Yum China Holdings Investor Presentation — May 2022

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First Quarter 2022 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 ,””commit,” “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 that such estimates andassumptions willprove tobecorrect .Forward-looking statements include, without

limitation, statements regarding thefuture strategies, growth, business plans, investment, dividend and share repurchase plans, earnings,

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

pandemic, theanticipated effects ofourinnovation, digital anddelivery capabilities andinvestments ongrowth andbeliefs regarding thelong-

term drivers ofYum China’s business .Forward-looking statements arenotguarantees ofperformance andareinherently subject toknown and

unknown risks anduncertainties thataredifficult topredict andcould cause ouractual results orevents todiffer materially from those indicated

bythose statements .Wecannot assure youthatanyofourexpectations, estimates orassumptions willbeachieved. The forward-looking

statements included inthispresentation areonlymade asofthedate ofthispresentation, andwedisclaim anyobligation topublicly update any

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

results orevents todiffer materially from those expressed orimplied byforward-looking statements, including, without limitation: whether weare

able toachieve development goals atthetimes andintheamounts currently anticipated, ifatall,thesuccess ofourmarketing campaigns and

product innovation, ourability tomaintain food safety andquality control systems, thechanges inpublic health conditions, including theCOVID -