Each tender offer will expire at the “Expiration Time” which is 11:59 p.m., New York City time, on November 19, 2013, unless extended.
|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|
|6.875% SeniorNotes due 2037(988498 AD3)||$600,000,000||$275,000,000||1||165||2.875%U.S. TreasuryNote due05/15/2043||PX1||$50|
|6.250% SeniorNotes due 2018(988498 AC5)||$600,000,000||N/A||2||40||1.375%U.S. TreasuryNote due09/30/2018||PX1||$50|
|6.250% SeniorNotes due 2016(988498 AB7)||$300,000,000||N/A||3||25||0.625%U.S. TreasuryNote due10/15/2016||PX1||$50|
|5.300% SeniorNotes due 2019(988498 AF8)||$250,000,000||N/A||4||145||1.375%U.S. TreasuryNote due09/30/2018||PX1||$50|
|4.250% SeniorNotes due 2015(988498 AE1)||$250,000,000||N/A||5||30||0.25%U.S. TreasuryNote due09/30/2015||PX1||$50|
The Total Consideration for each $1,000 principal amount of Notes tendered and accepted for purchase pursuant to the tender offers will be determined in the manner described in the Offer to Purchase by reference to a fixed spread specified for each series of the Notes over the yield based on the bid side price of the U.S. Treasury Security specified in the table above, as quoted on the applicable page on Bloomberg PX1 at 2:00 p.m., New York City time, today, November 5, 2013. Holders whose Notes are accepted for purchase pursuant to the tender offers will also receive accrued and unpaid interest on their purchased Notes from and including the last interest payment date for such Notes to, but excluding, the Settlement Date (as defined in the Offer to Purchase). Subject to the terms and conditions of the tender offers, the Settlement Date will follow promptly after the Expiration Time and currently is expected to be November 20, 2013.On October 31, 2013, Yum! Brands completed an underwritten public offering of senior unsecured notes in an aggregate principal amount sufficient to satisfy the financing condition described in the Offer to Purchase. The tender offers are subject to the satisfaction or waiver of certain other conditions, as specified in the Offer to Purchase. 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 an 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.
About Yum! BrandsYum! Brands, Inc., based in Louisville, Kentucky, has over 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.