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: 2011-04-29

Reporting Person: Allan Graham D (CEO - YRI)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-29	Common Stock	M	40000	$12.2038	Acquired	468226	Direct
2011-04-29	Common Stock	S	20000	$53.7403	Disposed	448226	Direct
2011-04-29	Common Stock	S	20000	$53.21	Disposed	428226	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-29	Employee Stock Option (Right to Buy)	$12.2038	M	40000	Disposed	2011-12-31	Common Stock (40000)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $53.70 to $53.74. 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 $53.20 to $53.26. 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.