Yum China Achieves Highest Score in its Industry for the Third Consecutive Year on the Dow Jones Sustainability Index

Green power purchase program launched with two pilot restaurants

SHANGHAI,Dec. 12,2022 -- Yum China Holdings,Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) today announced that the Company was ranked the best in the 88 companies assessed in the Restaurant & Leisure Facilities (REX) Industry in the S&P Global Corporate Sustainability Assessment (CSA) 2022. It is the third consecutive year that Yum China has been selectedas a member of both the Dow Jones Sustainability Indices (DJSI): World Index (DJSI World) and Emerging Market Index (DJSI Emerging Markets). Yum China is the only company in the Consumer Services industry group from mainland China selected as a member of DJSI World.

Yum China received an impressive score of 74 out of 100 points,reflecting the Company's strong performance across governance and economic,environmental and social dimensions. Yum China achieved the industry highest score in 12 out of the 30 total criteria,including for Sustainable Packaging,Supply Chain Management,Stakeholder Engagement,Environmental and Social Reporting,among other criteria.

"At Yum China,we strive to embed a culture of sustainability at all levels of the organization while doing our best to contribute to a more sustainable future," said Joey Wat,CEO of Yum China. "We are delighted that our efforts are once again recognized by DJSI. We will continue to make progress on our journey towards net-zero and remain committed to creating a responsible ecosystem."

As the largest restaurant company in China,Yum China is driving positive change for people and planet. The Company strives to create a responsible ecosystem by building sustainable restaurants,creating a sustainable supply chain,and contributing to sustainable communities together with all stakeholders.

Addressing climate-related risks and opportunities is a strategic priority for Yum China as the Company is moving towards net-zero value chain GHG emissions by 2050. The Company is exploring ways to apply renewable energy through collaboration with various stakeholders. For example,by leveraging China's green power trading pilot scheme launched in 2021,two company-owned restaurants in Hangzhou,Zhejiang province,have been powered by 100% renewable energy since December this year. This is made possible through a green power purchase agreement with a local power trading company. Yum China is now seeking opportunities to gradually extend the program to more restaurants across the country.

Yum China's sustainability endeavors continue to be recognized by other leading sustainability indices and ratings. Notably,in July 2022,Yum China's MSCI ESG rating was upgraded to 'AA',the only restaurant company[1] to receive an 'AA' rating.

For more information on Yum China's corporate sustainability and CSR initiatives,please visit http://www.yumchina.com/respIndex.

For more information on the Dow Jones Sustainability Index and methodology,please visitCSA website.

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," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook","commit" 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 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 12,409 restaurants in over 1,700 cities at the end of September 2022.

Yum China ranked 359th on the Fortune 500 list in 2022. Yum China has been selected as a member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index for the third consecutive year. The Company was also 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.

[1] Universe: MSCI All Country World Index (ACWI) constituents

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