Analyst Coverage Firm Analyst ABCI Paul Pan Bank of America Chen Luo CCB International Anita Du/ Anita Chu CGS International Lei Yang CICC Sijie Lin Citi Xiaopo Wei CITIC Securities Jiwei Liu CLSA Ethan Wang China Securities Lewen Liu China Merchants Securities (HK) Joseph Wong CMS China Weiquan Pan Daiwa Sammi Xu DBS Alison Fok Deutsche Bank Han Zhang Everbright Securities Jessie Chen Founder Securities Zhenni Li Goldman Sachs Michelle Cheng GF Securities Xinyi Fang Guosen Securities Guang Zeng/Lu Zhang Guosheng Securities Yueying Du Guotai Haitong Yuenan Liu HSBC Lina Yan Huatai June Zeng ICBC Tengzi Wu Industrial Securities Ningxin Yan Jefferies Anne Ling Macquarie Linda Huang Morgan Stanley Lillian Lou Morningstar Ivan Su Nomura Jizhou Dong Northeast Securities Qingyuan Xi Oppenheimer Brian Bittner Quo Vadis Capital John Zolidis SPDB International Richard Lin SWS Mengdi Jia UBS Christine Peng Zheshang Securities Yechen Zhong 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.