YUM BRANDS INC — Director's Dealing 2014

Jul 1, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-07-01

Reporting Person: Creed Greg (CEO - Taco Bell)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-01	Common Stock	M	713	$81.20	Acquired	37210	Direct
2014-07-01	Common Stock	F	356	$81.20	Disposed	36854	Direct
2014-07-01	Common Stock	M	30	$81.20	Acquired	36884	Direct
2014-07-01	Common Stock	F	15	$81.20	Disposed	36869	Direct
2014-07-01	Common Stock	M	1004	$81.20	Acquired	37873	Direct
2014-07-01	Common Stock	F	501	$81.20	Disposed	37372	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-01	Phantom Stock	$	M	713	Disposed		Common Stock (713)	Direct
2014-07-01	Phantom Stock	$	M	30	Disposed		Common Stock (30)	Direct
2014-07-01	Phantom Stock	$	M	1004	Disposed		Common Stock (1004)	Direct

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.