2, multibranded units in the U.S. Multibrand average unit volumes are typically $250,000 a year higher than single-brand restaurants.

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1 multibrand power

2 Today, we re changing the industry with Multibrand innovation and providing the choice and convenience our customers prefer. Yum! is the undeniable world leader in multibranding with over 2,600 combination restaurants accounting for: More than 14% of our U.S. traditional restaurant base with a potential to grow to 23% in 2007 Estimated $224 million in restaurant profi ts and franchise fees (excluding G&A expenses), or about 17% of the U.S. total Signifi cant incremental average sales per units, dramatically improving our unit cash fl ows 500+ new multibrand units in ,600+ multibranded units in the U.S. 25 Multibrand average unit volumes are typically $250,000 a year higher than single-brand restaurants. The bottom line is: we re always getting better. Whether we re improving our people capability, simplifying our back of the house systems, or valueengineering our facilities and creating more exciting designs, it s for one reason only: our customers. With all that choice and convenience under one roof, it s an undeniable win!

3 C M H A

4 MAINTENANCE We re always ready for our customers. That s how 19-year veteran RGM Jim Gribble runs his restaurant and keeps it humming. Last year he boosted sales by 32%! Jim is always running a great restaurant and serving up delicious root beer floats with a smile. Jim Gribble, A&W All American Food, Daugharthy, Inc. franchisee PRODUCT QUALITY How do you say Yum? Just ask RGM Diane Oney. This 28-year veteran drives a passionate Customer Mania culture in her restaurant with consistent CHAMPS scores in the high 90 s. Just listen to the rings of satisfaction on the Long John Silver s bell in her lobby. Ring! Diane Oney, Long John Silver s, Sterling Silver Restaurants franchisee SPEED OF SERVICE Don t blink. You might miss RGM Abul Azad making things happen fast. Abul runs one of KFC s best restaurants! In 2004, he maintained a 97% CHAMPS average and a near-perfect 5.0 Balanced Scorecard. Abul constantly reinforces CHAMPS with a Yes! serving up his special brand of Customer Mania in a snap. Abul Azad, KFC S P

5 customer mania 26 power C H A M P S Cleanliness Hospitality Accuracy Maintenance Product Quality Speed of Service

6 The power of our people is our secret ingredient, and what sets us apart from the competition. Around the world, our 850,000 Customer Maniacs are striving each and every day to put a smile on our customers faces. At Yum! Brands, we re building an operating culture dedicated to 100% CHAMPS with a Yes! Attitude. It s a daily focus on executing the basics with passion, urgency and excellence so that we will drive Same Store Sales Growth in every restaurant. We know that if we put the customer first in everything we do, then we re running great restaurants. And when we do that, we re driving consistent performance year over year. This is our fifth year of executing against our operational framework and our fourth year of Customer and Sales Mania training every quarter in every restaurant. Throughout our journey we have not changed our focus, we ve just become more maniacal about driving our unique operating culture deep to our restaurant teams. And I m proud to report that we re making steady progress in our operating measures. While we still have work to do, we re committed to continuing our efforts to satisfy our customers better than anyone in the industry. It s that commitment to Customer Mania that will take this company to the next level! Please open this page to meet some of our very best Customer Maniacs from around the world. 29 DAVE DENO, CHIEF OPERATING OFFICER PLEASE OPEN Customer Mania = 100% CHAMPS with a Yes! Attitude

7 Global Facts INTERNATIONAL OPERATING PROFIT BY KEY MARKET (in millions) 2004 China Division $ 205 U.K. 115 Asia Franchise 54 Caribbean/Latin America Franchise 42 Middle East/Northern Africa Franchise 23 Continental Europe Franchise 18 Southern Africa Franchise 17 Australia 61 PH Korea 34 Mexico 9 Early-Stage Growth Markets (a) (29) Other Markets (b) 52 Headquarters General & Administrative Costs (59) International Division 337 International Operating Profit $ 542 (a) Includes KFC Germany, KFC Netherlands, KFC France, Brazil and India. (b) Includes Japan, Canada, PH France and Poland. power of results 30 WORLDWIDE SALES 5-Year (in billions) Growth (a) UNITED STATES KFC Company sales $ 1.4 $ 1.4 $ 1.4 $ 1.4 $ 1.4 (2)% Franchisee sales (b) % PH Company sales $ 1.6 $ 1.6 $ 1.5 $ 1.5 $ 1.8 (5)% Franchisee sales (b) % TACO BELL Company sales $ 1.7 $ 1.6 $ 1.6 $ 1.4 $ 1.4 1% Franchisee sales (b) % LONG JOHN SILVER S (c) Company sales $ 0.5 $ 0.5 $ 0.3 NM Franchisee sales (b) NM A&W (c) NM Franchisee sales (b) $ 0.2 $ 0.2 $ 0.2 NM TOTAL U.S. Company sales $ 5.2 $ 5.1 $ 4.8 $ 4.3 $ 4.6 (2)% Franchisee sales (b) % INTERNATIONAL KFC Company sales $ 1.9 $ 1.7 $ 1.5 $ 1.2 $ % Franchisee sales (b) % PIZZA HUT Company sales $ 0.9 $ 0.6 $ 0.6 $ 0.6 $ 0.6 5% Franchisee sales (b) % TACO BELL Company sales NM Franchisee sales (b) $ 0.2 $ 0.1 $ 0.2 $ 0.1 $ 0.1 5% LONG JOHN SILVER S (c) Company sales NM Franchisee sales (b) NM A&W (c) Company sales NM Franchisee sales (b) $ 0.1 $ 0.1 NM TOTAL INTERNATIONAL Company sales $ 2.8 $ 2.3 $ 2.1 $ 1.8 $ 1.7 9% Franchisee sales (b) % TOTAL WORLDWIDE Company sales $ 8.0 $ 7.4 $ 6.9 $ 6.1 $ 6.3 1% Franchisee sales (b) %, Inc.

8 Unit Information WORLDWIDE SYSTEM UNITS % B/(W) Change Company 7,743 7,854 (1%) Unconsolidated affiliates 1,662 1,512 10% Franchisees 21,858 21,471 2% Licensees 2,345 2,362 (1%) Total 33,608 33,199 1% 5-Year (a)(b) Growth UNITED STATES KFC 5,525 5,524 5,472 5,399 5,364 1% Pizza Hut 7,500 7,523 7,599 7,719 7,927 (1%) Taco Bell 5,900 5,989 6,165 6,444 6,746 (3%) Long John Silver s 1,200 1,204 1,221 NM A&W NM Total U.S. (c) 20,610 20,822 21,126 19,562 20,037 (1%) INTERNATIONAL KFC 7,741 7,354 6,890 6,416 5,974 7% Pizza Hut 4,774 4,560 4,431 4,272 4,157 4% Taco Bell % Long John Silver s NM A&W NM Total International (d) 12,998 12,377 11,798 10,927 10,380 5% Total (c)(d) 33,608 33,199 32,924 30,489 30,417 1% (a) Compound annual growth rate; total U.S., International and Worldwide exclude the impact of Long John Silver s and A&W. (b) Compound annual growth rate excludes the impact of transferring 30 units from Taco Bell U.S. to Taco Bell International in (c) Includes 6 and 4 Yan Can units in 2003 and 2002, respectively. (d) Includes 1 unit in 2004 for an Asian food concept in China. BREAKDOWN OF WORLDWIDE SYSTEM UNITS Unconsolidated 2004 Company Affiliate Franchised Licensed Total UNITED STATES KFC 1,248 4, ,525 Pizza Hut 1,741 4,565 1,194 7,500 Taco Bell 1,283 3, ,900 Long John Silver s ,200 A&W Total U.S. 4,989 13,482 2,139 20, INTERNATIONAL KFC 1, , ,741 Pizza Hut , ,774 Taco Bell Long John Silver s A&W Total International (a) 2,754 1,662 8, ,998 Total (a) 7,743 1,662 21,858 2,345 33,608 (a) Includes 1 unit in 2004 for an Asian food concept in China. WORLDWIDE UNITS 2004 (in thousands) Yum! BRANDS 34 MCDONALD S 32 SUBWAY 23 BURGER KING 11 WENDY S 10 DOMINO S PIZZA 8 DAIRY QUEEN 6 AFC* 4 *Includes Popeye s, Church s, Cinnabon & Seattle s Best Coffee

9 Yum! at a glance U.S. SALES BY DAYPART BY DISTRIBUTION CHANNEL Dinner 59% Lunch 35% Snacks/Breakfast 6% Dine Out 78% Dine In 22% Dinner 63% Lunch 27% Snacks/Breakfast 10% Dine Out 72% Dine In 28% 32 Dinner 42% Lunch 46% Snacks/Breakfast 12% Dine Out 73% Dine In 27% Dinner 53% Lunch 44% Snacks/Breakfast 3% Dine Out 59% Dine In 41% Dinner 32% Lunch 48% Snacks/Breakfast 20% Dine Out 50% Dine In 50% Source: The NPD Group, Inc.; NPD Foodworld; CREST