YUM BRANDS INC (Form: 4, Received: 07/16/2003 14:36:57)

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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

(Print or Type Responses)

1. Name and Address of Reporting Person ^* NOVAK DAVID C	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 __ X __ Officer (give title below) _____ Other (specify below) Chair CEO and Pres
(Last) (First) (Middle)	3. Date of Earliest Transaction (MM/DD/YYYY) 7/15/2003
(Street) (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	7/15/2003	7/15/2003	M		35000.00 ⁽¹⁾	A	$17.2344	107020.08	D
Common Stock	7/15/2003	7/15/2003	S		100.00 ⁽¹⁾	D	$30.34	106920.08	D
Common Stock	7/15/2003	7/15/2003	S		6200.00 ⁽¹⁾	D	$30.30	100720.08	D
Common Stock	7/15/2003	7/15/2003	S		100.00 ⁽¹⁾	D	$30.28	100620.08	D
Common Stock	7/15/2003	7/15/2003	S		3400.00 ⁽¹⁾	D	$30.21	97220.08	D
Common Stock	7/15/2003	7/15/2003	S		600.00 ⁽¹⁾	D	$30.11	96620.08	D
Common Stock	7/15/2003	7/15/2003	S		6900.00 ⁽¹⁾	D	$30.05	89720.08	D
Common Stock	7/15/2003	7/15/2003	S		1900.00 ⁽¹⁾	D	$30.03	87820.08	D
Common Stock	7/15/2003	7/15/2003	S		2100.00 ⁽¹⁾	D	$30.00	85720.08	D
Common Stock	7/15/2003	7/15/2003	S		13400.00 ⁽¹⁾	D	$29.90	72320.08	D
Common Stock	7/15/2003	7/15/2003	S		300.00 ⁽¹⁾	D	$30.02	72020.08	D
Common Stock	7/15/2003	7/15/2003	S		1300.00 ⁽¹⁾	D	$29.91	-1080.00	I	By Daughter
Common Stock	7/15/2003	7/15/2003	S		2000.00 ⁽¹⁾	D	$30.10	-3080.00	I	By Daughter
Common Stock	7/15/2003	7/15/2003	S		200.00 ⁽¹⁾	D	$30.20	-3280.00	I	By Daughter
Common Stock	7/15/2003	7/15/2003	S		300.00 ⁽¹⁾	D	$30.22	-3580.00	I	By Daughter
Common Stock	7/15/2003	7/15/2003	S		700.00 ⁽¹⁾	D	$30.25	-4280.00	I	By Daughter
Common Stock	7/15/2003	7/15/2003	S		1500.00 ⁽¹⁾	D	$30.35	-5780.00	I	By Daughter
Common Stock	7/15/2003	7/15/2003	M		6000.00 ⁽¹⁾	A	$11.408576	220.00	I	By Daughter

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)

1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		7. Title and Amount of Securities Underlying Derivative Security (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)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$11.41	7/15/2003	7/15/2003	M			6000.00 ⁽¹⁾	1/25/2000	1/25/2006	Common Stock	6000.00	0	162000.00	I	By Daughter
Employee Stock Option (right to buy)	$17.23	7/15/2003	7/15/2003	M			35000.00 ⁽¹⁾	11/18/1997	1/25/2006	Common Stock	35000.00	0	289948.00	D

Explanation of Responses:

(1)

Shares exercised and sold pursuant to SEC 10b5-1 plan.

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
NOVAK DAVID C,	X		Chair CEO and Pres

Signatures

David C. Novak		7/16/2003
^** Signature of Reporting Person		Date
David C. Novak		7/16/2003
^** Signature of Reporting Person		Date

*	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).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.	SEC 1474 (9-02)