YUM BRANDS INC — Director's Dealing 2012

Nov 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-11-26

Reporting Person: Bergren Scott (CEO PH and YUM Innov.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-26	Common Stock	M	62158	$24.4675	Acquired	73395	Direct
2012-11-26	Common Stock	D	35719	$74.00	Disposed	37676	Direct
2012-11-26	Common Stock	S	26439	$73.24	Disposed	11237	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-11-26	Stock Appreciation Right	$24.4675	M	62158	Disposed	2016-01-26	Common Stock (62158)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $73.19 to $73.43. 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.