YUM BRANDS INC — Director's Dealing 2014

Feb 6, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2014-02-05

Reporting Person: BLUM JONATHAN DAVID (SVP and Chief Public Affairs)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-05	Common Stock	M	6835	$29.29	Acquired	28966	Direct
2014-02-05	Common Stock	D	4131	$70.92	Disposed	24835	Direct
2014-02-05	Common Stock	S	2704	$70.8996	Disposed	22131	Direct
2014-02-05	Common Stock	M	2665	$32.98	Acquired	24796	Direct
2014-02-05	Common Stock	D	1705	$70.92	Disposed	23091	Direct
2014-02-05	Common Stock	S	960	$70.8996	Disposed	22131	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-05	Stock Appreciation Right	$29.29	M	6835	Disposed	2019-02-05	Common Stock (6835)	Direct
2014-02-05	Stock Appreciation Right	$32.98	M	2665	Disposed	2020-02-05	Common Stock (2665)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: Vesting occurs 25% per year beginning 02/05/2011.