YUM BRANDS INC — Director's Dealing 2012

May 4, 2012

SEC Form 3 — Initial Statement of Beneficial Ownership

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

Reporting Person: Grismer Patrick J (Chief Financial Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6240	Indirect
Common Stock	1600	Indirect
Common Stock	8500	Indirect
Common Stock	1500	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock	$		Common Stock (9126.6294)		Direct
Employee Stock Option (Right to Buy)	$22.53	2015-01-28	Common Stock (10840)		Direct
Employee Stock Option (Right to Buy)	$24.1075	2015-11-18	Common Stock (20190)		Direct
Stock Appreciation Right	$24.4675	2016-01-26	Common Stock (18856)		Direct
Stock Appreciation Right	$29.29	2019-02-05	Common Stock (33830)		Direct
Stock Appreciation Right	$29.61	2017-01-19	Common Stock (19938)		Direct
Stock Appreciation Right	$32.98	2020-02-05	Common Stock (34424)		Direct
Stock Appreciation Right	$32.98	2020-02-05	Common Stock (43030)		Direct
Stock Appreciation Right	$33.2025	2017-05-17	Common Stock (16262)		Direct
Stock Appreciation Right	$33.21	2019-05-21	Common Stock (15853)		Direct
Stock Appreciation Right	$37.30	2018-01-24	Common Stock (20079)		Direct
Stock Appreciation Right	$49.30	2021-02-04	Common Stock (24440)		Direct
Stock Appreciation Right	$64.44	2022-02-08	Common Stock (33102)		Direct

Footnotes

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

F2: Payments are made in accordance with elections on file.

F3: The Program does not have specified expiration dates.