Yum China Holdings Investor Presentation — October 2021

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Third 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 closing oftheHangzhou Catering investment, theanticipated effects ofourinnovation, digital and delivery capabilities and

investments ongrowth andbeliefs regarding thelong-term drivers ofYum China’s business .Forward -looking statements arenotguarantees of

performance andareinherently subject toknown andunknown risks anduncertainties thataredifficult topredict andcould cause ouractual

results orevents todiffer materially from those indicated bythose statements .Wecannot assure youthatanyofourexpectations, estimates or

assumptions willbeachieved .Theforward -looking statements included inthispresentation areonly made asofthedate ofthispresentation,

and wedisclaim anyobligation topublicly update anyforward -looking statement toreflect subsequent events orcircumstances, except as

required bylaw.Numerous factors could cause ouractual results orevents todiffer materially from those expressed orimplied byforward -

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