YUM BRANDS INC — Director's Dealing 2011

Mar 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2011-03-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-01	Common Stock	S	1460	$50.07	Disposed	20671	Direct
2011-03-01	Common Stock	M	8040	$22.53	Acquired	28711	Direct
2011-03-01	Common Stock	S	8040	$50.09	Disposed	20671	Direct
2011-03-02	Common Stock	M	1460	$17.23	Acquired	22131	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-01	Employee Stock Option (Right to Buy)	$22.53	M	8040	Disposed	2015-01-28	Common Stock (8040)	Direct
2011-03-02	Employee Stock Option (Right to Buy)	$17.23	M	1460	Disposed	2014-01-27	Common Stock (1460)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $50.07 to $50.12. 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.