|Title of Security (CUSIP Number)||Principal Amount Outstanding||Tender Sub-Cap||Acceptance Priority Level||Fixed Spread (basis points)||U.S. Treasury Reference Security||Bloomberg Reference Page||Early Tender Payment||Total Consideration||Tender Offer Consideration|
|6.875% Senior Notes due 2037 (988498 AD3)||$600,000,000||$275,000,000||1||165||2.875% U.S. Treasury Note due 05/15/2043||PX1||$50||$1,191.43||$1,141.43|
|6.250% Senior Notes due 2018 (988498 AC5)||$600,000,000||N/A||2||40||1.375% U.S. Treasury Note due 09/30/2018||PX1||$50||$1,185.94||$1,135.94|
In addition, holders whose Notes are purchased in the tender offers will be paid accrued and unpaid interest on their purchased Notes from the applicable last interest payment date up to, but not including, the payment date for such purchased Notes. The conditions to the tender offer have been satisfied; therefore, payment for the purchased Notes will be made today.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 neither an offer to sell nor a solicitation of offers to buy any securities. The tender offers were made only pursuant to the Offer to Purchase and the related Letter of Transmittal. The tender offers were not made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. Please refer to the Offer to Purchase and related Letter of Transmittal for a description of offer terms, conditions, disclaimers, and other information applicable to the tender offers. Estimate of Earnings Charge Yum! Brands purchased $550 million aggregate principal amount of Notes in the recently completed tender offers. Due primarily to the premiums paid in connection with the purchase of these Notes, Yum! Brands is recording a pre-tax charge of approximately $120 million in the fourth quarter of 2013 within Special Items. About Yum! Brands Yum! 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.