YUM BRANDS INC — Director's Dealing 2011

Jul 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2011-07-15

Reporting Person: BYERLEIN HOLLAN ANNE (Chief People Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-07-15	Common Stock	M	86720	$22.53	Acquired	129690	Direct
2011-07-15	Common Stock	M	78734	$24.4675	Acquired	208424	Direct
2011-07-15	Common Stock	M	73104	$29.61	Acquired	281528	Direct
2011-07-15	Common Stock	M	70275	$37.30	Acquired	351803	Direct
2011-07-15	Common Stock	D	53706	$56.64	Disposed	298097	Direct
2011-07-15	Common Stock	D	53626	$56.52	Disposed	244471	Direct
2011-07-15	Common Stock	D	56943	$56.43	Disposed	187528	Direct
2011-07-15	Common Stock	S	145859	$55.7543	Disposed	41669	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-07-15	Employee Stock Option (Right to Buy)	$22.53	M	86720	Disposed	2015-01-28	Common Stock (86720)	Direct
2011-07-15	Stock Appreciation Right	$24.4675	M	78734	Disposed	2016-01-26	Common Stock (78734)	Direct
2011-07-15	Stock Appreciation Right	$29.61	M	73104	Disposed	2017-01-19	Common Stock (73104)	Direct
2011-07-15	Stock Appreciation Right	$37.30	M	70275	Disposed	2018-01-24	Common Stock (70275)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1597.485	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $55.40 to $56.23. 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 regardding the number of shares and prices at which the transaction was effected.