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: Gibbs David W (President, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-15	Common Stock	M	642	$63.88	Acquired	27173	Direct
2016-12-15	Common Stock	F	255	$63.88	Disposed	26918	Direct
2016-12-15	Common Stock	M	1356	$63.88	Acquired	28274	Direct
2016-12-15	Common Stock	F	537	$63.88	Disposed	27737	Direct
2016-12-15	Common Stock	M	8667	$63.88	Acquired	36404	Direct
2016-12-15	Common Stock	F	3433	$63.88	Disposed	32971	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-15	Phantom Stock	$	M	642	Disposed		Common Stock (642)	Direct
2016-12-15	Phantom Stock	$	M	1356	Disposed		Common Stock (1356)	Direct
2016-12-15	Phantom Stock	$	M	8667	Disposed		Common Stock (8667)	Direct

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.

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