YUM BRANDS INC — Director's Dealing 2011

Dec 13, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2011-12-12

Reporting Person: Allan Graham D (Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-12	Common Stock	M	1367	$13.2775	Acquired	479193	Direct
2011-12-12	Common Stock	S	1367	$59.01	Disposed	477826	Direct
2011-12-13	Common Stock	M	13633	$13.2775	Acquired	491459	Direct
2011-12-13	Common Stock	S	13633	$59.01	Disposed	477826	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-12	Employee Stock Option (Right to Buy)	$13.2775	M	1367	Disposed	2012-01-24	Common Stock (1367)	Direct
2011-12-13	Employee Stock Option (Right to Buy)	$13.2775	M	13633	Disposed	2012-01-24	Common Stock (13633)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $59.00 to $59.08. 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.