Yum China Named to Bloomberg Gender-Equality Index for Fourth Consecutive Year

SHANGHAI,Jan. 27,2022 -- Yum China Holdings,Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) today announced that it has been named for the fourth consecutive year to the Bloomberg Gender-Equality Index (GEI),a modified market capitalization-weighted index that aims to track the performance of public companies committed to transparency in gender-data reporting. The 2022 GEI includes 418 companies representing 45 countries and regions. Yum China is one of only three companies from Mainland China included in the latest GEI.

"At Yum China,we believe that bringing together people from different backgrounds creates additional value and drives innovation. Diversity and Inclusiveness is fundamental for the Company to realize its vision to become the world's most innovative pioneer in the restaurant industry," said Joey Wat,CEO of Yum China. "To be included in the Bloomberg Gender-Equality Index for the fourth consecutive year is a proud achievement. This reflects our firm commitment to promoting equal opportunities in the workplace."

The GEI measures gender equality across five pillars: female leadership & talent pipeline,equal pay & gender pay parity,inclusive culture,anti-sexual harassment policies,and pro-women brand. In the 2022 GEI,Yum China achieved an above-average overall score of 78.2. The Company performed particularly well in the areas of female leadership & talent pipeline,and anti-sexual harassment policies.

"We are proud to recognize Yum China and the other 417 companies included in the 2022 GEI for their commitment to transparency and setting a new standard in gender-related data reporting," said Peter T. Grauer,Chairman of Bloomberg and Founding Chairman of the U.S. 30% Club. "Even though the threshold for inclusion in the GEI has risen,the member list continues to grow. This is a testament that more companies are working to improve upon their gender-related metrics,fostering more opportunity for diverse talent to succeed in their organizations."

Yum China remains at the forefront of promoting gender diversity in the restaurant industry. The Company is led by a female CEO and 30% of its board of directors are women. By the end of the 2021 fiscal year,Yum China employed over 290,000 women,representing 64.7% of the Company's total workforce. Meanwhile,53% of Senior Management level positions were held by women and the Company continues to make progress in nurturing talented leaders across all management levels. Yum China is a signatory of the United Nations Women's Empowerment Principles (WEPs) and is committed to its principle of non-discrimination in the workplace.

Forward-Looking Statements

This press release 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," "aim," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook," "look forward to" 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 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 press release are only made as of the date of this press release,and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances,except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations " in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings,Inc.

Yum China Holdings,Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC,China's leading quick-service restaurant brand,Pizza Hut,the leading casual dining restaurant brand in China,and Taco Bell,a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep,Huang Ji Huang,East Dawning and COFFii & JOY concepts outright. In addition,Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 11,415 restaurants in over 1,600 cities at the end of September 2021. In 2021,Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list. The Company has been selected as member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2022,the Company was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2022 in China by the Top Employers Institute,both for the fourth consecutive year. For more information,please visit http://ir.yumchina.com.

Investor Relations Contact:

Tel: +86 21 2407 7556 / +852 2267 5801

IR@YumChina.com

Media Contact:

Tel: +86 21 2407 7510

Media@YumChina.com

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