YUM BRANDS INC — Director's Dealing 2012

Jan 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-01-24

Reporting Person: NOVAK DAVID C (Director, Chair CEO and Pres)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-06	Restricted Stock Units	$0	J	932.65	Acquired		Common Stock (932.65)	Direct
2011-08-05	Restricted Stock Units	$0	J	991.14	Acquired		Common Stock (991.14)	Direct
2011-11-04	Restricted Stock Units	$0	J	1066.68	Acquired		Common Stock (1066.68)	Direct
2012-01-24	Restricted Stock Units	$0	F	2944.9513	Disposed		Common Stock (2944.9513)	Direct

Footnotes

F1: The restricted stock units vest four years from grant date. Vested shares will be delivered to the reporting person six months from his retirement from YUM! Brands, Inc.

F2: Units acquired pursuant to Rule 16a-11 exemption. The reported holdings include units acquired in unreported dividend reinvestment transactions.