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
                                                                                  
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OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

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)

1441 GARDINER LANE 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/1/2003
(Street)

LOUISVILLE, KY 40213
(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)
Code V Amount (A) or (D) Price
Common Stock   12/1/2003   12/1/2003   M    35000.00   A $17.2344   107020.08   D    
Common Stock   12/1/2003   12/1/2003   S    6754.00   (1) D $34.52   100266.08   D    
Common Stock   12/1/2003   12/1/2003   S    1044.00   (1) D $34.55   99222.08   D    
Common Stock   12/1/2003   12/1/2003   S    1412.00   (1) D $34.57   97810.08   D    
Common Stock   12/1/2003   12/1/2003   S    2824.00   (1) D $34.60   94986.08   D    
Common Stock   12/1/2003   12/1/2003   S    61.00   (1) D $34.62   94925.08   D    
Common Stock   12/1/2003   12/1/2003   S    184.00   (1) D $34.66   94741.08   D    
Common Stock   12/1/2003   12/1/2003   S    7738.00   (1) D $34.67   87003.08   D    
Common Stock   12/1/2003   12/1/2003   S    6754.00   (1) D $34.68   80249.08   D    
Common Stock   12/1/2003   12/1/2003   S    5219.00   (1) D $34.7   75030.08   D    
Common Stock   12/1/2003   12/1/2003   S    61.00   (1) D $34.71   74969.08   D    
Common Stock   12/1/2003   12/1/2003   S    307.00   (1) D $34.72   74662.08   D    
Common Stock   12/1/2003   12/1/2003   S    615.00   (1) D $34.73   74047.08   D    
Common Stock   12/1/2003   12/1/2003   S    123.00   (1) D $34.75   73924.08   D    
Common Stock   12/1/2003   12/1/2003   S    184.00   (1) D $34.76   73740.08   D    
Common Stock   12/1/2003   12/1/2003   S    492.00   (1) D $34.77   73248.08   D    
Common Stock   12/1/2003   12/1/2003   S    121.00   (1) D $34.78   73127.08   D    
Common Stock   12/1/2003   12/1/2003   S    369.00   (1) D $34.83   72758.08   D    
Common Stock   12/1/2003   12/1/2003   S    369.00   (1) D $34.85   72389.08   D    
Common Stock   12/1/2003   12/1/2003   S    369.00   (1) D $34.87   72020.08   D    
Common Stock                  220.00   (2) I   By Daughter  

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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)   $17.2344   12/1/2003   12/1/2003   M        35000.00    1/25/2000   1/25/2006   Common Stock   35000.00   $17.2344   114948.00   D    

Explanation of Responses:
(1)  Shares exercised and sold pursuant to SEC 10b5-1 plan.
(2)  Represents transfer of shares to minor daughter

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
NOVAK DAVID C
1441 GARDINER LANE
LOUISVILLE, KY 40213 		X
Chair CEO and Pres

Signatures
David C. Novak 12/2/2003
** Signature of Reporting Person Date


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