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: WALTER ROBERT D (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-05	Stock Appreciation Right	$69.76	A	3139	Acquired	2026-02-05	Common Stock (3139)	Direct
2016-02-05	Phantom Stock	$	A	2866.9725	Acquired		Common Stock (2866.9725)	Direct
2016-02-05	Phantom Stock	$	A	483.8016	Acquired		Common Stock (483.8016)	Direct

Footnotes

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

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

F3: Phantom units accrued under the YUM! Brands, Inc. Director Deferred Compensation Plan do not have expiration dates.