YUM BRANDS INC — Director's Dealing 2011

Apr 29, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2011-04-27

Reporting Person: Creed Greg (CEO - Taco Bell)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-27	Common Stock	M	54200	$22.53	Acquired	66757	Direct
2011-04-27	Common Stock	S	54200	$52.076	Disposed	12557	Direct
2011-04-27	Common Stock	M	82878	$24.4675	Acquired	95435	Direct
2011-04-27	Common Stock	D	59411	$52.23	Disposed	36024	Direct
2011-04-27	Common Stock	S	23467	$52.076	Disposed	12557	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-27	Employee Stock Option (Right to Buy)	$22.53	M	54200	Disposed	2015-01-28	Common Stock (54200)	Direct
2011-04-27	Stock Appreciation Right	$24.4675	M	82878	Disposed	2016-01-26	Common Stock (82878)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $51.86 to $52.28. The price reported above reflects the average price. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

F2: This transaction was executed in multiple trades at prices ranging from $51.86 to $52.28. The price reported above reflects the average price. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.