YUM BRANDS INC — Director's Dealing 2014

Dec 19, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-12-18

Reporting Person: CAMPBELL CHRISTAIN (SVP GC and CFPO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-18	Common Stock	M	50745	$29.29	Acquired	64033	Direct
2014-12-18	Common Stock	D	35626	$71.15	Disposed	28407	Direct
2014-12-18	Common Stock	S	15119	$71.1355	Disposed	13288	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-18	Stock Appreciation Right	$29.29	M	50745	Disposed	2019-02-05	Common Stock (50745)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $71.07 to $71.20. 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.