YUM BRANDS INC — Director's Dealing 2012

Jan 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Allan Graham D (Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-01	Common Stock	M	7907	$59.01	Acquired	485733	Direct
2012-01-01	Common Stock	F	1977	$59.01	Disposed	483756	Direct
2012-01-01	Common Stock	M	34930	$59.01	Acquired	518686	Direct
2012-01-01	Common Stock	F	12226	$59.01	Disposed	506460	Direct
2012-01-01	Common Stock	M	30343	$59.01	Acquired	536803	Direct
2012-01-01	Common Stock	F	10621	$59.01	Disposed	526182	Direct
2012-01-01	Common Stock	M	87454	$59.01	Acquired	613636	Direct
2012-01-01	Common Stock	F	30609	$59.01	Disposed	583027	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-01	Phantom Stock	$	M	7907	Disposed		Common Stock (7907)	Direct
2012-01-01	Phantom Stock	$	M	34930	Disposed		Common Stock (34930)	Direct
2012-01-01	Phantom Stock	$	M	30343	Disposed		Common Stock (30343)	Direct
2012-01-01	Phantom Stock	$	M	87454	Disposed		Common Stock (87454)	Direct

Footnotes

F1: Conversion occurs on a one-for-one basis.

F2: Phantom Exercise Date

F3: The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.