Yum China Holdings Investor Presentation — August 2018

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Second Quarter 2018 Results Presentation

22Cautionary Statement on Forward -Looking Statements & Non -GAAP Measures

This presentation contains “forward -looking statements” within themeaning ofSection 27AoftheSecurities Actof1933 andSection 21Eofthe

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

Litigation Reform Actof1995 .Forward -looking statements generally canbeidentified bythefactthatthey donotrelate strictly tohistorical or

current facts andbytheuseofforward -looking words such as“expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,”

“plan,” “estimate,” “target,” “predict,” “likely,” “will,” “continue,” “should ,”“forecast,” “outlook” orsimilar terminology .These statements arebased

oncurrent estimates andassumptions made byusinlight ofourexperience andperception ofhistorical trends, current conditions andexpected

future developments, aswell asother factors thatwebelieve areappropriate andreasonable under thecircumstances, butthere canbeno

assurance thatsuch estimates andassumptions willprove tobecorrect .

Forward -looking statements include, without limitation, statements regarding thefuture business plans, earnings and performance ofYum

China, statements regarding therevitalization ofPizza Hut, anticipated effects ofpopulation andmacroeconomic trends, thecapital structure of

Yum China, theanticipated effects ofourdigital anddelivery capabilities ongrowth, andbeliefs regarding thelong-term drivers ofYum China’s

business .Forward -looking statements arenotguarantees ofperformance and areinherently subject toknown and unknown risks and

uncertainties that aredifficult topredict and could cause ouractual results orevents todiffer materially from those indicated bythose

statements .Wecannot assure youthatanyofourexpectations, estimates orassumptions willbeachieved .Theforward -looking statements

included inthispresentation areonly made asofthedate ofthispresentation, andwedisclaim anyobligation topublicly update anyforward -

looking statement toreflect subsequent events orcircumstances, except asrequired bylaw.Numerous factors could cause ouractual results or

events todiffer materially from those expressed orimplied byforward -looking statements, including, without limitation :whether weareable to

achieve development goals atthetimes andintheamounts currently anticipated, ifatall,thesuccess ofourmarketing campaigns andproduct

innovation, ourability tomaintain food safety andquality control systems, ourability tocontrol costs andexpenses, including taxcosts, aswell