Yum! Brands Inc. Formally Appoints Carucci Chief Financial Officer After Successful Five-Month Transition; Declares Quarterly Dividend

March 17, 2005

LOUISVILLE, KY, March 17, 2005 – Yum! Brands Inc. (NYSE: YUM) announced that its Board of Directors formally appointed Rick Carucci, 47, Chief Financial Officer from Chief Financial Officer-Designate. In October 2004, Carucci was appointed Chief Financial Officer-Designate, establishing a transition for him to assume this position from Dave Deno, 47, who was named the Company’s Chief Operating Officer at that time. Separately, the Board also approved a dividend of $0.10 per share of common stock, which will be distributed Friday, May 6, 2005, to shareholders of record at the close of business April 15, 2005. In May 2004, the company initiated a regular quarterly dividend, and the first payment was distributed August 6, 2004.

“Rick Carucci is a very skilled financial executive and strategic thought leader, with deep experience in every aspect of the restaurant business. Dave Deno has worked closely with Rick over the last five months, so his transition was seamless and is now complete,” said David C. Novak, Yum! Brands Chairman and Chief Executive Officer. “I’m also excited Dave Deno will focus 100% of his time on operations. He has a passion for customers, team building and results, with complete knowledge of our operations. I’m confident he will drive our store level operations to the next level and continue to make progress running great restaurants. The YUM operating platform and processes are fully established, and Dave Deno will continue to ensure we raise the bar on execution,” Novak added.

Carucci has over 20 years of restaurant industry experience. He previously served as Executive Vice President and Chief Development Officer of Yum! Restaurants International (YRI), where he was responsible for all international franchising and development, along with general management for Canada, Brazil, Puerto Rico and Middle East/North Africa. Prior to that, Carucci served as Chief Financial Officer for YRI, leading international planning, control, MIS, mergers and acquisitions, tax and treasury. He also served as CFO of the Asia Pacific Region and held various field finance positions over the years.

Deno is a 21-year restaurant veteran, with proven operating and leadership skills. Prior to serving as CFO of YUM, Deno served as CFO of Yum! Restaurants International. He previously served within the system in a number of restaurant operations and finance positions, and was rated as one of the company’s top operators at Pizza Hut and Yum! Restaurants International.

Yum! Brands Inc., based in Louisville, Kentucky, is the world’s largest restaurant company in terms of system restaurants 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 quickservice 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 2,800 multibrand restaurants. Outside the United States in 2004, 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. For the past two years, the company has been recognized in Fortune Magazine’s top 50 “Best Companies for Minorities,” claiming the number-one spot for “managerial diversity.”