YUM BRANDS INC — Director's Dealing 2017

Feb 13, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2017-02-10

Reporting Person: WALTER ROBERT D (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-10	Phantom Stock	$	A	3529.4118	Acquired		Common Stock (3529.4118)	Direct
2017-02-10	Phantom Stock	$	A	2205.8824	Acquired		Common Stock (2205.8824)	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.

F4: The phantom stock units are acrued under the YUM! Brands, Inc. Director Deferred Compensation Plan and will be settled in YUM! stock after directorship ceases.