YUM BRANDS INC — Director's Dealing 2016

Feb 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2016-02-05

Reporting Person: NOVAK DAVID C (Director, Executive Chairman)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-01	Restricted Stock Units	$0	J	941.32	Acquired		Common Stock (941.32)	Direct
2015-08-07	Restricted Stock Units	$0	J	991.81	Acquired		Common Stock (991.81)	Direct
2015-11-06	Restricted Stock Units	$0	J	1374.87	Acquired		Common Stock (1374.87)	Direct
2016-02-05	Stock Appreciation Right	$69.76	A	157895	Acquired	2026-02-05	Common Stock (157895)	Direct
2016-02-05	Phantom Stock	$	A	7597.4771	Acquired		Common Stock (7597.4771)	Direct
2016-02-05	Restricted Stock Units	$0	J	1413.1	Acquired		Common Stock (1413.1)	Direct

Footnotes

F1: The restricted stock units vest four years from grant date. Vested shares will be delivered to the reporting person six months from his retirement from YUM! Brands, Inc.

F2: Vesting occurs 25% per year beginning one year from grant date.

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

F4: Payments are made in accordance with elections on file.

F5: The Program does not have specified expiration dates.