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1 First Quarter 2020 Results Presentation 29 April 2020
First Quarter 2020 Results Presentation
2 2 Cautionary Statement on Forward- Looking Statements & Non- GAAP Measures
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 . We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 . Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or
current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,”
“plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook” or similar terminology . These statements
are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there
can be no assurance that such estimates and assumptions will prove to be correct . Forward-looking statements include, without limitation,
statements regarding the future strategies, business plans, investment plans, earnings, performance and returns of Yum China, anticipated
effects of population and macroeconomic trends, and the expected impact of the COVID -19 outbreak, the anticipated effects of our digital and
delivery capabilities on growth and beliefs regarding the long- term drivers of Yum China’s business . Forward-looking statements are not
guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause
our actual results or events to differ materially from those indicated by those statements . We cannot assure you that any of our expectations,
estimates or assumptions will be achieved . The forward-looking statements included in this presentation are only made as of the date of this
presentation, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances,
except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by
forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts
currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality
control systems, the changes in public health conditions, including the COVID -19 outbreak, our ability to control costs and expenses, including
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