YUM BRANDS INC — Director's Dealing 2016

Jan 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2016-01-01

Reporting Person: RYAN THOMAS M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-01	Common Stock	M	4788	$73.05	Acquired	49962	Indirect
2016-01-01	Common Stock	M	177	$73.05	Acquired	50139	Indirect
2016-01-01	Common Stock	M	349	$73.06	Acquired	50488	Indirect
2016-01-01	Common Stock	M	2374	$73.05	Acquired	52862	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-01	Phantom Stock	$	M	4788	Disposed		Common Stock (4788)	Direct
2016-01-01	Phantom Stock	$	M	177	Disposed		Common Stock (177)	Direct
2016-01-01	Phantom Stock	$	M	349	Disposed		Common Stock (349)	Direct
2016-01-01	Phantom Stock	$	M	2374	Disposed		Common Stock (2374)	Direct

Footnotes

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

F2: Phantom Exercise Date

F3: The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.

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

F5: The Program does not have specified expiration dates.

F6: Phantom units accrued under the YUM! Brands, Inc. Director Deferred Compensation Plan do not have expiration dates.