YUM BRANDS INC — Director's Dealing 2012

Jul 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-07-02

Reporting Person: Creed Greg (CEO - Taco Bell)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-02	Common Stock	M	11040	$29.61	Acquired	36787	Direct
2012-07-02	Common Stock	D	7869	$64.22	Disposed	28918	Direct
2012-07-02	Common Stock	S	3171	$64.21	Disposed	25747	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-02	Stock Appreciation Right	$29.61	M	11040	Disposed	2017-01-19	Common Stock (11040)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $64.21 to $64.22. 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.