Second Quarter 2017 Conference Call

Flexible 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

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