YUM BRANDS INC — Director's Dealing 2012

May 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-05-01

Reporting Person: BLUM JONATHAN DAVID (SVP and Chief Public Affairs)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-01	Common Stock	M	5158	$24.4675	Acquired	27289	Direct
2012-05-01	Common Stock	D	3220	$73.58	Disposed	24069	Direct
2012-05-01	Common Stock	M	4342	$29.61	Acquired	28411	Direct
2012-05-01	Common Stock	D	2882	$73.58	Disposed	25529	Direct
2012-05-01	Common Stock	S	3398	$73.6058	Disposed	22131	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-01	Stock Appreciation Right	$24.4675	M	5158	Disposed	2016-01-26	Common Stock (5158)	Direct
2012-05-01	Stock Appreciation Right	$29.61	M	4342	Disposed	2017-01-19	Common Stock (4342)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $73.58 to $73.64. 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.