Yum China Holdings Investor Presentation — October 2018

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Third Quarter 2018 Results Presentation

2 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,” “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 business plans, earnings and performance of Yum

China, statements regarding the revitalization of Pizza Hut, anticipated effects of population and macroeconomic trends, the capital structure of

Yum China, the anticipated effects of our 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

achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product