The Yum! Brands, Inc. board of directors authorized the repurchase of up to an additional $500 million of the company’s outstanding common stock under the company’s share-repurchase program over a period of up to 12 months.

In November 2005, the board authorized repurchase up to $500 million of the company’s stock, which is in the process of being completed.

Repurchases of common stock may be made from time to time in the open market or privately negotiated transactions and will be subject to market conditions and other factors. Since the company began its repurchase program in 1999, over 77 million shares have been repurchased for approximately $2.6 billion at an average price of $33.50. For 2006, the company expects average diluted shares outstanding to decline by at least 4%.