YUM BRANDS INC — Director's Dealing 2016

Jul 25, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2016-07-22

Reporting Person: Skeans Tracy L (Chief People Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-22	Common Stock	S	1195	$90.00	Disposed	0	Direct
2016-07-22	Common Stock	M	1036	$38.02	Acquired	1036	Direct
2016-07-22	Common Stock	D	438	$90.00	Disposed	598	Direct
2016-07-22	Common Stock	S	598	$90.07	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-07-22	Stock Appreciation Right	$38.02	M	1036	Disposed	2018-09-10	Common Stock (1036)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4493.1722	Indirect

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $90.00 to $90.241. The price reported above reflects the average price. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.