YUM BRANDS INC — Director's Dealing 2014

Apr 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-04-01

Reporting Person: Creed Greg (CEO - Taco Bell)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-01	Common Stock	M	2008	$75.39	Acquired	31379	Direct
2014-04-01	Common Stock	F	1001	$75.39	Disposed	30378	Direct
2014-04-01	Common Stock	M	12197	$75.39	Acquired	42575	Direct
2014-04-01	Common Stock	F	6078	$75.39	Disposed	36497	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-01	Phantom Stock	$	M	2008	Disposed		Common Stock (2008)	Direct
2014-04-01	Phantom Stock	$	M	12197	Disposed		Common Stock (12197)	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.

F4: Payments are made in accordance with elections on file.

F5: The Program does not have specified expiration dates.