YUM BRANDS INC — Director's Dealing 2011

Dec 9, 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: NOVAK DAVID C (Director, Chair CEO and Pres)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-08	Common Stock	M	80300	$12.1625	Acquired	317130.08	Direct
2011-12-08	Common Stock	S	80300	$57.8082	Disposed	236830.08	Direct
2011-12-09	Common Stock	M	744274	$12.1625	Acquired	981104.08	Direct
2011-12-09	Common Stock	S	744274	$58.1094	Disposed	236830.08	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-08	Employee Stock Option (Right to Buy)	$12.1625	M	80300	Disposed	2013-01-23	Common Stock (80300)	Direct
2011-12-09	Employee Stock Option (Right to Buy)	$12.1625	M	744274	Disposed	2013-01-23	Common Stock (744274)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	30548	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $57.70 to $57.91. 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.

F2: This transaction was executed in multiple trades at prices ranging from $57.74 to $58.56. 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.