YUM BRANDS INC — Director's Dealing 2012

Mar 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-03-06

Reporting Person: LANGONE KENNETH G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-06	Common Stock	M	4530	$29.6025	Acquired	655020	Direct
2012-03-06	Common Stock	M	3510	$38.615	Acquired	658530	Direct
2012-03-06	Common Stock	M	3887	$30.60	Acquired	662417	Direct
2012-03-06	Common Stock	M	3679	$33.06	Acquired	666096	Direct
2012-03-06	Common Stock	M	3202	$50.54	Acquired	669298	Direct
2012-03-06	Common Stock	M	2871	$52.62	Acquired	672169	Direct
2012-03-06	Common Stock	D	12607	$65.31	Disposed	659562	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-06	Stock Appreciation Right	$29.6025	M	4530	Disposed	2016-11-07	Common Stock (4530)	Direct
2012-03-06	Stock Appreciation Right	$38.615	M	3510	Disposed	2017-11-06	Common Stock (3510)	Direct
2012-03-06	Stock Appreciation Right	$30.60	M	3887	Disposed	2018-11-04	Common Stock (3887)	Direct
2012-03-06	Stock Appreciation Right	$33.06	M	3679	Disposed	2019-11-03	Common Stock (3679)	Direct
2012-03-06	Stock Appreciation Right	$50.54	M	3202	Disposed	2020-11-02	Common Stock (3202)	Direct
2012-03-06	Stock Appreciation Right	$52.62	M	2871	Disposed	2021-11-01	Common Stock (2871)	Direct
2012-03-06	Phantom Stock	$	P	56.644	Acquired		Common Stock (56.644)	Direct
2012-03-06	Phantom Stock	$	P	88.4939	Acquired		Common Stock (88.4939)	Direct
2012-03-06	Phantom Stock	$	P	66.5495	Acquired		Common Stock (66.5495)	Direct
2012-03-06	Phantom Stock	$	P	73.7082	Acquired		Common Stock (73.7082)	Direct
2012-03-06	Phantom Stock	$	P	81.265	Acquired		Common Stock (81.265)	Direct
2012-03-06	Phantom Stock	$	P	60.0205	Acquired		Common Stock (60.0205)	Direct
2012-03-06	Phantom Stock	$	P	64.8395	Acquired		Common Stock (64.8395)	Direct
2012-03-06	Phantom Stock	$	P	58.9817	Acquired		Common Stock (58.9817)	Direct
2012-03-06	Phantom Stock	$	P	56.5159	Acquired		Common Stock (56.5159)	Direct
2012-03-06	Phantom Stock	$	P	12.8862	Acquired		Common Stock (12.8862)	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.

F4: The phantom stock units are acrued under the YUM! Brands, Inc. Director Deferred Compensation Plan and will be settled in YUM! stock after directorship ceases.

F5: Payments are made in accordance with elections on file.

F6: The Program does not have specified expiration dates.