YUM BRANDS INC — Director's Dealing 2012

Nov 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-11-16

Reporting Person: Cavanagh Michael J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-11-16	Stock Appreciation Right	$71.89	A	1981	Acquired	2022-11-16	Common Stock (1981)	Direct
2012-11-16	Phantom Stock	$	A	347.7535	Acquired		Common Stock (347.7535)	Direct

Footnotes

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

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

F3: Phantom units accrued under the YUM! Brands, Inc. Director Deferred Compensation Plan do not have expiration dates.