YUM BRANDS INC — Director's Dealing 2015

Jan 2, 2015

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2015-01-01

Reporting Person: Niccol Brian R (CEO, Taco Bell)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4969.49	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock	$		Common Stock (16512.0928)		Direct
Phantom Stock	$		Common Stock (17165.164)		Direct
Stock Appreciation Right	$39.64	2020-02-05	Common Stock (61232)		Direct
Stock Appreciation Right	$49.30	2021-02-04	Common Stock (40734)		Direct
Stock Appreciation Right	$62.93	2023-02-06	Common Stock (37885)		Direct
Stock Appreciation Right	$64.44	2022-02-08	Common Stock (33102)		Direct
Stock Appreciation Right	$69.92	2023-05-15	Common Stock (36561)		Direct
Stock Appreciation Right	$70.54	2024-02-05	Common Stock (41260)		Direct

Footnotes

F1: Payments are made in accordance with elections on file.

F2: The Program does not have specified expiration dates.

F3: Conversion occurs on a one-for-one basis.

F4: Vesting occurs on a quarterly basis beginning one year from grant date.