Yum China Holdings Investor Presentation — April 2024

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NYSE: YUMC and HKEX: 9987

First Quarter 2024 Results 30 April 2024

2Cautionary Statement

This presentation contains “forward -looking statements” within themeaning ofSection 27AoftheSecurities Actof1933 and Section 21EoftheSecurities

Exchange Actof1934. Weintend allforward -looking statements tobecovered bythesafe harbor provisions ofthePrivate Securities Litigation Reform Act

of1995. .Forward -looking statements generally can beidentified bythefact that they donotrelate strictly tohistorical orcurrent facts and bytheuseof

forward -looking words such as“expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,”

“project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook,” “commit” orsimilar terminology .These statements arebased oncurrent estimates and

assumptions made byusinlight ofourexperience and perception ofhistorical trends, current conditions and expected future developments, aswell as

other factors that webelieve areappropriate and reasonable under thecircumstances, butthere canbenoassurance that such estimates and assumptions

will prove tobecorrect .Forward -looking statements include, without limitation, statements regarding the future strategies, growth, business plans,

investments, store openings, capital expenditures, dividend and share repurchase plans, CAGR forsystem sales, operating profit and EPS, earnings,

performance and returns ofYum China, anticipated effects ofpopulation and macroeconomic trends, pace ofrecovery ofYum China's business, the

anticipated effects ofour innovation, digital and delivery capabilities and investments ongrowth and beliefs regarding thelong -term drivers ofYum

China’s business .Forward -looking statements are not guarantees ofperformance and are inherently subject toknown and unknown risks and

uncertainties that aredifficult topredict and could cause our actual results orevents todiffer materially from those indicated bythose statements .We

cannot assure you that any ofourexpectations, estimates orassumptions willbeachieved .The forward -looking statements included inthis presentation

areonly made asofthedate ofthispresentation, and wedisclaim any obligation topublicly update any forward -looking statement toreflect subsequent

events orcircumstances, except asrequired bylaw.Numerous factors could cause ouractual results orevents todiffer materially from those expressed or

implied byforward -looking statements, including, without limitation :whether weareable toachieve development goals atthetimes and intheamounts

currently anticipated, ifatall,thesuccess ofour marketing campaigns and product innovation, our ability tomaintain food safety and quality control