Yum! Restaurants International Opens 300th Pizza Hut Restaurant in South Korea *** South Korea is One of Yum’s Top Four Key International Growth Markets

LOUISVILLE, KY, January 14, 2004 – Yum! Brands, Inc., (NYSE:YUM) announced the recent grand opening of its 300th Pizza Hut restaurant in South Korea by its international division, Yum! Restaurants International (YRI). YRI’s business in South Korea also includes 200 KFC restaurants. The new Pizza Hut is located in the city of Seoul.

“South Korea has always been one of our best markets and Pizza Hut has held a leadership position for nearly 20 years,” said In-Soo Cho, President of Pizza Hut Korea. “With more than 40 percent market share in South Korea, we’re building on our strong results last year by staying ahead of consumer trends, remodeling existing assets with a more contemporary image and offering more to consumers at an affordable price,” said Cho.

Pizza Hut has enjoyed a great dine-in business in South Korea for years. The 300th restaurant is also the company’s fourth “Pizza Hut Plus” new enhanced dine-in concept that has opened since September 2003. The restaurant features an expanded menu with 70 items including an array of signature and gourmet pizzas and a wide variety of appetizers, salads, pasta and beverages. In addition, Pizza Hut’s delivery business, called Pizza Hut Home Service, continues to grow very rapidly and the company has been very successful in finding new franchise partners to accelerate this expansion.

During the company’s recent analyst and investor meeting in December, Yum! Brands forecasted that in 2003 it will make approximately $32 million operating profit in South Korea and achieve a five-year average annual growth rate of 18 percent. South Korea accounts for 7 percent of Yum! Brands’ international operating profit.

A key growth strategy for Yum! Brands is international expansion. 2003 was the third year in a row that the company opened over 1,000 new restaurants outside the U.S.

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 may, will, expect, project, anticipate, believe, plan and other similar terminology. These “forward-looking” statements reflect management’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. Factors that can cause actual results to differ materially include 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, spending patterns and demographic trends; the effectiveness of our operating initiatives and advertising and promotional efforts; new-product and concept development by Yum! Brands and other food-industry competitors; the success of our refranchising strategy; the ongoing business viability of our franchise and license operators; our ability to secure alternative distribution to our restaurants at competitive rates and to ensure adequate supplies of restaurant products and equipment in our stores; severe weather conditions; effects of legal claims; changes in effective tax rates; our actuarially determined casualty loss estimates; changes in legislation and governmental regulations; and changes in accounting policies and practices. Further information about factors that could affect Yum! Brands’ financial and other results are included in the company’s Forms 10-Q and 10-K, filed with the Securities and Exchange Commission.

Yum! Restaurants International (YRI), based in Dallas, is the largest and fastest growing division of Louisville, Ky-based Yum! Brands, Inc., in terms of system units. Currently, there are over 12,000 international system restaurants in over 100 countries and territories outside the United States. In each of the last three years, YRI has opened over 1,000 new restaurants outside of the United States. At year-end 2002, the company generated $2.4 billion in revenue at its nearly 12,000 restaurants — primarily KFC and Pizza Hut. The company’s highest growth markets are China, United Kingdom, Mexico and Korea. For YRI’s four week period ending December 1, 2003, Pizza Hut Korea had 299 units in South Korea.

Yum! Brands Inc., based in Louisville, Kentucky, is the world’s largest restaurant company in terms of system units with more than 33,000 restaurants in more than 100 countries and territories. Four of the company’s restaurant brands — KFC, Pizza Hut, Taco Bell and Long John Silver’s — 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&W or Long John Silver’s brands. The company and its franchisees today operate over 2,000 multibrand restaurants. Outside the United States in 2003, the Yum! Brands’ system opened about three new restaurants each day of the year, making it one of the fastest growing retailers in the world. In 2002, the company changed its name to Yum! Brands Inc. from Tricon Global Restaurants Inc. to reflect its expanding portfolio of brands and its ticker symbol on the New York Stock Exchange. In 2003 the company was recognized in Fortune Magazine’s top 50 “Best Companies for Minorities,” claiming the number-one spot for “managerial diversity.”

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