|Title of Security (CUSIP Number)||Principal Amount Outstanding||Tender Sub-Cap||Acceptance Priority Level||Fixed Spread (basis points)||Reference U.S. Treasury Security||Bloomberg Reference Page||Early Tender Payment||Hypothetical Total Consideration* (a)|
|6.875% SeniorNotes due 2037(988498 AD3)||$600,000,000||$250,000,000||1||165||2.875%U.S.TreasuryNote due05/15/2043||PX1||$50||$1,202.55|
|6.250% SeniorNotes due 2018(988498 AC5)||$600,000,000||N/A||2||40||1.375%U.S.TreasuryNote due09/30/2018||PX1||$50||$1,185.80|
|6.250% SeniorNotes due 2016(988498 AB7)||$300,000,000||N/A||3||25||0.625%U.S.TreasuryNote due10/15/2016||PX1||$50||$1,127.59|
|5.300% SeniorNotes due 2019(988498 AF8)||$250,000,000||N/A||4||145||1.375%U.S.TreasuryNote due09/30/2018||PX1||$50||$1,132.60|
|4.250% SeniorNotes due 2015(988498 AE1)||$250,000,000||N/A||5||30||0.25%U.S.TreasuryNote due09/30/2015||PX1||$50||$1,065.66|
|*||Per $1,000 principal amount of notes accepted for purchase.|
|(a)||Hypothetical Total Consideration is based on the Reference Yield (as defined in the Offer to Purchase) of the Reference Security (as set forth above) as of 2:00 p.m., New York City time, on October 21, 2013 and a Settlement Date (as defined in the Offer to Purchase) of November 20, 2013. The actual Reference Yields of the Reference Securities will be determined by the Lead Dealer Managers based on certain quotes available at 2:00 p.m., New York City time, on the Price Determination Date (as defined in the Offer to Purchase), which is expected to be November 5, 2013.|
The tender offers are not conditioned upon any minimum amount of notes being tendered, and, subject to applicable law, the tender offers may be amended, extended, terminated or withdrawn in whole or with respect to one or more series of notes. The amounts of any series of notes that are purchased in a tender offer will be determined in accordance with the Acceptance Priority Levels set forth in the Offer to Purchase and referenced in the table above, with 1 being the highest Acceptance Priority Level and 5 being the lowest Acceptance Priority Level. In addition, no more than $250,000,000 aggregate principal amount of the series of notes with Acceptance Priority Level 1 will be purchased (the “Level 1 tender sub-cap”). Subject to the Level 1 tender sub-cap, all notes validly tendered and not validly withdrawn in the tender offers having a higher Acceptance Priority Level will be accepted before any tendered notes having a lower Acceptance Priority Level are accepted in the tender offer. Notes of the series subject to the Level 1 tender sub-cap may be subject to proration if the aggregate principal amount of the notes of such series validly tendered and not validly withdrawn is greater than the Level 1 tender sub-cap. Notes of the series in the lowest Acceptance Priority Level accepted for purchase in accordance with the terms and conditions of the tender offers may be subject to proration so that Yum! Brands will only accept for purchase notes up to a combined aggregate principal amount of $525,000,000.As a result of these tender offers, Yum! Brands anticipates recording a pre-tax charge within Special Items. The amount of this charge will depend on the participation rate in the tender offers. Yum! Brands has retained Goldman, Sachs & Co. and J.P. Morgan Securities LLC to serve as the Lead Dealer Managers for these tender offers. Goldman, Sachs & Co. may be contacted at (800) 828-3182 (toll free) or (212) 357-0215 (collect) and J.P. Morgan Securities LLC may be contacted at (866) 834-4666 (toll free) or (212) 834-4811 (collect). Yum! Brands has also retained D.F. King & Co., Inc. to serve as the Tender Agent and the Information Agent for the tender offers.
This press release is not a tender offer to purchase or a solicitation of acceptance of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. The tender offers do not constitute an offer to purchase notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. None of Yum! Brands, the Tender Agent, the Information Agent, any of the Dealer Managers or the trustee for the notes is making any recommendation as to whether holders should tender notes in the tender offers. The offering of the new senior notes is being made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the Securities and Exchange Commission’s website at www.sec.gov.About Yum! Brands Yum! Brands, Inc., based in Louisville, Kentucky, has approximately 40,000 restaurants in more than 130 countries and territories. Yum! Brands is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company's restaurant brands - KFC, Pizza Hut and Taco Bell - are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened on average over five new restaurants per day in 2012, making it a leader in international retail development.