YUM BRANDS INC — Director's Dealing 2011

Nov 8, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2011-11-07

Reporting Person: BLUM JONATHAN DAVID (Chief Public Affairs Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-07	Common Stock	M	9500	$24.4675	Acquired	31631	Direct
2011-11-07	Common Stock	D	6602	$54.53	Disposed	25029	Direct
2011-11-07	Common Stock	S	2898	$54.54	Disposed	22131	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-07	Stock Appreciation Right	$24.4675	M	9500	Disposed	2016-01-26	Common Stock (9500)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $54.54 to $54.55. 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.