YUM BRANDS INC — Director's Dealing 2012

Feb 15, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-02-14

Reporting Person: CAMPBELL CHRISTAIN (SVP GC and CFPO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-14	Common Stock	M	99688	$29.61	Acquired	112976	Direct
2012-02-14	Common Stock	D	69535	$63.61	Disposed	43441	Direct
2012-02-14	Common Stock	S	30153	$63.53	Disposed	13288	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-14	Stock Appreciation Right	$29.61	M	99688	Disposed	2017-01-19	Common Stock (99688)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $63.46 to $63.59. 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.