Yum China Holdings Investor Presentation — February 2017

Document content

4Q and Full Year 2016

Earnings Presentation

Cautionary Language Regarding Forward -Looking Statements & Non -GAAP Measures

2 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,” “likely,” “will,” “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 business plans and earnings and performance of Yum China, anticipated effects of population and

macroeconomic trends, and statements regarding the capital structure of Yum China . 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 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 low. Numerous factors could cause our actual results 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