Yum China Holdings Investor Presentation — May 2018

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First 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, anticipated effects ofpopulation andmacroeconomic trends, thecapital structure ofYum China, theanticipated effects ofourdigital and

delivery capabilities ongrowth, and beliefs regarding thelong-term drivers ofYum China’s business .Forward -looking statements arenot

guarantees 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 ofthis

presentation, andwedisclaim anyobligation topublicly update anyforward -looking statement toreflect subsequent events orcircumstances,

except asrequired bylaw.Numerous factors could cause ouractual results orevents todiffer materially from those expressed orimplied by

forward -looking statements, including, without limitation :whether weareable toachieve development goals atthetimes andintheamounts

currently anticipated, ifatall,thesuccess ofourmarketing campaigns andproduct innovation, ourability tomaintain food safety andquality

control systems, ourability tocontrol costs and expenses, including taxcosts, aswell aschanges inpolitical, economic and regulatory

conditions inChina .Inaddition, other risks anduncertainties notpresently known tousorthatwecurrently believe tobeimmaterial could affect