YUM BRANDS INC — Director's Dealing 2012

Dec 12, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: FERRAGAMO MASSIMO (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-12	Common Stock	M	2756	$21.7775	Acquired	51874	Direct
2012-12-12	Common Stock	M	5056	$25.3125	Acquired	56930	Direct
2012-12-12	Common Stock	S	3647	$67.66	Disposed	53283	Direct
2012-12-12	Common Stock	M	3546	$16.9275	Acquired	56829	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-12	Employee Stock Option (Right to Buy)	$21.7775	M	2756	Disposed	2014-11-02	Common Stock (2756)	Direct
2012-12-12	Employee Stock Option (Right to Buy)	$25.3125	M	5056	Disposed	2015-11-01	Common Stock (5056)	Direct
2012-12-12	Employee Stock Option (Right to Buy)	$16.9275	M	3546	Disposed	2013-11-04	Common Stock (3546)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $67.66 to $67.67. 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.