Yum China Holdings Investor Presentation — July 2021

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Second Quarter 2021 Results

2Cautionary 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,” “project,” “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, aswellasother factors thatwebelieve areappropriate andreasonable under thecircumstances, butthere

canbenoassurance thatsuch estimates andassumptions willprove tobecorrect .Forward-looking statements include, without limitation,

statements regarding thefuture strategies, growth, business plans, investment, dividend andshare repurchase plans, earnings, performance

andreturns ofYum China, anticipated effects ofpopulation andmacroeconomic trends, theexpected impact oftheCOVID -19pandemic, the

anticipated effects ofourinnovation, digital anddelivery capabilities andinvestments ongrowth andbeliefs regarding thelong-term drivers of

Yum China’s business .Forward-looking statements arenotguarantees ofperformance andareinherently subject toknown andunknown risks

anduncertainties thataredifficult topredict andcould 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, thechanges inpublic health conditions, including theCOVID -19