YUM BRANDS INC — Director's Dealing 2014

Jan 6, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-01-02

Reporting Person: Grismer Patrick J (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-02	Common Stock	M	4157	$24.4675	Acquired	4157	Direct
2014-01-02	Common Stock	D	2404	$75.30	Disposed	1753	Direct
2014-01-02	Common Stock	S	1753	$75.21	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-02	Stock Appreciation Right	$24.4675	M	4157	Disposed	2016-01-26	Common Stock (4157)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6240	Indirect
Common Stock	1600	Indirect
Common Stock	8500	Indirect
Common Stock	1500	Indirect

Footnotes

F1: Pursuant to 10b5-1 Plan