YUM BRANDS INC — Director's Dealing 2016

Feb 8, 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: Russell David Eric (Vice President, Controller)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-05	Stock Appreciation Right	$69.76	A	17434	Acquired	2026-02-05	Common Stock (17434)	Direct
2016-02-05	Stock Appreciation Right	$69.76	A	17434	Acquired	2026-02-05	Common Stock (17434)	Direct
2016-02-05	Phantom Stock	$	A	1012.414	Acquired		Common Stock (1012.414)	Direct
2016-02-05	Phantom Stock	$	A	337.4713	Acquired		Common Stock (337.4713)	Direct
2016-02-05	Phantom Stock	$	F	130.4551	Disposed		Common Stock (130.4551)	Direct

Footnotes

F1: Vesting occurs 25% per year beginning one year from grant date.

F2: Conversion occurs on a one-for-one basis.

F3: Payments are made in accordance with elections on file.

F4: The Program does not have specified expiration dates.

F5: The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.