1. Yum! Return on Invested Capital (ROIC)
($ million, except percentages)
’03 ’04 ’054 ’06 ’07 ’08
Operating Profit
g 1,059 1,155 1,153 1,262 1,357 1,467
Closure & Impairment Charges/(Credits) 40 38 62 59 35 43
Refranchising Net Loss/(Gain) (4) (16) (43) (24) (11) (10)
Implicit Lease Interest Expense 139 155 164 196 227 240
External Interest Income 12 16 20 18 30 26
Total ROIC Income Pretax 1,262 1,322 1,356 1,511 1,638 1,766
ROIC Income after Tax 880 957 1,007 1,123 1,252 1,337
Net Asset Base1,5 3,186
3 186 3,337
3 337 3,309
3 309 3,657
3 657 3,869
3 869 3,585
3 585
PV of Operating Leases 1,538 1,570 1,706 2,209 2,333 2,474
Closure & Impairment Charges/(Credits) Since 19972 483 515 567 611 635 657
Total 5,207 5,422 5,582 6,477 6,836 6,717
ROIC Net Asset Base3 4,967 5,315 5,502 6,029 6,618 6,777
ROIC 17.7% 18.0% 18.3% 18.6% 18.9% 19.7%
1T
Total
l assets less current liabilities (excluding debt/cap leases) and other liabilities and deferred credits
l li bili i ( l di d b / l ) d h li bili i dd f d di
2Closure and impairment charges adjusted down for impairment on refranchised stores.
3Average net asset base for current and prior year
4 Includes impact of stock option expense under SFAS 123R, “Share-Based Payment” and 53rd Week
5 Asset balances adjusted for excess cash to reflect average operating cash needs

2. Track Record of Expanding ROIC
YUM ROIC
19.7%
18.9%
18.6%
18.3%
18.0%
17.7%
’03 ’04 ’05 ’06 ’07 ’08