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: 2014-12-19

Reporting Person: Carucci Richard (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-19	Common Stock	M	6553	$71.74	Acquired	13818	Direct
2014-12-19	Common Stock	F	3049	$71.74	Disposed	10769	Direct
2014-12-19	Common Stock	M	28680	$71.74	Acquired	39449	Direct
2014-12-19	Common Stock	F	13079	$71.74	Disposed	26370	Direct
2014-12-19	Common Stock	M	853	$71.74	Acquired	27223	Direct
2014-12-19	Common Stock	F	389	$71.74	Disposed	26834	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-19	Phantom Stock	$	M	6553	Disposed		Common Stock (6553)	Direct
2014-12-19	Phantom Stock	$	M	28680	Disposed		Common Stock (28680)	Direct
2014-12-19	Phantom Stock	$	M	853	Disposed		Common Stock (853)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20833	Indirect
Common Stock	6000	Indirect

Footnotes

F1: Conversion occurs on a one-for-one basis.

F2: Phantom Exercise Date

F3: The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.