YUM BRANDS INC — Director's Dealing 2013

Dec 16, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2013-12-13

Reporting Person: Grismer Patrick J (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-12-13	Common Stock	M	1931	$24.0175	Acquired	1931	Direct
2013-12-13	Common Stock	S	1931	$72.3598	Disposed	0	Direct
2013-12-13	Common Stock	M	2226	$24.4675	Acquired	2226	Direct
2013-12-13	Common Stock	D	1486	$72.37	Disposed	740	Direct
2013-12-13	Common Stock	S	740	$72.3135	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-12-13	Employee Stock Option (Right to Buy)	$24.1075	M	1931	Disposed	2015-11-18	Common Stock (1931)	Direct
2013-12-13	Stock Appreciation Right	$24.4675	M	2226	Disposed	2016-01-26	Common Stock (2226)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6240	Indirect
Common Stock	1600	Indirect
Common Stock	8500	Indirect
Common Stock	1500	Indirect

Footnotes

F1: Pursuant to 10b5-1 Plan