Analyst Coverage Firm Analyst ABCI Paul Pan Atlantic Equities Edward Lewis Bank of America Chen Luo CICC Sijie Lin Citi Xiaopo Wei CITIC Securities Ya Jiang CLSA Ethan Wang China Merchants Securities (HK) Johnny Wong China Securities Lewen Liu CMBI Walter Woo Daiwa Sybil Hu DBS Alison Fok Goldman Sachs Michelle Cheng Guosen Securities Guang Zeng/Lu Zhang Guotai Junan Securities Yuenan Liu Haitong Yingzhi Xu HSBC Lina Yan Hua Chuang Securities Weina Wang Huatai Xin Mei J.P. Morgan Kevin Yin Jefferies Anne Ling Macquarie Linda Huang Morgan Stanley Lillian Lou Morningstar Ivan Su Nomura Cathy Xiao Oppenheimer Brian Bittner Quo Vadis Capital John Zolidis UBS Christine Peng Yum China Holdings, Inc. is followed by the analysts listed. Please note that any opinions, estimates or forecasts regarding Yum China Holdings, Inc.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Yum China Holdings, Inc. or its management. Yum China Holdings, Inc. does not by its reference or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.