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: 2011-12-13

Reporting Person: Creed Greg (CEO - Taco Bell)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-13	Common Stock	M	6362	$58.96	Acquired	18919	Direct
2011-12-13	Common Stock	F	2878	$58.96	Disposed	16041	Direct
2011-12-13	Common Stock	M	13535	$58.96	Acquired	29576	Direct
2011-12-13	Common Stock	F	6122	$58.96	Disposed	23454	Direct
2011-12-13	Common Stock	M	175	$58.96	Acquired	23629	Direct
2011-12-13	Common Stock	F	80	$58.96	Disposed	23549	Direct
2011-12-13	Common Stock	M	3012	$58.96	Acquired	26561	Direct
2011-12-13	Common Stock	F	1363	$58.96	Disposed	25198	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-13	Phantom Stock	$	M	6362	Disposed		Common Stock (6362)	Direct
2011-12-13	Phantom Stock	$	M	13535	Disposed		Common Stock (13535)	Direct
2011-12-13	Phantom Stock	$	M	175	Disposed		Common Stock (175)	Direct
2011-12-13	Phantom Stock	$	M	3012	Disposed		Common Stock (3012)	Direct

Footnotes

F1: Conversion occurs on a one-for-one basis.

F2: Phantom Exercise Date

F3: The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.