#1Ⓒ Quality Is Our Recipe, LLC Quality Is Our Recipe, LLC omi Second Quarter 2017 Conference Call August 9, 2017 om Peter Koumas Director - Investor Relations 8/9/2017 1#2Non-GAAP Financial Forward-Looking Many important factors could affect our future results and could cause those. results to differ materially from those expressed in or implied by our forward- looking statements. Such factors, all of which are difficult or impossible to predict accurately, and many of which are beyond our control, include but are not limited to those identified under the caption "Forward-Looking our news release issued on Statements and Special Note Regarding Forward-Looking Statements and Projections" and "Risk Factors" sections of our most recent Form 10-K / Form 10-Qs. com This presentation, and certain information that management may discuss in connection with this presentation, contains certain statements that are not historical facts, including information concerning possible or assumed future results of our operations and our stated 2020 goals. Those statements constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Reform Act"). For all forward- looking statements, we claim the protection of the safe harbor for forward- looking statements contained in the Reform Act. 8/9/2017 In addition, this presentation and certain information management may discuss in connection with this presentation reference non-GAAP financial measures adjusted EBITDA adjusted Measures rings per share, adjusted tax rate, free cash flow and system wide sales). These non-GAAP financial measures exclude certain expenses and benefits. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Appendix to this presentation, and are included in our news release issued on August 9, 2017 and posted on www.aboutwendys.com. As used in this presentation, the terms adjusted EBITDA and adjusted earnings per share refer to adjusted EBITDA from continuing operations and adjusted earnings per share from continuing operations, respectively. THE WENDY'S COMPANY | 3 Agenda CEO Update Financial Update Q&A THE WENDY'S COMPANY | 4 2#3Ⓒ Quality Is Our Recipe, LLC ■ ■ ■ I Todd Penegor President & Chief Executive Officer Q2 Highlights 18th consecutive quarter of positive NA SRS NA SRS increase 3.2%; 3.6% on a two-year basis Global expansion continues; 35 global restaurant openings in Q2 Tron't mm Global system wide sales increase 4.6% in constant currencies Image Activation momentum continues; 36% of global system in new image Facilitated 294 Buy and Flips; including DavCo-NPC transactions Improvement of 940bps in adj. EBITDA margin to 36.2%* Company increases 2017 adj. EBITDA guidance* *See reconciliation of non-GAAP financial measures in the Appendix. Wendy's ( Windys SUALITY STANDA 8/9/2017 THE WENDY'S COMPANY | 6 3#4LIMITED TIME ONLY fresh MOZZARELLA Micken SANDWICH S HELP ME PLEASE A MAN NEEDS HIS Wendy' jedn 18 Milion Comme North America Restaurant Openings International Restaurant Openings The GALAD 10 Total 25 Global Footprint Expansion Continues BACONATOR Total UPGRADE ANY COMBO LIMITED TIME ONLY Strawberry MANGO -CHICKEN SALAD- HAHAHOO PEACH (11) BACONATOR Net 24 Net '17E Net New Growth Rate - 1% '17E Net New Growth Rate -14% North America Same- Restaurant Sales 3.6% Wendy's 2.6% 0.4% Q2 2016 1-year 17826 3.2% SH Q2 2017 8/9/2017 2-year THE WENDY'S COMPANY | 7 THE WENDY'S COMPANY | 8#5A QUALITY IS OUR RECIPE ( Wendy's Image Activation 32% Year-End 2016 1.8% *Represents Total System Cumulative Reimages & New Builds and includes Franchise Reimages open or under construction 36% 4.1% Q2 2017 North America System wide Sales Growth 16.4% 2.5% -42% International Year-End 2017E THE WENDY'S COMPANY | 9 Q2 2016 Q2 2017 1.8% 4.6% 8/9/2017 Global *Excludes Venezuela; system wide sales growth THE WENDY'S COMPANY | 10 is calculated on a constant currency basis 5#6Transforming Our Franchise System Through Buy & Flips -475 13 294* Q2 2016 Q2 2017 *Includes DavCo-NPC Transaction CLEAN & WELL MAINTAINED UP TO DATE EASY & CONVENIENT UPBEAT & COMFORTABLE A PLACE I LOVE TO GO FRIENDLY ACCURATE FAST WENDY'S CREATES JOY & OPPORTUNITY THROUGH FOOD, FAMILY & COMMUNITY AN EXPERIENCE THAT BRINGS ME BACK 144 YTD 126 Quality Is Our Recipe, LLC 2016 YTD 410 2017E THE WENDY'S RESTAURANTS QUALITY IS OUR RESUL SERVICE WAY FOOD Delight every customer. VALUE WENDY'S KIND OF PEOPLE FRESH HONEST INGREDIENTS CRAVEABLE TASTE MADE RIGHT FOOD 1 LOVE COMPETITIVE PRICE WENDY'S QUALITY GREAT EXPERIENCE WORTH WHAT I PAY QUALITY IS OUR RECIPE TREAT PEOPLE WITH RESPECT DO THE RIGHT THING PROFIT MEANS GROWTH GIVE SOMETHING BACK 8/9/2017 THE WENDY'S COMPANY | 12 6#7SMAR Podpisame DOORDASH Wendy's Quality Is Our Recipe, LLC Order INNE Order Here How would you like to get fa Ennen van om Kiosks Technology Benefits: incremental throughput, improved customer experience, and labor leverage Now expect ~300 restaurants by year- end Mobile Ordering • Targeting 75% of NA restaurants mobile ordering capable by end of 2017 Delivery • Encouraging results during initial test phase • Planning to expand to more markets in the coming months Gunther Plosch Chief Financial Officer 8/9/2017 THE WENDY'S COMPANY | 13 7#8Second Quarter Financial Highlights 2017 Company Restaurant Margin 19.6% G&A $51.3 $116.1 36.2% Adjusted EBITDA* Adjusted EBITDA Margin* Adjusted EPS* YTD Free Cash Flow * See reconciliation of non-GAAP financial measures in the Appendix. Adj. EBITDA Margin 26.8% $102 Q2 2016 Adj. EBITDA $29 Q2 2017 vs. Q2 2016 Adjusted EBITDA Royalties, Net Franchise Fees & Net Rental Income $10 $0.15 $88.5 G&A ($4) $ Mils (except per share amounts) (Unaudited) 2016 21.9% $61.1 $102.5 26.8% $0.10 $37.3 Restaurant Margin B/(W) (230) bps 16.1% 13.3% ($21) +940 bps 50.0% 137.2% THE WENDY'S COMPANY | 15 Sold Restaurant EBITDA (SOIII) $ Mils (Unaudited) Adj. EBITDA Margin 36.2% $116 8/9/2017 Q2 2017 Adj. EBITDA THE WENDY'S COMPANY | 16 8#9Q2 2017 vs. Q2 2016 Adjusted EPS $0.10 Q2 2016 Adj. EPS $0.03 Adj. EBITDA Returning Cash to Shareholders $0.01 Share Repurchases ● $0.01 ● Tax Rate (Unaudited) $0.15 Q2 2017 Adj. EPS THE WENDY'S COMPANY | 17 Repurchased 2.3 million shares for $34.6 million in Q2 ● • $98 million remained against the $150 million share repurchase authorization at the end of Q2 8/9/2017 Q2 ending cash balance of $205 million THE WENDY'S COMPANY | 18 9#10Flexible Capital Structure Supports Growth Initiatives 3.371% 2015 Notes (Callable 6/2018) $ Mils 2017 2018 2017 Outlook Updated Reaffirmed $875 2019 *Notional amounts shown as of issuance date; 1% amort is paid per annum Q2 2017 Net Debt: $2.1B (excl. Cap Leases) / TTM Adj. EBITDA: $396.6M $150 2020 ■ Securitized Notes* 7/2/2017 TTM Leverage Ratio (excl. Cap leases): 5.3x Target Leverage Ratio: 5-6x 2021 4.080% 2015 Notes (Callable 6/2019) $900 North America SRS of ~2-3% Commodity Inflation of ~3% to 4% Labor Inflation of ~4% 2022 2023 Revolver Debentures 7.0% 1995 Debentures 4.497% 2015 Notes (Callable 6/2021) 2024 $100 $500 Adjusted EBITDA (Margin) of ~$404 to $410M (~32% -34%) Interest Expense of ~$115 to $120M Depreciation & Amortization Expense of ~$120 to $125M (incl. accelerated of ~$1M) Adjusted Tax Rate of -32% to 34% Adjusted Earnings Per Share of ~$0.45 to $0.47 CAPEX of $80 to $90M Free Cash Flow of $160 to $185M 2025 8/9/2017 THE WENDY'S COMPANY 19 Company Operating Restaurant Margin of ~18.0% to 18.5% G&A Expense at Low End of Previously Issued Range of $210 to $220M Net Rental Income of ~$100 to $105M THE WENDY'S COMPANY | 20 10#112017 Investor Relations Calendar: Q3 (Tentative) August 16: RBC Restaurants & Consumer Staples IR Investor Day (New York) August 18: Guggenheim NDR (San Francisco) August 29: Sun Trust NDR (Chicago) September 14: CL King Conference (New York) September 26: Wells Fargo Restaurants Forum (Boston) September 28: Market Visit with Goldman Sachs (Dublin) November 8: Third Quarter Earnings ● ● ● ● Q&A 8/9/2017 THE WENDY'S COMPANY | 21 11#12Appendix Reconciliation of Non-GAAP Financial Measures In addition to the GAAP financial measures included in this presentation, the Company has included certain non-GAAP financial measures (i.e., adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, adjusted tax rate, free cash flow and system wide sales). These non-GAAP financial measures exclude certain expenses and benefits as detailed in the accompanying reconciliation tables. This presentation also includes forward-looking guidance for certain non-GAAP financial measures including adjusted EBITDA, adjusted earnings per share and adjusted tax rate. The Company excludes certain expenses and benefits from adjusted EBITDA, adjusted earnings per share and adjusted tax rate, such as impairment of long-lived assets, reorganization and realignment costs and system optimization gains, net. Due to the uncertainty and variability of the nature and amount of those expenses and benefits, the Company is unable without unreasonable effort to provide projections of net income, earnings per share or reported tax rate or a reconciliation of projected adjusted EBITDA, adjusted earnings per share or adjusted tax rate to projected net income, earnings per share or reported tax rate. 8/9/2017 THE WENDY'S COMPANY 24 12#13Reconciliation of Net Income to Adjusted EBITDA In Thousands (Unaudited) Net (loss) income Provision for income taxes (Loss) income before income taxes Other income, net Interest expense Operating profit Plus (less): Depreciation and amortization System optimization losses (gains), net Reorganization and realignment costs Impairment of long-lived assets Adjusted EBITDA Adjusted EBITDA margin In Thousands except per-share amounts (Unaudited) Reorganization and realignment costs Impairment of long-lived assets Total adjustments Income tax impact on adjustments (b) Total adjustments, net of income taxes $ Adjusted income $ Diluted (loss) earnings per share Total adjustments per share, net of income taxes Adjusted earnings per share Three Months Ended 2017 2016 (1,845) $ 1,548 (297) (2,844) 28,935 25,794 31,309 41,050 17,699 253 116,105 Net (loss) income Plus (less): Depreciation of assets that will be replaced as part of the Image Activation initiative System optimization losses (gains), net 36.2% Reported number of shares used to calculate diluted (loss) income per share Plus: Dilutive effect of stock options and restricted shares Adjusted number of shares used to calculate adjusted earnings per share $ $ $ 26,480 10,801 37,281 $ (276) 28,643 65,648 26.8% (1,845) $ (2) 41,050 17,699 253 59,000 (20,002) 38,998 30,749 (1,924) 2,487 5,525 102,485 $ 205,274 $ Reconciliation of Net (Loss) Income and Diluted (Loss) Earnings Per Share to Adjusted Income and Adjusted Earnings Per Share Three Months Ended 2017 (a) 2016 Six Months Ended 2017 2016 37.153 $ 245,261 8,292 253,553 $ (01) $ .16 .15 $ 26,480 $ 1.393 (1,924) 2,487 5,525 7,481 (7,015) 466 26,946 $ 10 $ .10 $ Six Months Ended 2017 2016 270,265 20,496 $ 11,341 31,837 (3,233) 57,910 86,514 270,265 60,474 39,643 17,880 763 33.9% 20,496 $ 447 39,643 17,880 763 58,733 (20,036) 38,697 59,193 $ .08 $ .15 .23 $ 253,896 253,896 56,752 129,477 51,843 21,420 73,263 63,094 (10,350) 5,737 12,630 200,588 51,843 THE WENDY'S COMPANY | 25 3,215 (10,350) 5,737 12,630 11,232 (6,840) 4,392 56,235 .19 .02 .21 (538) 272,507 272,507 (a) Adjusted earnings per share for the second quarter of 2017 includes the dilutive effect of stock options and restricted shares, which were excluded from the reported number of shares used to calculate diluted loss per share, as the impact would have been anti-dilutive. Included above is a reconciliation of the number of shares used to calculate adjusted earnings per share amounts. 8/9/2017 26.3% (b) The (benefit from) provision for income taxes on "System optimization losses (gains), net was $(13,013) and $(3,372) for the three months ended July 2, 2017 and July 3, 2016, respectively, and $(12,606) and $1,490 for the six months ended July 2, 2017 and July 3, 2016, respectively. The (benefit from) provision for income taxes on "System optimization losses (gains), net includes the impact of non-deductible goodwill disposed of in connection with our system optimization initiative, adjustments related to prior year tax matters, changes to state deferred taxes and changes to valuation allowances on state net operating loss carryforwards. The benefit from income taxes on all other adjustments was calculated using an effective tax rate of 38.94% and 38.92% for the three and six months ended July 2, 2017, respectively, and 38.70% and 38.60% for the three and six months ended July 3, 2016, respectively. 26 13#14Wendy's THE WENDY'S COMPANY 8/9/2017 14