YUM BRANDS INC — Director's Dealing 2012

Dec 11, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-12-10

Reporting Person: HILL BONNIE GUITON (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-10	Common Stock	M	3818	$13.0125	Acquired	3818	Direct
2012-12-10	Common Stock	S	2070	$66.4976	Disposed	1748	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-10	Employee Stock Option (Right to Buy)	$13.1025	M	3818	Disposed	2013-05-15	Common Stock (3818)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $66.46 to $66.55. 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.