Analyst Coverage Firm Analyst ABCI Paul Pan Bank of America Chen Luo Bernstein Sara Senatore BOCI Jack Chen CCB International Kevin Sun CICC Sijie Lin Citi Xiaopo Wei CLSA Terrance Liu China Merchants Securities (HK) Johnny Wong CMBI Walter Woo Credit Suisse Tony Wang Daiwa Anson Chan/Adrian Chan DBS Alison Fok Goldman Sachs Michelle Cheng Guosen Securities Guang Zeng/Xiao Zhong Guosheng Securities Ze Zhang Haitong Nicolas Wang/Yuxuan Zhang HSBC Lina Yan J.P. Morgan Kevin Yin Jefferies Anne Ling Macquarie Linda Huang Morgan Stanley Lillian Lou Morningstar Ivan Su Nomura Emily Lee Oppenheimer Brian Bittner SWS Yue Wang UBS Christine Peng Yum China Holdings, Inc. is followed by the analysts listed above. 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 above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.