YUM BRANDS INC — Director's Dealing 2013

Jul 1, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2013-07-01

Reporting Person: Grismer Patrick J (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-07-01	Common Stock	M	2526	$22.53	Acquired	2526	Direct
2013-07-01	Common Stock	M	1631	$24.0175	Acquired	4157	Direct
2013-07-01	Common Stock	S	4157	$69.66	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-07-01	Employee Stock Option (Right to Buy)	$22.53	M	2526	Disposed	2015-01-28	Common Stock (2526)	Direct
2013-07-01	Employee Stock Option (Right to Buy)	$24.1075	M	1631	Disposed	2015-11-18	Common Stock (1631)	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

F2: This transaction was executed in multiple trades at prices ranging from $69.65 to $69.667. 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.