<SUBMISSION>
<ACCESSION-NUMBER>0001157523-08-003135
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080422
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20080423
<DATE-OF-FILING-DATE-CHANGE>20080422
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>YUM BRANDS INC
<CIK>0001041061
<ASSIGNED-SIC>5812
<IRS-NUMBER>133951308
<STATE-OF-INCORPORATION>NC
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13163
<FILM-NUMBER>08770110
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1441 GARDINER LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
<PHONE>5028748300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1900 COLONEL SANDERS LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>TRICON GLOBAL RESTAURANTS INC
<DATE-CHANGED>19970627
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GREAT AMERICAN RESTAURANT CO
<DATE-CHANGED>19970618
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5664877.htm
<DESCRIPTION>YUM! BRANDS, INC. 8-K
<TEXT>
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            &#160;
          </p>
        </td>
      </tr>
    </table>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b><font style="font-size: 18pt; font-family: Times New Roman">UNITED
      STATES</font><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 10pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><b><font style="font-size: 18pt; font-family: Times New Roman">FORM
      8-K</font></b><br><br><font style="font-size: 12pt; font-family: Times New Roman">CURRENT
      REPORT</font><b><font style="font-size: 12pt; font-family: Times New Roman">
      </font></b><br><br><b><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b>
    </p>
    <p style="text-align: center">
      <b><font style="font-size: 10pt; font-family: Times New Roman">Date of
      Report</font></b><font style="font-size: 10pt; font-family: Times New Roman">
      </font><b><font style="font-size: 10pt; font-family: Times New Roman">(Date
      of earliest event reported)</font></b><br><b><font style="font-size: 10pt; font-family: Times New Roman">April
      22, 2008</font></b><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><b><font style="font-family: Times New Roman">Commission
      file number 1-13163</font></b><br><b><font style="font-family: Times New Roman">______________</font></b><br>
    </p>
    <p style="text-align: center">
      <b><font style="font-size: 18pt; font-family: Times New Roman">YUM!
      BRANDS, INC.</font></b><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt; text-align: center">
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            North Carolina
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 33%; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            13-3951308
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction<br>of incorporation or organization)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt; text-align: center">
      <tr>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1441 Gardiner Lane, Louisville, Kentucky
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            40213
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: center" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
    </table>
    <p style="text-align: center">
      <br>
      Registrant&#8217;s telephone number, including area code: &#160;&#160;(502) 874-8300<br><br><br><font style="font-size: 10pt; font-family: Times New Roman">Former
      name or former address, if changed since last report: &#160;&#160;&#160;N/A</font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c)) </font>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      Section 2 &#8211; Financial Information
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Item 2.02&#160;&#160; &#160;&#160;&#160;Results of Operations and Financial Condition
    </p>
    <p style="margin-left: 30.0px; font-family: Times New Roman; font-size: 10pt">
      On April 22, 2008, YUM! Brands, Inc. issued a press release announcing
      financial results for the quarter ended March 22, 2008. In this press
      release, YUM Brands, Inc. increased their EPS guidance. A copy of the
      press release is attached hereto as Exhibit 99.1.
    </p>
    <p>
      Section 9 &#8211; Financial Statements and Exhibits
    </p>
    <p style="margin-left: 30.0px; font-family: Times New Roman; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Item
      9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits </font>
    </p>
    <p style="margin-left: 90.0px; white-space: nowrap">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits<br>99.1&#160;&#160;&#160;&#160;&#160;&#160;Press
      Release dated April 22, 2008 from YUM! Brands, Inc.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt; text-align: center">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 49%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>YUM! BRANDS, INC.</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="padding-left: 0.0px; width: 49%; text-align: left" valign="top">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="padding-left: 0.0px; width: 49%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="padding-left: 0.0px; width: 49%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: left; padding-bottom: 2.0px" valign="top">
          Date:
        </td>
        <td style="padding-left: 0.0px; width: 44%; text-align: left; padding-bottom: 2.0px" valign="top">
          April 22, 2008
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 49%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Ted F. Knopf
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="padding-left: 0.0px; width: 49%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Senior Vice President of Finance<br>and Corporate Controller<br>(Principal
            Accounting Officer)
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5664877-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <b><font style="font-size: 12pt; font-family: Times New Roman">Yum!
      Brands Inc. Reports First-Quarter 2008 EPS of $0.50 per share, 19%
      Growth Excluding Special Items; Raises Full-Year EPS Growth Forecast to
      11% from 10%, Excluding Special Items</font></b>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands Inc. (NYSE: YUM) today
      reported results for the first quarter ended March 22, 2008.
    </p>
    <p>
      First-quarter Earnings Per Share (EPS) of $0.50 included the benefit of
      a one-time gain from the sale of our minority interest in KFC Japan, and
      charges related to our long-term plan for U.S. brands transformation,
      including refranchising losses and charges related to business
      restructuring. Excluding these special items, EPS was $0.42 or 19%
      growth, which the company believes is a better indication of the
      underlying first-quarter performance.
    </p>
    <p>
      <b><u>FIRST-QUARTER HIGHLIGHTS</u></b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Very strong system-sales growth of +40% in mainland China and +15% in
        Yum! Restaurants International (YRI), fueled by same-store-sales
        growth, strong unit development, and favorable foreign currency
        translation
      </li>
      <li style="margin-bottom: 10.0px">
        Worldwide same-store-sales growth of +4%, including +12% in mainland
        China, +5% in YRI, and +3% in the U.S. (all figures are system-wide)
      </li>
      <li style="margin-bottom: 10.0px">
        Operating profit growth of +33% in China Division and +18% in YRI.
        Worldwide operating profit growth of +13% excluding the benefit of
        special items
      </li>
      <li style="margin-bottom: 10.0px">
        A quarterly record of nearly $1 billion in share buybacks
      </li>
      <li style="margin-bottom: 10.0px">
        EPS growth as outlined below:
      </li>
    </ul>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="4" valign="bottom">
          <b>First Quarter</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <b>2008</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <b>% Change</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          EPS
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.35
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +43
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          Less: Special Items<sup>1</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8211;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          NM
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          EPS Excluding Special Items
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.35
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +19
        </td>
      </tr>
    </table>
    <p>
      <sup>1</sup> Special items of $0.08 include $100 million pre-tax gain
      from the sale of minority interest in KFC Japan, $26 million of U.S.
      refranchising pre-tax losses, and $6 million of pre-tax charges related
      to U.S. restructuring.
    </p>
    <p>
      <b>FULL-YEAR OUTLOOK</b>
    </p>
    <p>
      The Company raised its full-year 2008 EPS forecast from $1.85 to $1.87
      per share or 11% growth. This is prior to full-year net gains from
      special items of up to $0.06 per share as previously announced in the
      Company&#8217;s full-year 2007 earnings release on February 4, 2008. Full-year
      EPS is expected to total up to $1.93, including all items.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      David C. Novak, Chairman and CEO, said, &#8220;I am pleased to report a strong
      start to 2008 with first-quarter EPS growth of +19% excluding special
      items, led by outstanding operating-profit growth from our China and YRI
      businesses. The global growth we are achieving in China and YRI is among
      the best in the retail sector as we are driving robust same-store-sales
      growth, record-level new-unit development and excellent returns. In
      fact, we fully expect in 2008, for the eighth straight year, to open at
      least 1,000 new restaurants outside the U.S., reinforcing our position
      as the leading international retail developer. While our U.S. profits
      are being challenged by significant commodity pressure, we achieved 3%
      system same-store-sales growth, and we remain confident in the steps we
      are taking to position the U.S. brands for sustainable growth.
      Importantly, we continue to return significant cash to our shareholders.
      During the first quarter, we repurchased $1 billion of our shares at a
      price we believe created significant shareholder value. Overall, this
      quarter again highlighted the power of our global portfolio, and on the
      strength of our first-quarter results, we are raising our full-year EPS
      forecast to 11% growth, or $1.87 per share excluding special items.
    </p>
    <p>
      &#8220;Shareholders should expect us to continue building consistent value by
      differentiating our portfolio of brands and driving profitable global
      expansion through our four key strategies that make us not your ordinary
      restaurant company: building leading brands in China in every
      significant category; driving aggressive international expansion and
      building strong brands everywhere; dramatically improving U.S. brand
      positions, consistency and returns; and driving industry-leading,
      long-term shareholder and franchisee value.&#8221;
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b><u>CHINA DIVISION</u></b>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" rowspan="2" valign="top">
          ($ million, except restaurant counts<br>and percentages)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-bottom: 2.0px" colspan="3" valign="bottom">
          <b>First Quarter</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          <b>%</b><br><b>Change</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2008</u></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2007</u></b>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>Reported</u></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>Excl F/x</u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Traditional Restaurants-Mainland China (MLC)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2,640
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2,202
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +20
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          NA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          KFC
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2,201
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          1,881
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +17
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          NA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          Pizza Hut Casual Dining
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          362
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          273
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +33
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          NA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          Pizza Hut Home Service
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          59
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          39
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +51
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          NA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          System-Sales Growth %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +38
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +28
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="middle">
          MLC system-sales growth %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +40
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +30
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          MLC Same-Store-Sales Growth %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          NA
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +12
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Restaurant Margin %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          21.3
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          22.9
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (1.6)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (1.7)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Operating Profit
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          101
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          76
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +33
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +23
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    <p>
      <b><u>CHINA DIVISION COMMENTS</u></b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Mainland China delivered an outstanding same-store-sales growth of
        12%, lapping a strong 9% last year.
      </li>
      <li style="margin-bottom: 10.0px">
        We opened 88 new units in mainland China, exceeding last year&#8217;s
        development pace and further strengthening our leadership position in
        China&#8217;s rapidly growing restaurant category.
      </li>
      <li style="margin-bottom: 10.0px">
        Restaurant margin percentage declined due primarily to high food cost
        inflation. Commodity costs increased by approximately $11 million
        versus last year.
      </li>
      <li style="margin-bottom: 10.0px">
        Foreign currency conversion benefited operating profit by $8 million.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b><u>YUM! RESTAURANTS INTERNATIONAL DIVISION (YRI)</u></b>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td colspan="9">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2" valign="top">
          ($ million, except restaurant counts and percentages)
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-bottom: 2.0px" colspan="3" valign="bottom">
          <b>First Quarter</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="4" valign="bottom">
          <b>%</b><br><b>Change</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2008</u></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2007</u></b>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>Reported</u></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>Excl F/x</u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Traditional Restaurants
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          12,275
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          11,791
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="middle">
          NA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          System-Sales Growth %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +15
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          +9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Same-Store-Sales Growth %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          NA
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          +5
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Franchise &amp; License Fees
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          145
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          121
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +20
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          +14
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Operating Margin %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          20.0
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          17.4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +2.6
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          +2.3
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Operating Profit
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          139
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          119
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +18
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          +11
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    <p>
      <b><u>YRI DIVISION COMMENTS</u></b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        YRI achieved same-store-sales growth of 5%, lapping 7% from 2007.
      </li>
      <li style="margin-bottom: 10.0px">
        We opened 158 new restaurants in our YRI Division, 96% of which were
        opened by our franchise partners. YRI continues to build an enviable
        development track record.
      </li>
      <li style="margin-bottom: 10.0px">
        Franchise fees, a key driver of our high-return business, grew by 20%
        and is expected to reach approximately $650 million for the full year.
      </li>
      <li style="margin-bottom: 10.0px">
        The strength of foreign currencies versus the U.S. dollar benefited
        operating profit by $7 million.
      </li>
      <li style="margin-bottom: 10.0px">
        The loss of a VAT exemption in our Mexico business adversely impacted
        restaurant margin percentage by approximately 1 percentage point and
        operating profit by $5 million during the first quarter. As previously
        communicated, this loss is expected to negatively impact restaurant
        margin percentage by 1.2 percentage points and operating profit by
        more than $30 million for the full-year 2008.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b><u>UNITED STATES BUSINESS</u></b>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" rowspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ($ million, except restaurant counts<br>and percentages)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <b>First Quarter</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2008</u></b>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2007</u></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>% Change</u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Traditional Restaurants
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          17,919
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          18,050
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (1)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Same-Store-Sales Growth %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          System
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +3
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (3)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          NM
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          Company
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +3
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (6)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          NM
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Franchisee Sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          3,052
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2,932
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +4
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Company Sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          1,034
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          1,051
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (2)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Franchise &amp; License Fees
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          157
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          149
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          +5
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Restaurant Margin %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          12.4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          13.3
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (0.9)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Operating Margin %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          13.2
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          13.8
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (0.6)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Operating Profit
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          157
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          165
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          (5)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    <p>
      <b><u>U.S. BUSINESS COMMENTS</u></b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The U.S. business delivered same-store-sales growth of 3%, reversing
        last year&#8217;s negative trend.
      </li>
      <li style="margin-bottom: 10.0px">
        Restaurant margin percentage and operating profit declined due largely
        to significant commodity inflation (cheese, wheat and chicken costs).
        Overall, commodity costs increased $25 million compared to prior year.
      </li>
      <li style="margin-bottom: 10.0px">
        As part of our long-term plan to transform our U.S. business &#8212; which
        includes building permanent sales layers, investing in brand
        repositioning, refranchising and restructuring &#8212; we previously guided
        that we are expanding our refranchising of U.S. company-owned
        restaurants, with company ownership to potentially reach below 10% by
        year-end 2010. We remain confident in our ability to achieve this
        goal, and expect subsequent quarters&#8217; activity in 2008 to be higher
        than the relatively low rate during the first quarter.
      </li>
    </ul>
    <p>
      <b><u>SHAREHOLDER PAYOUTS</u></b>
    </p>
    <p>
      During the first quarter of 2008, we purchased 27.7 million shares at an
      average price of $35.39, or a total of $981 million, a quarterly record.
    </p>
    <p>
      For 2008, we expect to return over $2 billion to shareholders through
      both dividends and significant share buybacks.
    </p>
    <p>
      <b><u>Q2 2008 UPDATE</u></b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        We expect a special item loss in the range of $0.01 to $0.03 per share
        due to the continuation of our U.S. business transformation, including
        refranchising losses and restructuring charges.
      </li>
      <li style="margin-bottom: 10.0px">
        Tax rate is likely to be significantly higher than the second-quarter
        2007 tax rate of 21.5%
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. restaurant margin will be adversely impacted by continued higher
        commodity costs (at a level similar to first-quarter&#8217;s inflation) and
        dramatically higher insurance expenses.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b><u>YUM! ONGOING EARNINGS GROWTH MODEL</u></b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        China Division operating-profit growth of 20%. This growth is driven
        largely by new-unit development in mainland China. Our key metric for
        mainland China is system-sales growth with an annual target of +20%
        driven by at least 425 new-restaurant openings.
      </li>
      <li style="margin-bottom: 10.0px">
        YRI Division operating-profit growth of 10%. This growth is driven
        mainly by new-unit development, measured by system-sales growth of at
        least 5% (3% to 4% unit growth and 2% to 3% same-store-sales growth)
        including 750 new-restaurant openings.
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. operating-profit growth of 5% with same-store-sales growth of 2%
        to 3% and leverage of the G&amp;A infrastructure.
      </li>
      <li style="margin-bottom: 10.0px">
        EPS growth of at least 10%. This reflects additional benefit from
        reduction in shares outstanding due to substantial share buybacks.
      </li>
    </ul>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="top">
          <b>2008 First-Quarter End Dates</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="top">
          <b>2008 Second-Quarter End Dates</b>
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="middle">
          International Division
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2/25/2008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="middle">
          International Division
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5/19/2008
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="middle">
          China Division
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2/29/2008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="middle">
          China Division
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5/31/2008
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="middle">
          U.S. Business
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3/22/2008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="middle">
          U.S. Business
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6/14/2008
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    <p>
      <b><u>CONFERENCE CALL</u></b>
    </p>
    <p>
      Yum! Brands Inc. will host a conference call to review the company&#8217;s
      financial performance and strategies at 9:15 a.m. ET Wednesday, April
      23, 2008.
    </p>
    <p>
      For U.S. callers, the number is 877/815-2029. For international callers,
      the number is 706/645-9271.
    </p>
    <p>
      The call will be available for playback beginning at noon Eastern Time
      Wednesday, April 23, through midnight Friday, May 2. To access the
      playback, dial 800/642-1687 in the United States and 706/645-9291
      internationally. The playback pass code is 39484056.
    </p>
    <p>
      The call and the playback can be accessed via the Internet by visiting
      Yum! Brands&#8217; Web site, <i><u>www.yum.com,</u></i> and selecting &#8220;1<sup>st</sup>-Quarter
      Earnings Webcast.&#8221;
    </p>
    <p>
      <i><b>For your added convenience . . .</b></i> A podcast will be
      available within 24 hours of the end of the call at <i>www.yum.com/investors</i>.
    </p>
    <p>
      <b><u>ADDITIONAL INFORMATION ONLINE</u></b>
    </p>
    <p>
      First-quarter <b>restaurant-count details, definitions of terms,</b> and <b>segment-results
      reconciliation</b> are available online at <i>http://investors.yum.com/phoenix.zhtml?c=117941&amp;p=irol-newsEarnings.</i>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      This announcement contains forward-looking statements within the meaning
      of Section 27A of the Securities Act of 1933, as amended, and Section
      21E of the Securities Exchange Act of 1934, as amended. These statements
      include those identified by such words as<i> may, will, expect, project,
      anticipate, believe, plan</i> and other similar terminology. These
      &#8220;forward-looking&#8221; statements reflect management&#8217;s current expectations
      regarding future events and operating and financial performance and are
      based on currently available data. However, actual results are subject
      to future events and uncertainties, which could cause actual results to
      differ from those projected in this announcement. Accordingly, you are
      cautioned not to place undue reliance on forward-looking statements.
      Factors that can cause actual results to differ materially include, but
      are not limited to, changes in global and local business, economic and
      political conditions in the countries and territories where Yum! Brands
      operates, including the effects of war and terrorist activities; changes
      in currency exchange and interest rates; changes in commodity, labor and
      other operating costs; changes in competition in the food industry,
      consumer preferences or perceptions concerning the products of the
      company and/or our competitors, spending patterns and demographic
      trends; the impact that any widespread illness or general health concern
      may have on our business and the economy of the countries in which we
      operate; the effectiveness of our operating initiatives and marketing,
      advertising and promotional efforts; new-product and concept development
      by Yum! Brands and other food-industry competitors; the success of our
      strategies for refranchising and international development and
      operations; the ongoing business viability of our franchise and license
      operators; our ability to secure distribution to our restaurants at
      competitive rates and to ensure adequate supplies of restaurant products
      and equipment in our stores; unexpected disruptions in our supply chain;
      publicity that may impact our business and/or industry; severe weather
      conditions; effects and outcomes of pending or future legal claims
      involving the company; changes in effective tax rates; our actuarially
      determined casualty loss estimates; new legislation and governmental
      regulations or changes in legislation and regulations and the consequent
      impact on our business; and changes in accounting policies and
      practices. Further information about factors that could affect Yum!
      Brands&#8217; financial and other results are included in the company&#8217;s Forms
      10-Q and 10-K, filed with the Securities and Exchange Commission.
    </p>
    <p>
      Yum! Brands Inc., based in Louisville, Kentucky, is the world&#8217;s largest
      restaurant company in terms of system restaurants with over 35,000
      restaurants, which includes over 2,000 licensed restaurants, in more
      than 100 countries and territories. Four of the company&#8217;s restaurant
      brands &#8212; KFC, Pizza Hut, Taco Bell and Long John Silver&#8217;s &#8212; are the
      global leaders of the chicken, pizza, Mexican-style food and
      quick-service seafood categories respectively. Yum! Brands is the
      worldwide leader in multibranding, which offers consumers more choice
      and convenience at one restaurant location from a combination of KFC,
      Taco Bell, Pizza Hut, A&amp;W or Long John Silver&#8217;s brands. The company and
      its franchisees today operate over 3,500 multibrand restaurants. Outside
      the United States in 2007, the Yum! Brands&#8217; system opened about three
      new restaurants each day of the year, making it one of the fastest
      growing retailers in the world. For the past four years, the company has
      been recognized as one of <i>Fortune</i> Magazine&#8217;s &#8220;Top 50 Employers
      for Minorities.&#8221; It also has been recognized as one of the &#8220;Top 50
      Employers for Women&#8221; by <i>Fortune</i>, one of the &#8220;40 Best
      Companies for Diversity&#8221; by <i>Black Enterprise </i>Magazine for
      the past<b> </b>three<b> </b>years, one of <i>Black Enterprise </i>Magazine&#8217;s
      &#8220;30 Hottest Franchises for 2006,&#8221; one of the &#8220;Corporate 100 Companies
      Providing Opportunities for Hispanics&#8221; by<i> Hispanic</i>
      Magazine, one of the &#8220;Top 50 Corporations for Supplier Diversity&#8221; by <i>Hispanic</i>
      <i>Trends</i> Magazine and by <i>BusinessWeek </i>as one of the &#8220;Top 15
      Companies for In-Kind Corporate Philanthropy.&#8221;
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="15" valign="bottom">
          <b>Yum! Brands, Inc.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Summary of Results</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(amounts in millions, except per share amounts)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="8" valign="bottom">
          Quarter
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-bottom: 2.0px" colspan="2" valign="bottom">
          % Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/22/08
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/24/07
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          B/(W)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,094
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Franchise and license fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          314
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          281
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          12
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,408
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,223
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Costs and expenses, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Food and paper
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          586
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (14
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Payroll and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          533
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          514
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Occupancy and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          584
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          554
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (5
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company restaurant expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,786
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (8
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            General and administrative expenses
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          276
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          262
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (5
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Franchise and license expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (81
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Closures and impairment (income) expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          NM
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Refranchising (gain) loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          NM
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other (income) expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (115
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (20
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          NM
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total costs and expenses, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,984
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,907
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Operating profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          316
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Interest expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          53
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          36
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (45
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          371
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Income tax provision
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          117
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          86
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (37
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          254
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          194
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          31
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Effective tax rate</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31.6
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30.6
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          (1.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          ) ppts.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Basic EPS Data</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.52
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          44
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Average shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          486
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          533
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Diluted EPS Data</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.50
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.35
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          43
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Average shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          504
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          551
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Dividends declared per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.15
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            See accompanying notes.
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="15" valign="bottom">
          <b>Yum! Brands, Inc.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>CHINA DIVISION Operating Results</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(amounts in millions)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="8" valign="bottom">
          Quarter
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-bottom: 2.0px" colspan="3" valign="bottom">
          % Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/22/08
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/24/07
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          B/(W)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          508
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          331
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          53
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Franchise and license fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          520
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          342
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          52
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company restaurant expenses, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Food and paper
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          119
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (59
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Payroll and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          69
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (63
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Occupancy and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          141
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          94
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (50
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (56
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (31
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Franchise and license expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          NM
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Closures and impairment expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          NM
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other (income) expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (8
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (10
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (20
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          419
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          266
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (57
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Operating profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          101
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          76
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Food and paper
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          37.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          36.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1.3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Payroll and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (0.9
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Occupancy and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            0.6
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Restaurant margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21.3
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          22.9
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          (1.6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
    </table>
    <p>
      See accompanying notes.
    </p>
    <p>
      China Division includes mainland China, Thailand and KFC Taiwan
    </p>
    <p>
      As discussed in (e) in the accompanying notes, we began consolidating an
      entity in China, with 182 units, in which we have a majority interest on
      January 1, 2008. This entity was previously accounted for as an
      unconsolidated affiliate. For the quarter ended March 22, 2008 the
      consolidation of this entity increased Company sales by $46 million,
      Company restaurant expenses by $36 million, general and administrative
      expenses by $1 million and operating profit by $1 million while
      decreasing franchise and license fees by $3 million.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="15" valign="bottom">
          <b>Yum! Brands, Inc.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>INTERNATIONAL DIVISION Operating Results</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(amounts in millions)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="8" valign="bottom">
          Quarter
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-bottom: 2.0px" colspan="3" valign="bottom">
          % Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/22/08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/24/07
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          B/(W)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          560
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Franchise and license fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          145
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          121
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          697
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          681
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company restaurant expenses, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Food and paper
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          170
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Payroll and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          142
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          145
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Occupancy and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          168
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          175
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          487
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          76
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Franchise and license expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (22
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Closures and impairment (income) expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          NM
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other (income) expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (85
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          558
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          562
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Operating profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          139
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          119
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Food and paper
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1.1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Payroll and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            0.2
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Occupancy and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            0.8
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Restaurant margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13.0
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13.1
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          (0.1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Operating margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20.0
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17.4
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2.6
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          See accompanying notes.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="15" valign="bottom">
          <b>Yum! Brands, Inc.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>UNITED STATES Operating Results</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(amounts in millions)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="8" valign="bottom">
          Quarter
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-bottom: 2.0px" colspan="3" valign="bottom">
          % Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/22/08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/24/07
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          B/(W)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Franchise and license fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          157
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          149
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,191
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,200
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company restaurant expenses, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Food and paper
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          309
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Payroll and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          322
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          326
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Occupancy and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          275
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          285
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          119
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Franchise and license expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (92
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Closures and impairment (income) expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          NM
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other (income) expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          NM
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,034
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,035
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Operating profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          157
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          165
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          (5
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Company sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Food and paper
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1.4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Payroll and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (0.1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Occupancy and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 2.0px" valign="bottom">
          0.6
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Restaurant margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12.4
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13.3
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          (0.9
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Operating margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13.2
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13.8
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          (0.6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ppts.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          See accompanying notes.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="bottom">
          <b>Yum! Brands, Inc.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Condensed Consolidated Balance Sheets</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (amounts in millions)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          (unaudited)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          3/22/08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="bottom">
          12/29/07
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Current Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          481
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          789
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accounts and notes receivable, less allowance: $23 in 2008 and $21
          in 2007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          268
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          225
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          128
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            197
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          142
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          125
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Advertising cooperative assets, restricted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          95
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          72
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>Total Current Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1,300
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,481
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property, plant and equipment, net of accumulated depreciation and
          amortization of $3,420 in 2008 and $3,283 in 2007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3,807
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,849
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          661
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          672
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          327
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          333
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Investments in unconsolidated affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          153
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          477
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          464
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          308
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          290
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,242
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Current Liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accounts payable and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,468
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,650
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          85
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          52
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          312
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          288
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Advertising cooperative liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          95
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          72
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>Total Current Liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,960
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,062
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Long-term debt
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,372
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,924
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other liabilities and deferred credits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,202
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,117
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Total Liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,103
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Shareholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Common Stock, no par value, 750 shares authorized; 473 shares and
          499 shares issued in 2008 and 2007, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,119
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Total Shareholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,139
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Total Liabilities and Shareholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,242
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            See accompanying notes.
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="bottom">
          <b>Yum! Brands, Inc.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Condensed Consolidated Statements of Cash Flows</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(amounts in millions) </b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="8" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Quarter
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/22/08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/24/07
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Cash Flows &#8211; Operating Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          254
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          194
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          112
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Closures and impairment (income) expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Refranchising (gain) loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Gain on sale of interest in Japan unconsolidated affiliate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (100
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Equity income from investments in unconsolidated affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (13
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Excess tax benefit from share-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (9
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (12
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Share-based compensation expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            15
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Changes in accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (12
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Changes in inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Changes in prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (5
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Changes in accounts payable and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (53
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (35
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Changes in income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          53
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="middle">
          Other non-cash charges and credits, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            62
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          57
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Net Cash Provided by Operating Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            348
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          340
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Cash Flows &#8211; Investing Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Capital spending
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (113
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (93
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Proceeds from refranchising of restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Sales of property, plant and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="middle">
          Other, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Net Cash Used in Investing Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (84
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (42
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Cash Flows &#8211; Financing Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Repayments of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Revolving credit facilities, three months or less, net
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          433
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          165
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Short-term borrowings by original maturity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          More than three months &#8211; proceeds
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          More than three months &#8211; payments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (183
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="middle">
          Three months or less, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Repurchase shares of Common Stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (994
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (246
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Excess tax benefit from share-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            9
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Employee stock option proceeds
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="middle">
          Dividends paid on Common Stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (75
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (40
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Net Cash Used in Financing Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (595
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (276
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Effect of Exchange Rates on Cash and Cash Equivalents</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net Increase (Decrease) in Cash and Cash Equivalents</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (325
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          22
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Change in Cash and Cash Equivalents due to Consolidation of an
          Entity in China</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Cash and Cash Equivalents - Beginning of Period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          789
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          319
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Cash and Cash Equivalents - End of Period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          481
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          341
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          See accompanying notes.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Reconciliation of Non-GAAP Measurements to GAAP Results</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(amounts in millions, except per share amounts)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          In addition to the results provided in accordance with U.S.
          Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) throughout this
          document, the Company has provided non-GAAP measurements which
          present operating results in 2008 on a basis before Special Items.
          Included in Special Items are the gain on the sale of our minority
          interest in our Japan unconsolidated affiliate, U.S. refranchising
          (gain) loss, charges relating to U.S. General and Administrative
          (&#8220;G&amp;A&#8221;) productivity initiatives and realignment of resources, as
          well as investments in our U.S. Brands. These amounts are described
          in (f) and (g) in the accompanying notes.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          The Company uses earnings before Special Items as a key performance
          measure of results of operations for the purpose of evaluating
          performance internally. This non-GAAP measurement is not intended to
          replace the presentation of our financial results in accordance with
          GAAP. Rather, the Company believes that the presentation of earnings
          before Special Items provides additional information to investors to
          facilitate the comparison of past and present operations, excluding
          items in 2008 that the Company does not believe are indicative of
          our ongoing operations due to their size and/or nature.
        </td>
      </tr>
    </table>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          Quarter
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          3/22/08
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Detail of Special Items
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Gain of the sale of our interest in our Japan unconsolidated
          affiliate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (100
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          U.S. Refranchising (gain) loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Charges relating to U.S. G&amp;A productivity initiatives and
          realignment of resources
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Investments in our U.S. Brands
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total Special Items Income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (68
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Tax on Special Items
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Special Items Income, net of tax
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (43
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Average diluted shares outstanding
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          504
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Special Items diluted EPS
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.08
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Reconciliation of Operating Profit Before Special Items to Reported
          Operating Profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Operating Profit before Special Items
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          356
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Special Items Income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          68
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Reported Operating Profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          424
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Reconciliation of EPS Before Special Items to Reported EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Diluted EPS before Special Items
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.42
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Special Items EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.08
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Reported EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.50
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Notes to the Consolidated Summary of Results, Condensed
            Consolidated Balance Sheets and Condensed Consolidated Statements
            of Cash Flows</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(amounts in millions, except per share amounts)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (a)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Percentages may not recompute due to rounding.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (b)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Amounts presented as of and for the quarter ended March 22, 2008 are
          preliminary.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (c)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          On May 17, 2007, the Company announced that its Board of Directors
          approved a two-for-one split of the Company&#8217;s outstanding shares of
          Common Stock. The stock split was affected in the form of a stock
          dividend and entitled each shareholder of record at the close of
          business on June 1, 2007 to receive one additional share for every
          outstanding share of Common Stock held. The stock dividend was
          distributed on June 26, 2007, with approximately 261 million shares
          of Common Stock distributed. All per share and share amounts in the
          accompanying Consolidated Summary of Results and Condensed
          Consolidated Balance Sheets have been adjusted to reflect the stock
          split.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (d)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          China Division Other (income) expense includes equity income from
          our investments in unconsolidated affiliates. In the quarter ended
          March 22, 2008, Unallocated Other (income) expense includes the
          pre-tax gain on the sale of our unconsolidated affiliate in Japan
          (see Note f).
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (e)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            On January 1, 2008 we began consolidating an entity in China in
            which we have a majority interest. This entity was previously
            accounted for as an unconsolidated affiliate. For the quarter
            ended March 22, 2008 the consolidation of this entity increased
            Company sales by $46 million, Company restaurant expenses by $36
            million, G&amp;A expenses by $1 million and Operating Profit by $1
            million (net of a minority interest of $2 million) while
            decreasing franchise and license fees by $3 million. Our Condensed
            Consolidated Balance Sheet at March 22, 2008 reflects the
            consolidation of this entity; with Investment in unconsolidated
            affiliates reduced, the entity&#8217;s balance sheet consolidated and a
            minority interest reflected in Other liabilities and deferred
            credits.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (f)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          During December 2007, we sold our interest in our unconsolidated
          affiliate in Japan for $128 million in cash (includes the impact of
          related foreign currency contracts that were settled in 2007). Our
          international subsidiary that owned this interest operates on a
          fiscal calendar with a period end that is approximately one month
          earlier than our consolidated period close. Thus, consistent with
          our historical treatment of events occurring during the lag period,
          the pre-tax gain on the sale of this investment was recorded in the
          quarter ended March 22, 2008 as other income and was not allocated
          to any segment for reporting purposes. However, the cash proceeds
          from this transaction were transferred from our international
          subsidiary to the U.S. in December 2007 and were thus reported on
          our Consolidated Statement of Cash Flows for the year ended December
          29, 2007. Additionally, this transaction has been reflected as a
          Special Item for certain performance measures (see accompanying
          reconciliation to reported results). Our Investment in
          unconsolidated affiliates decreased as a result of the sale of our
          unconsolidated affiliate in Japan.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (g)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          As part of our plan to transform our U.S. business we are taking
          several measures in 2008 that we do not believe are indicative of
          our ongoing operations. These measures include: expansion of our
          U.S. refranchising, potentially reducing our Company ownership in
          the U.S. to below 10% by the year end 2010; charges relating to G&amp;A
          productivity initiatives and realignment of resources (primarily
          severance and early retirement costs); and investments in our U.S.
          Brands made on behalf of our franchisees such as equipment
          purchases. We have traditionally not allocated refranchising (gains)
          losses for segment reporting purposes and will not allocate the
          costs associated with the productivity initiatives, realignment of
          resources and investments in our U.S. Brands to the U.S. segment.
          Additionally, these items have been reflected as Special Items for
          certain performance measures (see accompanying reconciliation to
          reported results).
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>
      CONTACT:<br>Yum! Brands, Inc.<br>Analysts:<br>Tim Jerzyk, 502-874-8006<br>Senior
      Vice President, Investor Relations/Treasurer<br>or<br>Pat Grismer,
      502-874-8320<br>Vice President Investor Relations/Corporate Strategy<br>or<br>Quan
      Nghe, 502-874-8918<br>Director Investor Relations<br>or<br>Media:<br>Amy
      Sherwood, 502-874-8200<br>Vice President Public Relations
    </p>
    <p>

    </p>
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