YUM BRANDS INC — Director's Dealing 2013

Mar 15, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2013-03-13

Reporting Person: Creed Greg (CEO - Taco Bell)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-03-13	Common Stock	M	327088	$29.61	Acquired	354036	Direct
2013-03-13	Common Stock	M	5204	$29.61	Acquired	359240	Direct
2013-03-13	Common Stock	D	241482	$69.10	Disposed	117758	Direct
2013-03-13	Common Stock	S	90810	$68.97	Disposed	26948	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-03-13	Stock Appreciation Right	$29.61	M	327088	Disposed	2017-01-19	Common Stock (327088)	Direct
2013-03-13	Stock Appreciation Right	$29.61	M	5204	Disposed	2017-01-19	Common Stock (5204)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $68.86 to $69.15. 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.