YUM BRANDS INC — Director's Dealing 2012

Feb 10, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-02-08

Reporting Person: Carucci Richard (Sr VP Fin/CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-08	Common Stock	M	70080	$12.1625	Acquired	89998	Direct
2012-02-08	Common Stock	M	29020	$17.23	Acquired	119018	Direct
2012-02-08	Common Stock	S	99110	$65.3357	Disposed	19908	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-08	Employee Stock Option (Right to Buy)	$12.1625	M	70080	Disposed	2013-01-23	Common Stock (70080)	Direct
2012-02-08	Employee Stock Option (Right to Buy)	$17.23	M	29020	Disposed	2014-01-27	Common Stock (29020)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$17.23	2014-01-27	Common Stock (54200)	54200	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $65.04 to $65.50. 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.