Yum China Holdings Investor Presentation — February 2021

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Fourth Quarter and Fiscal Year 2020 Results

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, dividend and share repurchase plans, earnings, performance and

returns of Yum China, anticipated effects of population and macroeconomic trends, the expected impact of the COVID -19 outbreak, the

anticipated effects of our innovation, 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