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: 2011-12-09

Reporting Person: Eaton Roger G. (CEO - KFC)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-09	Common Stock	M	60608	$12.1625	Acquired	66668	Direct
2011-12-09	Common Stock	S	60608	$58.12	Disposed	6060	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-09	Employee Stock Option (Right to Buy)	$12.1625	M	60608	Disposed	2013-01-23	Common Stock (60608)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $57.94 to $58.47. 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.