YUM BRANDS INC — Director's Dealing 2014

Aug 4, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-08-01

Reporting Person: BLUM JONATHAN DAVID (SVP and Chief Public Affairs)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-01	Common Stock	M	9500	$32.98	Acquired	31631	Direct
2014-08-01	Common Stock	D	6846	$69.99	Disposed	24785	Direct
2014-08-01	Common Stock	S	2654	$69.99	Disposed	22131	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-01	Stock Appreciation Right	$32.98	M	9500	Disposed	2020-02-05	Common Stock (9500)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: Vesting occurs 25% per year beginning 02/05/2011.