YUM BRANDS INC — Director's Dealing 2016

Dec 19, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2016-12-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-15	Common Stock	M	1021	$63.88	Acquired	2188	Direct
2016-12-15	Common Stock	F	509	$63.88	Disposed	1679	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-15	Phantom Stock	$	M	1021	Disposed		Common Stock (1021)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4969.49	Indirect

Footnotes

F1: Conversion occurs on a one-for-one basis.

F2: Payments are made in accordance with elections on file.

F3: The Program does not have specified expiration dates.