<SUBMISSION>
<ACCESSION-NUMBER>0001041061-08-000256
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081205
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20081205
<DATE-OF-FILING-DATE-CHANGE>20081205
<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>081233536
</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>form8k120508.htm
<DESCRIPTION>FORM 8K YUM BRANDS INC
<TEXT>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C. 20549</font></div>
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8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of earliest event reported)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">December
4, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Commission
file number 1-13163</font></div>
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BRANDS, INC.</font></div>
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name of registrant as specified in its charter)</font></div>
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                <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                <td colspan="6" valign="top" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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              <tr>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td colspan="4" valign="top" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td colspan="4" valign="top" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td colspan="8" valign="top" width="79%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Former
      name or former address, if changed since last
      report:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;N/A</font></div>
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                <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
        <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
      </div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Section 8
&#8211; Other Events</font></div>
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Other Events</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On
December 4, 2008, Yum! Brands, Inc. issued a press release announcing its
full-year 2009 expectations, fourth quarter sales trends and reaffirming its
2008 EPS growth forecast. That press release is attached as exhibit
99.1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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&#8211; Financial Statements and Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Item 9.01
Financial Statements and Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><a name="id_0_5" /><a name="id_0_6">(c) Exhibits</a></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">99.1
Press Release dated December 4, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Yum!
Brands Announces Full-Year 2009 Expectations and Fourth Quarter Sales
Trends;Reaffirms 2008 EPS Growth Forecast of 12%, excluding Special Items; Will
Host Investor</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Update
Meeting December 10, 2008</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>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></div>
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      </font></td>
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      </font></td>
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      Ted F. Knopf</font></div>
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      Accounting Officer)</font></div>
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      </font></td>
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      </font></td>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 10%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 10%; FONT-FAMILY: Times New Roman">
    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Yum!
Brands Announces Full-Year 2009 Expectations and Fourth Quarter Sales
Trends;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Reaffirms
2008 EPS Growth Forecast of 12%, Excluding Special Items;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Will
Host Investor Update Meeting December 10, 2008</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Louisville, Ky. (December 4, 2008)
</font>&#8212;Yum! Brands Inc. (NYSE: YUM) announces its 2009 forecast of at least 10%
EPS growth, excluding special items, which would mark the eighth straight year
of double-digit&#160;&#160;EPS growth. The company also reaffirms its 2008 EPS
growth forecast of 12%, excluding special items.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">David C.
Novak, Chairman and CEO, said, &#8220;We look forward to illustrating how our global
portfolio of brands will continue to build on our consistent track record of EPS
growth, led by international new unit development, same-store-sales growth, and
industry-leading returns. We believe these are the key drivers of increasing
long-term shareholder value for our business.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PRELIMINARY FOURTH
QUARTER-TO-DATE SALES TRENDS</font></font></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">-&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">System-sales
      growth of +19% in mainland China, +8% in YRI, both on a local currency
      basis.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">-&#160;&#160;</font></div>
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Same-store-sales
      growth for the system of +4% in mainland China, +4% in YRI, and +2% in the
      United States (U.S. Company same-store-sales growth of
  3%).</font></div>
              </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Note:
Preliminary same-store-sales growth for the system and system-sales growth for
the fourth quarter-to-date (through period twelve) ended on November 30 for
China Division, November 3 for YRI, and November 26 for the U.S. brands. U.S.
same-store-sales growth results for the system have been adjusted for the
Thanksgiving holiday shift.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2008 INVESTOR UPDATE
MEETING</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
company will present a brief update and take questions on its business
strategies and global expansion outlook on Wednesday, December 10, 2008 from
approximately 9 a.m. to 12 p.m. EST, at the New York Stock Exchange. Detailed
full-year 2009 guidance will be provided at the meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The 2008
Investor Update Meeting will be webcast live with the presentation and both will
be available following the event along with the detailed full-year 2009
guidance. These can be accessed online at <font style="DISPLAY: inline; FONT-STYLE: italic">www.yum.com</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Note:&#160;&#160;Eight
straight years of double-digit growth is based on EPS growth prior to special
items, and for 2005 also excludes the impact of expensing stock options. See the
company&#8217;s third quarter 2008 earnings release for a description of special
items.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">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&#160;&#160;include those
identified by such words as<font style="DISPLAY: inline; FONT-STYLE: italic">
may, will, expect, project, anticipate, believe, plan</font> 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.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Yum!
Brands, Inc., based in Louisville, Kentucky, is the world&#8217;s largest restaurant
company in terms of system restaurants, with nearly 36,000 restaurants in more
than 110 countries and territories. The company is ranked #253 on the Fortune
500 List, with revenues in excess of $10 billion in 2007. Four of the company&#8217;s
restaurant brands &#8211; KFC, Pizza Hut, Taco Bell and Long John Silver&#8217;s &#8211; are the
global leaders of the chicken, pizza, Mexican-style food and quick-service
seafood categories, respectively. Outside the United States, the Yum! Brands
system opens an average of about four new restaurants each day of the year,
making it the largest retail developer in the world. The company has
consistently been recognized for its reward and recognition culture, diversity
leadership, community giving, and consistent shareholder returns. For the second
year, the company launched the world&#8217;s largest private sector hunger relief
effort in partnership with the United Nations World Food Programme and other
hunger relief agencies. This effort will help save over 1.8 million people from
starvation in remote corners of the world, where hunger is most
prevalent.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Analysts
are invited to contact</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Tim
Jerzyk, Senior Vice President Investor Relations/Treasurer, at
888/298-6986</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Bruce
Bishop, Director Investor Relations, at 888/298-6986</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Members
of the media are invited to contact</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Amy
Sherwood, Vice President Public Relations, at
502/874-8200</font></div><br><br></div>
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