YUM BRANDS INC — Director's Dealing 2013

Dec 20, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2013-12-19

Reporting Person: Carucci Richard (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-12-19	Common Stock	M	1316	$72.73	Acquired	7866	Direct
2013-12-19	Common Stock	F	601	$72.73	Disposed	7265	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-12-19	Phantom Stock	$	M	1316	Disposed		Common Stock (1316)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20833	Indirect
Common Stock	6000	Indirect

Footnotes

F1: Conversion occurs on a one-for-one basis.

F2: Phantom Exercise Date

F3: The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.