YUM BRANDS INC — Director's Dealing 2014

Nov 21, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-11-20

Reporting Person: Stock Elane B (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-20	Stock Appreciation Right	$75.51	A	1927	Acquired	2024-11-20	Common Stock (1927)	Direct
2014-11-20	Phantom Stock	$	A	331.082	Acquired		Common Stock (331.082)	Direct

Footnotes

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

F2: Payments are made in accordance with elections on file.

F3: Phantom units accrued under the YUM! Brands, Inc. Director Deferred Compensation Plan do not have expiration dates.