YUM BRANDS INC — Director's Dealing 2014

Dec 16, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-12-15

Reporting Person: NOVAK DAVID C (Director, Chair CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-15	Common Stock	M	517978	$24.4675	Acquired	813642.08	Direct
2014-12-15	Common Stock	D	342657	$71.21	Disposed	470985.08	Direct
2014-12-15	Common Stock	S	175321	$70.9368	Disposed	295664.08	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-15	Stock Appreciation Right	$24.4675	M	517978	Disposed	2016-01-26	Common Stock (517978)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	33132	Indirect
Common Stock	0	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $70.60 to $71.35. 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.