriters have entered into an underwriting agreement with respect to the
notes. Subject to certain conditions, the underwriters have agreed to purchase
the principal amount of notes indicated in the following table.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.66%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><!-- SET mrlHTMLTableFull -->Underwriter</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.96%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Principal&nbsp;Amount<br>
  of&nbsp;2018&nbsp;Notes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Principal&nbsp;Amount<br>
  of&nbsp;2037&nbsp;Notes</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan
  Stanley&nbsp;&amp; Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt 0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">183,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt 0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">183,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Global
  Markets Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">144,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">144,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.P. Morgan
  Securities Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">144,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">144,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HSBC Securities
  (USA) Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wachovia Capital
  Markets, LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greenwich Capital
  Markets,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rabo Securities
  USA,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scotia Capital
  (USA) Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SunTrust Robinson
  Humphrey,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:66.74%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">600,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">600,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The underwriters are committed to take and pay for all
of the notes being offered, if any are taken.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes sold by the underwriters to the public will
initially be offered at the initial public offering price set forth on the
cover of this prospectus supplement. Any notes sold by the underwriters to
securities dealers may be sold at a discount from the initial public offering
price of up to 0.400% of the principal amount of the 2018 notes and up to 0.5250%
of the principal amount of the 2037 notes. Any such securities dealers may
resell any notes purchased from the underwriters to certain other brokers or
dealers at a discount from the initial public offering price of up to 0.200% of
the principal amount of the 2018 notes and 0.2625% of the principal amount of the
2037 notes. If all the notes are not sold at the initial offering price, the
underwriters may change the offering price and the other selling terms.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes are a new issue of securities with no
established trading market. We have been advised by the underwriters that the
underwriters intend to make a market in the notes but are not obligated to do
so and may discontinue market making at any time without notice. No assurance
can be given as to the liquidity of the trading market for the notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the offering, the underwriters may
purchase and sell notes in the open market. These transactions may include
short sales, stabilizing transactions and purchases to cover positions created
by short sales. Short sales involve the sale by the underwriters of a greater
number of notes than the underwriters are required to purchase in the offering.
Stabilizing transactions consist of certain bids or purchases made for the
purpose of preventing or retarding a decline in the market price of the notes
while the offering is in progress.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The underwriters also may impose a penalty bid. This
occurs when a particular underwriter repays to the underwriters a portion of
the underwriting discount received by it because the other underwriters have
repurchased notes sold by or for the account of such underwriter in stabilizing
or short covering transactions.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These activities by the underwriters may stabilize,
maintain or otherwise affect the market price of the notes. As a result, the
price of the notes may be higher than the price that otherwise might exist in
the open market. If these activities are commenced, they may be discontinued by
the underwriters at any time. These transactions may be effected in the
over-the-counter market or otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that our share of the total expenses of the
offering, excluding underwriting discounts and commissions, will be
approximately $700,000.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have agreed to indemnify the underwriters against
certain liabilities, including liabilities under the Securities Act of 1933.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes are offered for sale in the United States
and elsewhere where such offer and sale is permitted.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain of the underwriters and their respective
affiliates have, from time to time, performed, and may in the future perform,
various financial advisory, commercial and investment banking services for us,
for which they received or will receive customary fees and expenses. In that
regard, affiliates of each of the underwriters (other than Morgan Stanley &amp;
Co. Incorporated and Greenwich Capital Markets, Inc.) are lenders under our
revolving credit facility. As noted under &#147;Use of Proceeds,&#148; a portion of the
proceeds of this offering will be used by us to repay borrowings under our
revolving credit facility. As a result, such affiliates of the underwriters
will receive a portion of the net proceeds of this offering through those
repayments. In the event that more than 10% of the net proceeds of this
offering are paid to affiliates of members of the Financial Industry Regulatory
Authority,&nbsp;Inc. (successor to the National Association of Securities
Dealers,&nbsp;Inc., or &#147;NASD&#148;) participating in this offering, this offering
will be made in accordance with NASD Conduct Rule&nbsp;2710(h).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. David C. Novak,
Chairman and Chief Executive Officer of YUM! Brands,&nbsp;Inc., is a director
of JPMorgan Chase &amp; Co., the parent company of J.P. Morgan Securities Inc.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Experts_200042"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL
MATTERS<a name="LegalMatters_200212"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain legal matters with respect to the notes being
offered hereby will be passed upon for YUM! Brands by R. Scott Toop,&nbsp;Esq.,
Vice President and Associate General Counsel of YUM! Brands, and by Mayer Brown
LLP, Chicago, Illinois, and for the underwriters by Sidley Austin LLP, Chicago,
Illinois. Mr.&nbsp;Toop beneficially owns, and has rights to acquire under
employee stock options, an aggregate of less than 1% of the outstanding common
stock of YUM! Brands. Mayer Brown LLP has represented the underwriters from
time to time on various unrelated legal matters. Sidley Austin LLP has
represented YUM! Brands from time to time on various unrelated legal matters.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-8</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Prospectus_222238"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROSPECTUS</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="YumBrandsInc_DebtSecurities_222311"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">YUM! BRANDS, INC.<br>
Debt Securities</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">We may offer and sell from time to
time our debt securities in one or more offerings. This prospectus provides you
with a general description of the debt securities we may offer.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each time that securities are sold using this
prospectus, we will provide a supplement to this prospectus that contains
specific information about the offering. The supplement may also add to or
update information contained in this prospectus. You should read this
prospectus and the supplement carefully before you invest.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The securities may be offered and sold to or through
one or more underwriters, dealers or agents or directly to purchasers. The
supplements to this prospectus will provide the specific terms of the plan of
distribution.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investing in the securities involves risks. See &#147;Risk
Factors&#148; beginning on page&nbsp;1.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the
Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a criminal
offense.</font></b></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this
prospectus is April&nbsp;7, 2006.</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="555" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading -->Page</p>
  </td>
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  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AboutThisProspectus_224111" title="Click to goto ">ABOUT
  THIS PROSPECTUS</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CautionaryNoteRegardingForwardloo_224111" title="Click to goto ">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RiskFactors_161701" title="Click to goto ">RISK FACTORS</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AvailableInformation_224111" title="Click to goto ">AVAILABLE
  INFORMATION</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IncorporationByReference_224112" title="Click to goto ">INCORPORATION
  BY REFERENCE</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RatioOfEarningsToFixedCharges_224112" title="Click to goto ">RATIO OF EARNINGS TO FIXED CHARGES</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_224112" title="Click to goto ">USE OF
  PROCEEDS</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfOurDebtSecurities_224113" title="Click to goto ">DESCRIPTION OF OUR DEBT SECURITIES</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_225010" title="Click to goto ">EXPERTS</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="555" valign="top" style="padding:0pt .7pt 0pt 0pt;width:416.5pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_225010" title="Click to goto ">LEGAL MATTERS</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.25pt;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">i</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="AboutThisProspectus_224111"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ABOUT THIS PROSPECTUS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should rely only on the information contained or
incorporated by reference in this prospectus. &#147;Incorporated by reference&#148; means
that we can disclose important information to you by referring you to another
document filed separately with the Securities and Exchange Commission, or the
SEC. We have not authorized any other person to provide you with different
information. If anyone provides you with different or inconsistent information,
you should not rely on it. We are not making, nor will we make, an offer to
sell securities in any jurisdiction where the offer or sale is not permitted.
You should assume that the information appearing in this prospectus and any
supplement to this prospectus is current only as of the dates on their covers.
Our business, financial condition, results of operations and prospects may have
changed since those dates.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the context
otherwise requires, references in this prospectus to &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer
to YUM! Brands,&nbsp;Inc. and its subsidiaries, collectively.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="CautionaryNoteRegardingForwardloo_224111"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus and the
information incorporated by reference in this prospectus may contain
forward-looking statements within the meaning of the U.S. federal securities
laws. These forward-looking statements are intended to be covered by the safe
harbor provisions for forward-looking statements in the federal securities
laws. The statements include those identified by such words as &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148;
&#147;project,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;plan&#148; and other similar terminology. These
&#147;forward-looking statements&#148; 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 us and those specific to the
industry, and could differ materially from expectations. Important factors that
could cause actual results to be materially different from expectations include
those discussed under the heading &#147;Risk Factors&#148; in our Annual Report on Form&nbsp;10-K
that is incorporated by reference in this prospectus. We do not undertake any
obligation to update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="RiskFactors_161701"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RISK FACTORS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We face a variety
of risks that are inherent in our business and our industry, including
operational, legal, regulatory and product risks. The following are some of the
more significant factors that could affect our business and our results of
operations:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; health concerns arising from outbreaks of
Avian Flu and food safety and food-borne illness concerns may have an adverse
effect on our business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; our foreign operations, which are significant,
subject us to risks that could negatively affect our business such as
fluctuations in foreign currency exchange rates and changes in economic
conditions, tax systems, consumer preferences, social conditions and political
conditions inherent in foreign operations;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; changes in commodity and other operating costs
or supply chain and business disruptions could adversely affect our results of
operations;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; our operating results are closely tied to the
success of our franchisees, and any significant inability of our franchisees to
operate successfully could adversely affect our operating results;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; we could be party to litigation that could
adversely affect us by increasing our expenses or subjecting us to material
money damages and other remedies;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; changes in governmental regulations may
adversely affect our business operations;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; we may not attain our target development goals
which are dependent upon our ability and the ability of our franchisees to
upgrade existing restaurants and open new restaurants and to operate these
restaurants on a profitable basis; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; the restaurant industry in which we operate is
highly competitive.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These risks are described in more detail under &#147;Risk
Factors&#148; in Item&nbsp;1A of our Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2005. We encourage you to read these risk factors in
their entirety. See &#147;Available Information&#148; for direction on how to obtain this
information. Other factors may also exist that we cannot anticipate or that we
do not consider to be significant based on information that is currently
available.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should carefully
consider these factors and the other information contained or incorporated by
reference in this prospectus or in any prospectus supplement hereto, including
any other documents that we subsequently file with the SEC, before making a
decision to invest in our debt securities.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="AvailableInformation_224111"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AVAILABLE INFORMATION</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus is part of a registration statement
that we filed with the SEC. The registration statement, including the attached
exhibits, contains additional relevant information about us. The rules&nbsp;and
regulations of the SEC allow us to omit some of the information included in the
registration statement from this prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We file annual, quarterly and current reports, proxy
statements and other information with the SEC. You can read and copy any of
this information in the SEC&#146;s Public Reference Room, 100 F Street, N.E., Room&nbsp;1580,
Washington, D.C. 20549. You may also obtain copies of this information by mail
from the Public Reference Section&nbsp;of the SEC, 100 F Street, N.E., Room&nbsp;1580,
Washington, D.C. 20549, at prescribed rates. You may obtain information on the
operation of the SEC&#146;s Public Reference Room&nbsp;in Washington, D.C. by
calling the SEC at 1-800-SEC-0330.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SEC also maintains an Internet web site that
contains reports, proxy statements and other information about issuers that
file electronically with the SEC. The address of that site is http://www.sec.gov.
The SEC file number for documents filed by us under the Securities Exchange Act
of 1934, referred to as the Exchange Act, is 001-13163.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our common stock, no par
value is listed on the New York Stock Exchange and its trading symbol is &#147;YUM.&#148;
You can inspect reports, proxy statements and other information concerning us
at the offices of the New York Stock Exchange at 20 Broad Street, New York, New
York 10005. For further information on obtaining copies of our public filings
at the NYSE, you should call (212) 656-5060.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="IncorporationByReference_224112"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INCORPORATION BY REFERENCE</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The rules&nbsp;of
the SEC allow us to incorporate by reference information into this prospectus.
The information incorporated by reference is considered to be a part of this
prospectus, and information that we file later with the SEC will automatically
update and supersede this information. This prospectus incorporates by
reference the documents listed below:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Annual Report on Form&nbsp;10-K for fiscal year
ended December&nbsp;31, 2005, as amended by&nbsp;Form&nbsp;10-K/A</font> filed
on April&nbsp;3, 2006; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Current
Reports on Form&nbsp;8-K filed on January&nbsp;30, 2006, February&nbsp;6,
2006 and March&nbsp;16, 2006.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents filed by us
pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act
after the date of this prospectus and until the offering of the debt securities
is completed shall be deemed to be incorporated by reference and to be a part
of this prospectus from the respective dates of filing of those </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">documents.
Upon request, we will provide without charge to each person to whom a copy of
this prospectus has been delivered a copy of any and all of these filings. You
may request a copy of these filings by writing or telephoning us at our
principal executive offices: YUM! Brands,&nbsp;Inc., 1441 Gardiner Lane,
Louisville, Kentucky 40213, Telephone Number (502) 874-8300,
Attention:&#160; Investor Relations.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="RatioOfEarningsToFixedCharges_224112"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RATIO OF EARNINGS TO FIXED CHARGES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set
forth below are our consolidated ratios of earnings to fixed charges for the
fiscal years ended 2005, 2004, 2003, 2002 and 2001.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="399" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:299.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2001</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="399" valign="top" style="padding:0pt .7pt 0pt 0pt;width:299.25pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratio of earnings
  to fixed charges(a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.11</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.31</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.67</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.92</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.74</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes the impact of Wrench
litigation income of $2 million in 2005 and $14 million in 2004 and expense of
$42 million in 2003 and AmeriServe and other credits of $2 million in 2005, $16
million in 2004, $26 million in 2003, $27 million in 2002 and $3 million in
2001. </p>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="UseOfProceeds_224112"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">USE OF PROCEEDS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the applicable
prospectus supplement states otherwise, we intend to use the net proceeds from
the sale of the offered securities for working capital and other general
corporate purposes, which may include the </font>repayment of our indebtedness outstanding from time to time.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="DescriptionOfOurDebtSecurities_224113"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION OF OUR DEBT SECURITIES</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description sets forth certain general
terms and provisions of our debt securities to which any prospectus supplement
may relate. The particular terms of the debt securities offered by any
prospectus supplement and the extent, if any, to which such general provisions
may apply to the debt securities so offered will be described in the prospectus
supplement relating to such debt securities.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The debt securities may be
issued, from time to time, in one or more series under an Indenture, dated May&nbsp;1,
1998, between us and J.P. Morgan Trust Company, National Association, as
trustee. The following summaries of certain provisions of the debt securities
and the Indenture do not purport to be complete and are subject to, and are
qualified in their entirety by express reference to, all the provisions of the
Indenture, including the definitions therein of certain terms.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The debt securities will be our senior, direct,
unsecured obligations and, as such, will rank <i>pari passu</i>
in right of payment with all of our existing and future unsecured
unsubordinated indebtedness and senior in right of payment to all of our
subordinated indebtedness. The debt securities will be effectively subordinated
to (i)&nbsp;all existing and future liabilities of our subsidiaries and (ii)&nbsp;all
of our existing and future senior secured indebtedness.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture does not limit the aggregate principal
amount of debt securities that may be issued under it and provides that debt
securities may be issued under it from time to time in one or more series. Unless
otherwise indicated in an applicable prospectus supplement, except as described
below under &#147;Certain Covenants,&#148; the Indenture does not include covenants
restricting our ability to enter into a highly leveraged transaction, including
a reorganization, restructuring, merger or similar transaction involving us
that may adversely affect the holders of the debt securities, if such
transaction is a permissible consolidation, merger or similar transaction. In
addition, unless otherwise specified in an applicable prospectus supplement,
the Indenture does not afford the holders of the debt securities the right to
require </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">us to repurchase or redeem
the debt securities in the event of a highly leveraged transaction. See &#147;Mergers
and Sale of Assets.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The applicable
prospectus supplement or prospectus supplements will describe, among other
things, the following terms of the debt securities offered thereby:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
title of the offered debt securities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
limit on the aggregate principal amount of the offered debt securities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
price or prices at which the offered debt securities will be issued;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
date or dates on which the principal of the offered debt securities is payable;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
place or places where and the manner in which the principal of and premium, if
any, and interest, if any, on such offered debt securities will be payable and
the place or places where such offered debt securities may be presented for
transfer and, if applicable, conversion or exchange and notices and demands to
or upon us in respect of the securities of the series may be served;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
rate or rates at which the offered debt securities will bear interest, if any,
and the date or dates from which such interest, if any, will accrue;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
dates, if any, on which any interest on the offered debt securities will be
payable, and the regular record date for any interest payable on any offered
debt securities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
obligation, if any, of us to redeem or purchase debt securities of the series
pursuant to any sinking fund or analogous provisions or at the option of a
holder thereof, the conditions, if any, giving rise to such right or
obligation, and the period or periods within which, and the price or prices at
which and the terms and conditions upon which debt securities of the series
will be redeemed or purchased, in whole or part, and any provisions for the
remarketing of such debt securities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
such offered debt securities are convertible or exchangeable into other
securities and, if so, the terms and conditions upon which such conversion or
exchange will be effected including the initial conversion or exchange price or
rate and any adjustments thereto, the conversion or exchange period and other conversion
or exchange provisions;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
terms applicable to such offered debt securities issued at an issue price below
their stated principal amount, including the issue price thereof and the rate
or rates at which such original issue discount will accrue;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
other than the principal amount thereof, the portion of the principal amount of
the offered debt securities which will be payable upon declaration of
acceleration of the maturity thereof pursuant to an event of default;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
deletions from, modifications of or additions to the events of default or
covenants applicable to us with respect to such offered debt securities and
whether or not such events of default or covenants are consistent with the
events of default or covenants set forth in this prospectus;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
period or periods within which, the price or prices at which and the terms and
conditions upon which, offered debt securities may be redeemed, in whole or in
part, at our option;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
denominations in which any registered securities of the series will be
issuable, if other than denominations of $1,000 and any integral multiple
thereof; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
other terms of the offered debt securities not inconsistent with the provisions
of the Indenture.</p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing is not intended to be an exclusive list
of the terms that may be applicable to any offered debt securities and will not
limit in any respect our ability to issue debt securities with terms different
from or in addition to those described above or elsewhere in this prospectus
provided that such terms are not inconsistent with the Indenture and this
prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our operations are conducted almost entirely through
subsidiaries. Accordingly, the cash flow and the consequent ability to service
our debt, including the debt securities, are dependent upon the earnings of our
subsidiaries and the distribution of those earnings to us, whether by
dividends, loans or otherwise. The payment of dividends and the making of loans
and advances to us by our subsidiaries may be subject to statutory or
contractual restrictions, are contingent upon the earnings of those
subsidiaries and are subject to various business considerations. Any right we
have to receive assets of any of our subsidiaries upon their liquidation or
reorganization (and the consequent right of the holders of the debt securities
to participate in those assets) will be effectively subordinated to the claims
of that subsidiary&#146;s creditors (including trade creditors), except to the
extent that we are recognized as a creditor of such subsidiary, in which case
our claims would still be subordinate to any security interests in the assets
of such subsidiary and any indebtedness of such subsidiary senior to that held
by us.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Exchange, Registration and Transfer</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated in an applicable prospectus
supplement, debt securities will be issued in fully registered form and will be
represented by a global debt security, as described below under &#147;Book-Entry
Securities.&#148; Unless otherwise indicated in an applicable prospectus supplement,
registered debt securities will be issuable in denominations of $1,000 and
integral multiples thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt securities may be presented for registration of
transfer, at our office or agency designated as registrar or co-registrar with
respect to any series of debt securities, without service charge and upon
payment of any taxes, assessments or other governmental charges as described in
the Indenture. Such transfer or exchange will be effected on the books of the
registrar or any other transfer agent appointed by us upon such registrar or
transfer agent, as the case may be, being satisfied with the documents of title
and identity of the person making the request. We intend to initially appoint
the Trustee as registrar and the name of any different or additional registrar
designated by us with respect to the offered debt securities will be included
in the prospectus supplement relating thereto.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of any
partial redemption of debt securities of any series, we will not be required to
(i)&nbsp;issue, register the transfer of or exchange debt securities of that
series during a period beginning at the opening of business 15 days before any
selection of debt securities of that series to be redeemed and ending at the
close of business on the day of mailing of the relevant notice of redemption or
(ii)&nbsp;register the transfer of or exchange any registered security, or
portion thereof, called for redemption, except the unredeemed portion of any
registered security being redeemed in part.</font></p>


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<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment and Paying Agents</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated in an applicable prospectus
supplement, payment of principal of, and premium, if any, and interest, if any,
on registered debt securities will be made at the office of such paying agent
or paying agents as we may designate from time to time, except that at our
option payment of principal, premium or interest may be made by check or by
wire transfer to an account maintained by the payee. Unless otherwise indicated
in an applicable prospectus supplement, payment of any installment of interest
on registered debt securities will be made to the person in whose name such
registered debt security is registered at the close of business on the regular
record date for such interest.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated in an applicable prospectus
supplement, the Trustee will be designated as our sole paying agent for
payments with respect to the debt securities.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All monies paid by us to a
paying agent for the payment of principal of, or premium, if any, or interest,
if any, on any debt security which remains unclaimed at the end of two years
after such principal, premium or interest becomes due and payable will be
repaid to us, and the holder of such debt security or any coupon will
thereafter look only to us for payment thereof.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book-Entry Securities</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The debt securities of a series will be represented by
one or more global securities. Unless otherwise indicated in the prospectus
supplement, the global security representing the debt securities of a series
will be deposited with, or on behalf of, The Depository Trust Company, New
York, New York, or other successor depositary we appoint and registered in the
name of the depositary or its nominee. Unless and until it is exchanged in
whole or in part for individual certificates evidencing debt securities, a
global security may not be transferred except as a whole by the depositary to
its nominee or by the nominee to the depositary, or by the depositary or its
nominee to a successor depositary or to a nominee of the successor depositary.
The debt securities will not be issued in definitive form unless otherwise
provided in the prospectus supplement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We anticipate that DTC will act as depositary for the
debt securities. The debt securities will be issued as fully-registered
securities registered in the name of Cede&nbsp;&amp; Co. (DTC&#146;s partnership
nominee). One fully-registered global security will be issued with respect to
each $500 million of principal amount of debt securities of a series, and an
additional certificate will be issued with respect to any remaining principal
amount of debt securities of such series.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC is a limited-purpose trust company organized under
the New York Banking Law, a &#147;banking organization&#148; within the meaning of the
New York Banking Law, a member of the Federal Reserve System, a &#147;clearing
corporation&#148; within the meaning of the New York Uniform Commercial Code, and a &#147;clearing
agency&#148; registered pursuant to the provisions of Section&nbsp;17A of the
Exchange Act. DTC holds securities that its participants deposit with DTC. DTC
also facilitates the settlement among participants of securities transactions,
such as transfers and pledges, in deposited securities through electronic
computerized book-entry changes in participants&#146; accounts, thereby eliminating
the need for physical movement of securities certificates. Direct participants
include securities brokers and dealers, banks, trust companies, clearing
corporations and certain other organizations. DTC is a wholly-owned subsidiary
of The Depository Trust&nbsp;&amp; Clearing Corporation (&#147;DTTC&#148;). DTTC, in turn
is owned by a number of direct participants of DTC and members of the National
Securities Clearing Corporation, Fixed Income Clearing Corporation and Emerging
Markets Clearing Corporation (which are also subsidiaries of DTTC), as well as
by the New York Stock Exchange,&nbsp;Inc., the American Stock Exchange LLC and
the National Association of Securities Dealers,&nbsp;Inc. Access to the DTC
system is also available to indirect participants such as securities brokers
and dealers, banks and trust companies that clear transactions through or
maintain a custodial relationship with a direct participant, either directly or
indirectly. The rules&nbsp;applicable </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to DTC and its
participants are on file with the SEC. More information about DTC can be found
at www.dtcc.com.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases of debt securities under the DTC system must
be made by or through direct participants, which will receive a credit for the
debt securities on DTC&#146;s records. The ownership interest of each actual
purchaser of each debt security will be recorded on the direct and indirect
participants&#146; records. These beneficial owners will not receive written
confirmation from DTC of their purchase, but beneficial owners are expected to
receive a written confirmation providing details of the transaction, as well as
periodic statements of their holdings, from the direct or indirect participants
through which the beneficial owner entered into the transaction. Transfers of
ownership interests in the debt securities are to be accomplished by entries
made on the books of participants acting on behalf of beneficial owners.
Beneficial owners will not receive certificates representing their ownership
interests in debt securities, except in the event that use of the book-entry
system for the debt securities is discontinued.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To facilitate subsequent transfers, all debt
securities deposited by participants with DTC are registered in the name of DTC&#146;s
partnership nominee, Cede&nbsp;&amp; Co. The deposit of debt securities with
DTC and their registration in the name of Cede&nbsp;&amp; Co. will not change
the beneficial ownership of the debt securities. DTC has no knowledge of the
actual beneficial owners of the debt securities; DTC&#146;s records reflect only the
identity of the direct participants to whose accounts the debt securities are
credited, which may or may not be the beneficial owners. The participants are
responsible for keeping account of their holdings on behalf of their customers.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conveyances of notices and other communications by DTC
to direct participants, by direct participants to indirect participants, and by
direct participants and indirect participants to beneficial owners will be
governed by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption notices will be sent to DTC. If less than
all of the debt securities of a series are being redeemed, DTC&#146;s practice is to
determine by lot the amount of the interest of each direct participant in such
series to be redeemed.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In any case where a vote may be required with respect
to the debt securities of any series, neither DTC nor Cede&nbsp;&amp; Co will
consent or vote with respect to such debt securities unless authorized by a
direct participant in accordance with DTC&#146;s procedures. Under its usual
procedures, DTC mails an omnibus proxy to us as soon as possible after the
record date. The omnibus proxy assigns Cede&nbsp;&amp; Co.&#146;s consenting or
voting rights to those direct participants to whose accounts the debt
securities of the series are credited on the record date (identified in a
listing attached to the omnibus proxy).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal of, and premium, if any, and interest, if
any, on the debt securities will be paid to Cede&nbsp;&amp; Co., as nominee of
DTC. DTC&#146;s practice is to credit direct participants&#146; accounts, upon DTC&#146;s
receipt of funds and corresponding detail information from us or the Trustee,
on the applicable payable date in accordance with their respective holdings
shown on DTC&#146;s records. Payments by participants to beneficial owners will be
governed by standing instructions and customary practices, as is the case with
securities held for the accounts of customers in bearer form or registered in &#147;street
name,&#148; and will be the responsibility of that participant and not of DTC, the
Trustee or us, subject to any statutory or regulatory requirements as may be in
effect from time to time. Payment of principal, premium and interest to Cede&nbsp;&amp;
Co. is the responsibility of us or the Trustee. Disbursement of payments from
Cede&nbsp;&amp; Co. to direct participants is DTC&#146;s responsibility. Disbursement
of payments to beneficial owners is the responsibility of direct and indirect
participants.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In any case where we have made a tender offer for the
purchase of any debt securities, a beneficial owner must give notice through a
participant to a tender agent to elect to have its debt securities purchased or
tendered. The beneficial owner must deliver debt securities by causing the
direct participants </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to transfer the
participant&#146;s interest in the debt securities, on DTC&#146;s records, to a tender
agent. The requirement for physical delivery of debt securities in connection
with an optional tender or a mandatory purchase is satisfied when the ownership
rights in the debt securities are transferred by direct participants on DTC&#146;s
records and followed by a book-entry credit of tendered debt securities to the
tender agent&#146;s account.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC may discontinue providing its services as
depositary for the debt securities at any time by giving reasonable notice to
us or the Trustee. Under these circumstances, if a successor depositary is not
obtained, then debt security certificates must be delivered.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may decide to discontinue use of the system of
book-entry transfers through DTC (or a successor depositary). In that event,
debt security certificates will be printed and delivered.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We obtained the
information in this section concerning DTC and DTC&#146;s book-entry system from
sources that we believe to be reliable, but we take no responsibility for the
accuracy of this information.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Covenants</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation on Liens</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, we have agreed to not create,
assume or suffer to exist any lien on any &#147;restricted property,&#148; to secure any
of our debt or that of our subsidiaries or any other person, or permit any
subsidiary to do so, without securing the debt securities having the benefit of
this covenant equally and ratably with (or prior to) such debt for so long as
such debt is so secured.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This covenant does
not apply to any of the following types of liens:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>with
respect to any particular series of debt securities, liens existing on the date
of issuance of such series;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>liens
on restricted property of corporations at the time they become our
subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>liens
existing on restricted property when acquired by us or any of our subsidiaries
(including through merger or consolidation);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>liens
to secure debt incurred to finance the purchase price, construction,
alteration, repair or improvement of restricted property;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>liens
securing debt of a subsidiary owing to us or another of our subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>liens
securing industrial development, pollution control, or similar revenue bonds or
in favor of governmental bodies to secure progress, advance or other payments
pursuant to any contract or provision of law;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>liens
(i)&nbsp;to secure the payment of all or any part of the purchase price of any
restricted property or the cost of construction, installation, renovation,
improvement or development on or of such restricted property or (ii)&nbsp;to
secure any debt incurred prior to, at the time of, or within 360 days after the
later of the acquisition, the completion of such construction, installation,
renovation, improvement or development or the commencement of full operation of
such restricted property for the purpose of financing all or any part of the
purchase price or cost thereof;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>liens
otherwise prohibited by this covenant, securing debt which, together with the
aggregate outstanding principal amount of all of our other debt and the debt of
our subsidiaries owning restricted property which is secured by liens that
would otherwise be prohibited by this covenant and the value of sale and
leaseback transactions described below effected in accordance with this
exception, does not exceed 10% of our consolidated net tangible assets; and</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
extension, renewal or refunding of any liens referred to in the foregoing
clauses; provided, however, that in the case of this exception, the principal
amount of debt secured thereby will not exceed the principal amount of debt,
plus any premium or fee payable in connection with any such extension, renewal,
replacement or refunding, so secured at the time of such extension, renewal,
replacement or refunding.</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, &#147;debt&#148; means (a)&nbsp;all
obligations represented by notes, bonds, debentures or similar evidences of
indebtedness, (b)&nbsp;all indebtedness for borrowed money or for the deferred
purchase price of property or services other than, in the case of any such
deferred purchase price, on normal trade terms, and (iii)&nbsp;all rental
obligations as lessee under leases which will have been or should be, in
accordance with generally accepted accounting principles, recorded as capital
leases.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, &#147;restricted property&#148; means (a)&nbsp;any
individual facility or property, or portion thereof, owned or leased by us or
our subsidiaries and located within the continental United States of America
which, in the opinion of our Board of Directors, is of material importance to
our business and that of our subsidiaries taken as a whole, but no such
individual facility, property or portion of a facility or property will be
deemed of material importance if its gross book value (before deducting
accumulated depreciation) is less than 3% of our consolidated net tangible
assets, and (b)&nbsp;any shares of capital stock or indebtedness of any
subsidiary owning any such facility. As of the date of this prospectus, we have
no restricted properties.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, &#147;consolidated
net tangible assets&#148; refers to the total amount of our assets (less applicable
valuation allowances) after deducting (a)&nbsp;all current liabilities
(excluding the amount of liabilities which are by their terms extendable or
renewable at the option of the obligor to a date more than 12 months after the
date as of which the amount is being determined) and (b)&nbsp;all goodwill,
tradenames, trademarks, patents, unamortized debt discount and expense and
other like intangible assets, all as set forth on our most recent consolidated
balance sheet and determined in accordance with generally accepted accounting
principles.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation on Sale and Leaseback Transactions</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the
Indenture, we have agreed not to, and to not permit any subsidiary to, enter
into any sale and leaseback transaction unless:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>we
or such subsidiary would be entitled under the provisions described above under
&#147;Limitation on Liens&#148; to incur debt in a principal amount equal to the value of
such sale and leaseback transaction, secured by liens on the facilities to be
leased, without equally and ratably securing the debt securities having the
benefit of this covenant, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>we
or such subsidiary, during the six months following the effective date of such
sale and leaseback transaction, apply an amount equal to the value of such sale
and leaseback transaction to the acquisition of restricted property or to the
retirement of debt securities or funded debt.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A &#147;sale and
leaseback transaction&#148; is any arrangement with any person pursuant to which we
or any of our subsidiaries leases any restricted property that has been or is
to be sold or transferred by us or the subsidiary to such person, other than:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>leases
for a term, including renewals at the option of the lessee, of not more than
three years;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>leases
between us and a subsidiary or between subsidiaries; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>leases
of restricted property executed by the time of, or within 12 months after the
latest of, the acquisition, the completion of construction or improvement, or
the commencement of commercial operation, of such restricted property.</p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The value of a sale and leaseback transaction is an
amount equal to the present value of the lease payments (after deducting the
amount of rent to be received under noncancellable subleases) with respect to
the term of the lease remaining on the date as of which the amount is being
determined, without regard to any renewal or extension options contained in the
lease, discounted at the weighted average interest rate on the debt securities
of all series which are outstanding on the effective date of such sale and
leaseback transaction and which have the benefit of the covenant limiting sale
and leaseback transactions.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of determining such value, &#147;lease
payments&#148; are the aggregate amount of the rent payable by the lessee with
respect to the applicable period, after excluding amounts required to be paid
on account of maintenance and repairs, insurance, taxes, water rates and
similar charges. If and to the extent the amount of any lease payment during
any future period is not definitely determinable under the lease in question,
the amount of such lease payment will be estimated in such reasonable manner as
our Board of Directors may in good faith determine.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mergers and Sales of Assets</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, we
have agreed to not consolidate with or merge into any other person or convey,
transfer or lease our properties and assets substantially as an entirety to another
person, unless, among other things, (i)&nbsp;the resulting, surviving or
transferee person (if other than us) is organized and existing under the laws
of the United States, any state thereof or the District of Columbia and such
person expressly assumes all of our obligations under the debt securities and
the Indenture, and (ii)&nbsp;immediately after giving effect to such
transaction, no event which is, or after notice or passage of time or both
would be, an event of default will have occurred and be continuing under the
Indenture. Upon the assumption of our obligations by a person to whom such
properties or assets are conveyed or transferred, we will be discharged from
all obligations under the debt securities and the Indenture.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Events of Default</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture provides that, if an event of default
under the Indenture has occurred and is continuing as described below, with
respect to each series of the debt securities outstanding thereunder
individually, the Trustee or the holders of not less than a majority in aggregate
principal amount of the outstanding debt securities of such series may declare
the principal amount of the debt securities of such series to be immediately
due and payable. Under certain circumstances, the holders of a majority in
aggregate principal amount of the outstanding debt securities of such series
may rescind such a declaration.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the
Indenture, an event of default is defined as, with respect to each series of
debt securities outstanding thereunder individually, any of the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>default
in payment of the principal of any debt security of such series;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>default
in payment of any interest on any debt security of such series when due,
continuing for 30 days, so long as holders of 75% of the then outstanding debt
securities of such series have not consented to a postponement of such payment;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>default
in payment of any sinking fund or purchase fund installment or analogous
obligation, if any, on any debt security of such series when due, continuing
for 30 days;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>failure
by us to comply with our other agreements in respect of any debt securities of
such series upon the receipt by us of notice of such default given as specified
in the Indenture and our failure to cure such default within 90 days after
receipt by us of such notice;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>acceleration
of any indebtedness for money borrowed by us in an aggregate principal amount
exceeding $50 million under the terms of the instrument under which such
indebtedness is issued or secured, if such acceleration is not annulled, or
such indebtedness is not discharged, within 30 days after written notice as
provided in the Indenture;</p>


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<div>


<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certain
events of bankruptcy or insolvency with respect to us; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
other event of default set forth in an applicable prospectus supplement.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee will give notice to holders of the debt
securities of any continuing default known to the Trustee within 90 days after
the occurrence thereof. However, the Trustee may withhold such notice, as to
any default other than a payment default, if it determines in good faith that
withholding the notice is in the interests of the holders.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The holders of a majority
in principal amount of the outstanding debt securities of any series may direct
the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the
Trustee with respect to the debt securities of such series. Such direction
cannot be in conflict with any law or the Indenture and it is subject to
certain other limitations. Before proceeding to exercise any right or power
under the Indenture at the direction of such holders, the Trustee will be
entitled to receive from such holders reasonable security or indemnity against
the costs, expenses and liabilities which might be incurred by it in complying
with any such direction. With respect to each series of debt securities, no holder
will have any right to pursue any remedy with respect to the Indenture or the
debt securities, unless:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>such
holder has given the Trustee written notice of a continuing event of default
with respect to the debt securities of such series;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
holders of at least a majority in aggregate principal amount of the outstanding
debt securities of such series have made a written request to the Trustee to
pursue such remedy;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>such
holder has offered to the Trustee reasonable indemnity satisfactory to the Trustee;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
holders of a majority in aggregate principal amount of the outstanding debt
securities of such series have not given the Trustee a direction inconsistent
with such request within 60 days after receipt of such request; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Trustee has failed to comply with the request within such 60-day period.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, the right of any holder
of any debt security to receive payment of the principal of and premium, if any
and interest, if any, in respect of such debt security on the date specified in
such debt security as the fixed date on which an amount equal to the principal
of such debt security or an installment of principal thereof or premium or
interest thereon is due and payable or to institute suit for the enforcement of
any such payments will not be impaired or adversely affected without such
holder&#146;s consent. The holders of a majority in aggregate principal amount of
the outstanding debt securities of any series may waive an existing default
with respect to such series and its consequences, other than (i)&nbsp;any
default in any payment of the principal of, or premium or interest on, any debt
security of such series or (ii)&nbsp;any default in respect of certain
covenants or provisions in the Indenture which may not be modified without the
consent of the holder of each outstanding debt security of such series affected
as described below under &#147;Modification and Waiver.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture provides
that we will deliver to the Trustee within 120 days after the end of each of
our fiscal years an officers&#146; certificate stating whether or not the signers
know of any default that occurred during such period.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Modification and Waiver</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We and the Trustee
may execute a supplemental indenture without the consent of the holders of the
debt securities:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
add to our covenants, agreements and obligations for the benefit of the holders
of all the debt securities of any series or to surrender any right or power
conferred in the Indenture upon us;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
evidence the succession of another corporation to us and the assumption by it
of our obligations under the Indenture and the debt securities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
establish the form or terms of debt securities of any series as permitted by
the Indenture;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
provide for the acceptance of appointment under the Indenture of a successor
Trustee with respect to the debt securities of one or more series and to add to
or change any provisions of the Indenture as will be necessary to provide for
or facilitate the administration of the trusts by more than one Trustee;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
cure any ambiguity, defect or inconsistency as long as such action will not
adversely affect the interests of any holder of any such debt securities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
add to, change or eliminate any provisions (which addition, change or
elimination may apply to one or more series of debt securities), as long as any
such addition, change or elimination neither (a)&nbsp;applies to any debt
security of any series created prior to the execution of such supplemental
indenture and is entitled to the benefit of such provision nor (b)&nbsp;modifies
the rights of the holder of any such debt securities with respect to such
provision;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
secure the debt securities; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
make any other change that does not adversely affect the rights of any holder
of any such debt securities.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture
provides that, with the consent of the holders of not less than a majority in
aggregate principal amount of the outstanding debt securities of the series
affected by such supplemental indenture, we and the Trustee may also execute a
supplemental indenture to add provisions to, or change in any manner or
eliminate any provisions of, the Indenture with respect to such series of debt
securities or modify in any manner the rights of the holders of the debt
securities of such series under the Indenture. However, no such supplemental
indenture will, without the consent of the holders of at least 75% of the
outstanding debt securities affected thereby, extend the time for payment of
any installment of interest payable with respect to such debt securities. In
addition, no such supplemental indenture will, without the consent of the
holder of each such outstanding debt security affected thereby:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>change
the stated maturity of the principal of, or any installment of principal on,
any such debt security, or reduce the amount of principal of any debt security
that is a discount security and that would be due and payable upon declaration
of acceleration of maturity thereof;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce
the principal amount of, or the rate of interest on, any such debt security or
any premium payable upon redemption thereof;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>change
the place or currency of payment of principal or interest, if any, on any such
debt security;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>impair
the right to institute suit for the enforcement of any payment on or with
respect to any such debt security;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce
the above-stated percentage of holders of debt securities of any series
necessary to modify or amend the Indenture; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>modify
the foregoing requirements or reduce the percentage in principal amount of
outstanding debt securities of any series necessary to waive any covenant or
past default.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of not less than a
majority in principal amount of the outstanding debt securities of any series
may waive certain past defaults and may waive our compliance with the
restrictive covenants described above with respect to the debt securities of
such series.</font></p>


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<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discharge and Defeasance</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated in an applicable prospectus
supplement, the Indenture provides that we may satisfy and discharge
obligations thereunder with respect to the debt securities of any series by
delivering to the Trustee for cancellation all outstanding debt securities of
such series or depositing with the Trustee, after such outstanding debt
securities have become due and payable, cash sufficient to pay at stated
maturity all of the outstanding debt securities of such series and paying all
other sums payable under the Indenture with respect to such series.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, unless
otherwise indicated in an applicable prospectus supplement, the Indenture
provides that: we (a)&nbsp;will be discharged from our obligations in respect
of the debt securities of such series, which we refer to as &#147;a defeasance and
discharge,&#148; or (b)&nbsp;may cease to comply with certain restrictive covenants,
which we refer to as &#147;a covenant defeasance,&#148; including those described under &#147;Certain
Covenants&#148; and &#147;Mergers and Sales of Assets&#148; and any such omission will not be
an event of default with respect to the debt securities of such series, in each
case at any time prior to the stated maturity or redemption of the debt securities
of such series, when we have irrevocably deposited with the Trustee, in trust:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>sufficient
funds in the currency or currency unit in which the debt securities are
denominated to pay the principal of (and premium, if any), and interest to
stated maturity (or redemption) on, the debt securities of such series;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>such
amount of direct obligations of, or obligations the principal of and interest
on which are fully guaranteed by, the government which issued the currency in
which the debt securities are denominated, and which are not subject to
prepayment, redemption or call, as will, together with the predetermined and
certain income to accrue thereon without consideration of any reinvestment
thereof, be sufficient to pay when due the principal of (and premium, if any),
and interest to stated maturity (or redemption) on, the debt securities of such
series; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
combination thereof.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such defeasance and
discharge and covenant defeasance are conditioned upon, among other things, our
delivery of (x)&nbsp;an opinion of counsel that the holders of the debt
securities of such series will not recognize income, gain or loss for United
States Federal income tax purposes as a result of such defeasance, and such
holders will be subject to tax on the same amounts, in the same manner and at
the same times as if no defeasance and discharge or covenant defeasance, as the
case may be, had occurred and (y)&nbsp;an officer&#146;s certificate and an opinion
of counsel, each stating that all conditions precedent with respect to such
defeasance and discharge or covenant defeasance, as the case may be, have been
complied with. Upon such defeasance and discharge, the holders of the debt
securities of such series will no longer be entitled to the benefits of the
Indenture, except for the purposes of registration of transfer and exchange of
the debt securities of such series and replacement of lost, stolen or mutilated
debt securities and will look only to such deposited funds or obligations for
payment.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee will be
permitted to engage in other transactions with us and our subsidiaries.
However, if the Trustee acquires any conflicting interest within the meaning of
the Trust Indenture Act of 1939, as amended, it must eliminate such conflict or
resign. An affiliate of the Trustee is a lender under our bank credit
facilities.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Experts_225010"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXPERTS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consolidated financial
statements of YUM! Brands,&nbsp;Inc. as of December&nbsp;31, 2005 and December&nbsp;25,
2004, and for each of the years in the three-year period ended December&nbsp;31,
2005, and management&#146;s assessment of the effectiveness of internal control over
financial reporting as of December&nbsp;31, 2005 have been incorporated by
reference herein in reliance upon the report of KPMG&nbsp;LLP, independent
registered public accounting firm, incorporated by reference herein, and upon
the authority of said firm as experts in accounting and auditing. The audit
report covering the December&nbsp;31, 2005 financial statements refers to a
change in the method for accounting for share-based payments.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="LegalMatters_225010"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL MATTERS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity of the debt securities offered by this
prospectus will be passed upon for us by Mayer, Brown, Rowe&nbsp;&amp; Maw LLP,
Chicago, Illinois.</font></p>


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