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Despite encouraging international same-store sales numbers (a 11 percent increase after factoring in the currency exchange), Yum! Brands, Inc. had a less than merry holiday season.

The company announced today that estimated U.S. blended same-store sales at company restaurants decreased 3 percent during the four-week period ended January 25, 2003 (Period 1).

Both Pizza Hut and KFC same-store sales fell during the period, by 4 percent and 6 percent respectively. Sales at Taco Bell for the period were flat. However, it should be noted that Taco Bell included the Christmas holiday into its period; KFC and Pizza Hut did not.

Yum! Brands’ next scheduled investor communication is the 2002 fourth-quarter earnings release on Monday, February 10, 2003, after market hours. Sales results for Period 2 (the four-week period ending February 22, 2003, for the U.S. businesses) will be released on February 27, 2003.

* (Note: U.S. same-store sales include only company restaurants that have been open one year or more. U.S. blended same-store sales include KFC, Pizza Hut, and Taco Bell company-owned restaurants only. U.S. same-store sales for Long John Silver’s and A&W are not included. International system sales include sales from company, franchise, license, and joint-venture restaurants.)