YUM BRANDS INC — Director's Dealing 2017

May 12, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2017-05-10

Reporting Person: Gibbs David W (President, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-10	Common Stock	M	6210	$24.32	Acquired	39181	Direct
2017-05-10	Common Stock	D	2194	$68.85	Disposed	36987	Direct
2017-05-10	Common Stock	S	4016	$68.8055	Disposed	32971	Direct
2017-05-10	Common Stock	M	6693	$26.56	Acquired	39664	Direct
2017-05-10	Common Stock	D	2584	$68.82	Disposed	37080	Direct
2017-05-10	Common Stock	S	4109	$68.8629	Disposed	32971	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-10	Stock Appreciation Right	$24.32	M	6210	Disposed	2017-09-20	Common Stock (6210)	Direct
2017-05-10	Stock Appreciation Right	$26.56	M	6693	Disposed	2018-01-24	Common Stock (6693)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: Vesting occurs on a quarterly basis beginning one year from grant date.