YUM BRANDS INC — Director's Dealing 2011

Dec 8, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2011-12-08

Reporting Person: CAMPBELL CHRISTAIN (SVP GC and CFPO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-08	Common Stock	M	82878	$24.4675	Acquired	96166	Direct
2011-12-08	Common Stock	D	55998	$57.94	Disposed	40168	Direct
2011-12-08	Common Stock	S	26880	$58.085	Disposed	13288	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-08	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 $57.71 to $58.52. 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.