YUM BRANDS INC — Director's Dealing 2011

Feb 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2011-02-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-04	Common Stock	M	9500	$17.23	Acquired	31631	Direct
2011-02-04	Common Stock	S	9500	$49.58	Disposed	22131	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-04	Stock Appreciation Right	$49.30	A	61100	Acquired	2021-02-04	Common Stock (61100)	Direct
2011-02-04	Employee Stock Option (Right to Buy)	$17.23	M	9500	Disposed	2014-01-27	Common Stock (9500)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $49.52 to $49.60. 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.