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: Gibbs David W (CEO, Pizza Hut)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-05	Stock Appreciation Right	$69.76	A	78948	Acquired	2026-02-05	Common Stock (78948)	Direct
2016-02-05	Phantom Stock	$	F	305.2048	Disposed		Common Stock (305.2048)	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.