Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LANGONE KENNETH G
  2. Issuer Name and Ticker or Trading Symbol
YUM BRANDS INC [YUM]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O INVEMED ASSOCIATES, INC.
3. Date of Earliest Transaction (Month/Day/Year)
03/06/2012
(Street)

NEW YORK, NY 10152
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/06/2012   M   4,530 A $ 29.6025 655,020 D  
Common Stock 03/06/2012   M   3,510 A $ 38.615 658,530 D  
Common Stock 03/06/2012   M   3,887 A $ 30.6 662,417 D  
Common Stock 03/06/2012   M   3,679 A $ 33.06 666,096 D  
Common Stock 03/06/2012   M   3,202 A $ 50.54 669,298 D  
Common Stock 03/06/2012   M   2,871 A $ 52.62 672,169 D  
Common Stock 03/06/2012   D   12,607 D $ 65.31 659,562 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Appreciation Right $ 29.6025 03/06/2012   M     4,530 11/07/2007 11/07/2016 Common Stock 4,530 $ 0 0 D  
Stock Appreciation Right $ 38.615 03/06/2012   M     3,510 11/06/2008 11/06/2017 Common Stock 3,510 $ 0 0 D  
Stock Appreciation Right $ 30.6 03/06/2012   M     3,887 11/04/2009 11/04/2018 Common Stock 3,887 $ 0 0 D  
Stock Appreciation Right $ 33.06 03/06/2012   M     3,679 11/03/2009 11/03/2019 Common Stock 3,679 $ 0 0 D  
Stock Appreciation Right $ 50.54 03/06/2012   M     3,202 11/02/2010 11/02/2020 Common Stock 3,202 $ 0 0 D  
Stock Appreciation Right $ 52.62 03/06/2012   M     2,871 11/01/2011 11/01/2021 Common Stock 2,871 $ 0 0 D  
Phantom Stock (1) 03/06/2012   P   56.644     (2)   (3) Common Stock 56.644 $ 65.48 3,504.3469 D  
Phantom Stock (1) 03/06/2012   P   88.4939     (2)   (3) Common Stock 88.4939 $ 65.48 5,474.8037 D  
Phantom Stock (1) 03/06/2012   P   66.5495     (2)   (3) Common Stock 66.5495 $ 65.48 4,117.1708 D  
Phantom Stock (1) 03/06/2012   P   73.7082     (2)   (3) Common Stock 73.7082 $ 65.48 4,560.0571 D  
Phantom Stock (1) 03/06/2012   P   81.265     (2)   (3) Common Stock 81.265 $ 65.48 5,027.5679 D  
Phantom Stock (1) 03/06/2012   P   60.0205     (2)   (3) Common Stock 60.0205 $ 65.48 3,713.2496 D  
Phantom Stock (1) 03/06/2012   P   64.8395     (2)   (3) Common Stock 64.8395 $ 65.48 4,554.0518 D  
Phantom Stock (1) 03/06/2012   P   58.9817     (4)   (3) Common Stock 58.9817 $ 65.48 4,085.1007 D  
Phantom Stock (1) 03/06/2012   P   56.5159     (5)   (6) Common Stock 56.5159 $ 65.48 3,496.4447 D  
Phantom Stock (1) 03/06/2012   P   12.8862     (4)   (3) Common Stock 12.8862 $ 65.48 2,969.8862 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LANGONE KENNETH G
C/O INVEMED ASSOCIATES, INC.
NEW YORK, NY 10152
  X      

Signatures

 /s/ M. Gayle Hobson, POA   03/08/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Conversion occurs on a one-for-one basis.
(2) Phantom Exercise Date
(3) The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.
(4) 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.
(5) Payments are made in accordance with elections on file.
(6) The Program does not have specified expiration dates.

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