Yum! Brands (YUM) 10-K 2008 FY Annual report

Exhibit 12.1

YUM! Brands, Inc.

Ratio of Earnings to Fixed Charges Years Ended 2008-2004

 (In millions except ratio amounts)

	52 weeks									53 weeks			52 weeks
	2008			2007			2006			2005			2004
Earnings:
Pretax income from continuing operations before cumulative effect of accounting changes	$	1,280		$	1,191		$	1,108		$	1,026		$	1,026
Minority interest		11			—			—			—			—
50% or less owned Affiliates’ interests, net		(1	)		(7	)		(12	)		(8	)		2
Interest Expense		273			217			172			148			145
Interest portion of net rent expense		258			243			209			179			164
Earnings available for fixed charges	$	1,821		$	1,644		$	1,477		$	1,345		$	1,337
Fixed Charges:
Interest Expense	$	273		$	217		$	174		$	148		$	146
Interest portion of net rent expense		258			243			209			179			164
Total fixed charges	$	531		$	460		$	383		$	327		$	310
Ratio of earnings to fixed charges		3.43			3.57			3.86			4.11			4.31