The Wendy's Company (WEN) 8-K Regulation FD Disclosure

Investor Day 2017

February 16, 2017

© Quality Is Our Recipe, LLC

Exhibit 99.1

Exhibit 99.1

Opening Video

2

Peter Koumas

Director –

Investor Relations

© Quality Is Our Recipe, LLC

3

Time

Topic

Speaker

8:35 a.m.

CEO Overview

Todd Penegor

9:05 a.m.

2016 Results, 2017 Guidance, 38-40%

Adj. EBITDA Margin,

2020 Free Cash Flow, Capital Allocation

Gunther Plosch

9:40 a.m.

Break

9:50 a.m.

Marketing: The Wendy’s Definition of Winning

Kurt Kane

10:20 a.m.

Expanding Brand Access & Increasing Brand Relevance

Abigail Pringle

10:55 a.m.

International: Vision for 2020

Bob Wright

11:30 a.m.

Lunch

12:10 p.m.

Restaurant Margin

Bob Wright

12:35 p.m.

Technology: A Deliciously Different Customer Experience

David Trimm

12:55 p.m.

CEO Wrap-Up

Todd Penegor

1:05 p.m.

Q&A

2:00 p.m.

Departure

4

5

THE WENDY'S COMPANY   |

Forward-Looking

Statements and 

Non-GAAP Financial

Measures

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. 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.

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

Statements” in our news release issued on February 16, 2017 and in the

“Special Note Regarding Forward-Looking Statements and Projections” and

“Risk Factors” sections of our most recent Form 10-K / Form 10-Qs.

In addition, this presentation and certain information management may

discuss in connection with this presentation reference non-GAAP financial

measures (i.e., adjusted EBITDA, adjusted EBITDA margin, adjusted

earnings per share, adjusted tax rate and free cash flow). 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 February 16, 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.

2017 Investor Relations Calendar: Q1(Tentative)

•

Tuesday, February 21: JPMorgan NDR (Boston)

•

Wednesday, February 22: JPMorgan NDR (New York)

•

Wednesday, March 15: Nomura/Instinet NDR (Chicago)

•

Thursday, March 16: Barclays NDR (Kansas City / Minneapolis)

•

Thursday,

April

6

–

Friday,

April

7:

Evercore

NDR

(Dallas

/

Austin

/

Houston)

•

Wednesday,

May

10

–

First

Quarter

Earnings

6

THE WENDY'S COMPANY   |

Todd Penegor

President & Chief Executive Officer

© Quality Is Our Recipe, LLC

7

8

THE WENDY'S COMPANY   |

16 Consecutive Quarters of N.A. SRS Growth

0.7%

0.4%

3.1%

2.9%

1.8%

0.7%

3.2%

0.7%

1.6%

1.6%

3.2%

2.2%

3.1%

4.8%

3.3%

3.6%

0.4%

1.4%

0.8%

1.6%

Q1

Q2

Q3

Q4 E

Annual E

2013

2014

2015

2016

+6.8%

+2.6%

+4.5%

+5.6%

+4.9%

9

THE WENDY'S COMPANY   |

Completed the Third Phase of System

Optimization; 537 Restaurants Sold,

$435M of Pretax Proceeds

149 Global New Restaurant Openings;

58 Global Net New Restaurant Openings

Highest Global Total and Net New

Restaurant Openings since 2005

Improvement of 630 bps in Adj. EBITDA

Margin to 27.3%*

Free Cash Flow Turned Positive; YOY

Growth of ~$70M

Total Shareholder Return of ~30%

2016 Highlights

* See reconciliation of non-GAAP financial measures in the Appendix.

10

THE WENDY'S COMPANY   |

2012

-

Company Restaurants

-

IA Restaurants

11

1,427 Company Restaurants

(~22% Company Ownership)

74 IA Restaurants

2013

-

Company Restaurants

-

IA Restaurants

System Optimization I

Announced

12

2014

-

Company Restaurants

-

IA Restaurants

System Optimization II

Announced

13

2015

-

Company Restaurants

-

IA Restaurants

System

Optimization

III

Announced

14

2016

-

Company Restaurants

-

IA Restaurants

330

Company

Restaurants

(~5%

Company

Ownership)

1,933

IA

Restaurants

15

N.A. Image Activation Momentum Continues

THE WENDY'S COMPANY   | 16

Total System Annual

Reimages & New Builds*

Total System Cumulative

Reimages & New Builds*

~32% of N.A.

system Image

Activated at the end

of 2016

* Counts include Franchise Reimages open or under construction

10

64

234

486

519

620

2011

2012

2013

2014

2015

2016E

10

74

308

794

1,313

1,933

2011

2012

2013

2014

2015

2016E

N.A. Franchisee Composition Progression

17

THE WENDY'S COMPANY   |

>100

<10

10-29

30-100

2012

2016

Average N.A. Franchisee Ownership

2012: 11 Restaurants   /   2016: 15 Restaurants

>100

<10

10-29

30-100

~440

~375

THE WENDY'S COMPANY   | 18

Franchisee Attitude and Optimism Supports Growth

7.4

7.4

8.4

2012

2014

2016

Post Franchise Update Meeting

“On a scale of 1 to 10, please rate your overall attitude and optimism regarding the Wendy’s Business”

THE WENDY'S COMPANY   | 19

Franchisee Attitude and Optimism Supports Growth

Source: Wendy’s 2016 Franchise Business Review Survey

+9 pts

+6 pts

+5 pts

+4 pts

+2 pts

General

Satisfaction

Financial

Opportunity

Franchisee

Community

Training &

Support

Leadership

Wendy's

Food & Beverage Peers

Brand Health Metrics Showing Major

Momentum

2

2

0

8

13

2012

2013

2014

2015

2016

THE WENDY'S COMPANY   | 20

Source:  Wendy’s Consumer Tracking; Number of Brand Health Metrics Showing YOY Improvement

THE WENDY'S COMPANY   | 21

Customer Satisfaction is Rapidly Improving

Overall Satisfaction

Taste

Friendliness

Speed

Accuracy

Cleanliness

North America

(last 90 days)

8/5/16-11/2/16

11/3/16-1/31/17

Best In Class

THE WENDY'S COMPANY   | 22

Consistency is a Key Focus Area

© 2016 Service Management Group | Confidential | All rights reserved | YTD 2016

Overall Satisfaction

Taste

Friendliness

Speed

Accuracy

Cleanliness

THE WENDY'S COMPANY   | 23

Higher Quality of Earnings –

Sustained, Predictable Growth

Expect ~78% of our ~670 owned real estate properties to generate rental income

2017 (E)

~5% Co. Ownership

50%

50%

80%

20%

2012 (A)

~22% Co. Ownership

Royalties,

Net Rent &

Net Fran.

Fees

Company

Restaurants

THE WENDY'S COMPANY   | 24

Quality of Earnings Evolution Staying the Course

$ Mils

Adj.

EBITDA

Margin

13%

Adj.

EBITDA

Margin

32-34%

* Adjusted to Reflect Bakery Results as Discontinued Operations

Five Year Projected Adj.

EBITDA Growth ~ 27% while

selling ~1,100 Restaurants

$315

$396-404

~ ($265)

~ $90

~$85

~$70

~$60

~$20

~$10

~$15

2012

Adj. EBITDA *

Disposed

Restaurant

EBITDA

"Core" Earnings

Growth

Net Rental

Income

(S.O.)

Royalties

(S.O.)

G&A

Savings

(S.O.)

G&A

Savings

(2014 Resource

Realignment)

2017 Buy

and Flip Income

(Net)

2017 G&A

Efficiencies

(ZBB)

2017 Estimated

Adj. EBITDA

QSR is the Place to Be…

Wendy’s Stands Out in the Crowd

Convenience

Value

Quality

THE WENDY'S COMPANY   | 25

1

2

3

73.9%

74.8%

75.5%

76.1%

76.8%

77.9%

78.7%

79.7%

80.8%

Source: The NPD Group / CREST

®

Y/E February

QSR Traffic Share of All Restaurant Meals

Wendy’s 2020 Goals

THE WENDY'S COMPANY   | 26

Global Restaurant Sales

~$12 billion

Global Restaurant Count

~7,500

Global Image Activation

70%+

Adj. EBITDA Margin

38-40%

Free Cash Flow

~$275 million

Wendy’s 2020 Goals

New Comprehensive Target Encompassing

North America and International

North America: ~$11 billion

International: ~$1 billion

~$10 billion of Global Restaurant Sales in 2016

Key Drivers:

SRS Growth

Image Activation

Net New Restaurant Openings

Global Restaurant Sales*

~$12 billion

THE WENDY'S COMPANY   | 27

* Constant Currency, excludes Venezuela

Wendy’s 2020 Goals

Net New Restaurant Openings in North America

and International are imperative to our growth

algorithm

Ended 2016 with 6,537 Global Restaurants

Key Drivers:

Improving Sales to Investment Ratio

Optimizing Incentives

Enhancing Restaurant Level Margins

Restaurant Designs to Support All Trade Areas

Global Restaurant Count

~7,500

THE WENDY'S COMPANY   | 28

Wendy’s 2020 Goals

Key Brand Priority in North America and

International

~32% Image Activated at the end of 2016

Compelling Economics and Consumer

Response Driving Franchisee Adoption

Opportunity to Drive People Activation to

Enhance Customer Experience

Global Image Activation

70%+

THE WENDY'S COMPANY   | 29

Wendy’s 2020 Goals

>25pp improvement since 2012

Driven by System Optimization and Converting

Restaurant EBITDA into Rents and Royalties;

Continued Tight G&A Management

All components of P&L must contribute:

N.A. SRS & Net Unit Growth

International Growth

Company Restaurant Margin Growth

Accelerated G&A Savings

Adj. EBITDA Margin*

38-40%

THE WENDY'S COMPANY   | 30

* Adj. EBITDA divided by total revenue; does

not include potential effects of changes in

accounting standards

Wendy’s 2020 Goals

Driven by System Optimization and Converting

Restaurant EBITDA into Rents and Royalties;

Continued Tight G&A Management

Capital Expenditure Reductions

Brand Transformation provides resiliency and better

predictability

Allows continued focus on returning significant

amounts of cash to shareholders while still Investing

for Growth

Free Cash Flow*

~$275 million

THE WENDY'S COMPANY   | 31

* Cash from Operations Less CAPEX; does

not include potential effects of changes in

accounting standards

THE WENDY'S COMPANY   | 32

c

THE WENDY'S COMPANY   | 33

c

THE WENDY'S COMPANY   | 34

c

35

THE WENDY'S COMPANY   |

c

36

THE WENDY'S COMPANY   |

c

37

THE WENDY'S COMPANY   |

38

THE WENDY'S COMPANY   |

THE WENDY'S COMPANY   | 39

David Trimm

Chief  Information Officer

Kurt Kane

Chief Concept & Marketing 

Officer

Abigail Pringle

Chief Development Officer

Scott Weisberg

Chief People Officer

Bob Wright

EVP, Chief  Operations Officer 

& International

Todd Penegor

President & CEO

Gunther Plosch

Chief Financial Officer

Liliana Esposito

Chief Communications Officer

Leadership Team Now In Place

E.J. Wunsch

Chief Legal Officer &

Secretary

40

It all comes back to the basics:

SERVE

customers the

best

tasting

FOOD

at

a

good

VALUE

in

a

clean,

comfortable  RESTAURANT

and they’ll keep coming back.

41

Gunther Plosch

Chief Financial Officer

© Quality Is Our Recipe, LLC

42

2016 Preliminary Results

2017 Guidance

38-40% Adj. EBITDA Margin

2020 Free Cash Flow

Capital Allocation

Agenda

THE WENDY'S COMPANY   | 43

2016 4Q Preliminary Results

THE WENDY'S COMPANY   | 44

2016E

(13 weeks)

2015*

(14 weeks)

B/(W)

N.A. System SRS

0.8%

4.8%

2-Year 5.6%

N.A. Co. Rest. Margin

18.8%

19.2%

(40) bps

G&A

$61.2

$72.4

15.5%

Adjusted EBITDA**

$91.1

$107.6

(15.3%)

Adjusted EBITDA Margin**

29.4%

23.2%

+620 bps

Adjusted EPS**

$0.08

$0.12

(33.3%)

$ Mils (except per share amounts)

(Unaudited)

**  See reconciliation of non-GAAP financial measures in the Appendix.

* Due

to

the

May

2015

sale

of

its

bakery

business,

the

Company

has

presented

its

bakery

results

as

discontinued

operations

in

its

financial

statements.

2016 Full Year Preliminary Results

THE WENDY'S COMPANY   | 45

2016E

(52 weeks)

2015*

(53 weeks)

B/(W)

N.A. System SRS

1.6%

3.3%

2-Year 4.9%

N.A. Co. Rest. Margin

19.1%

17.7%

+140 bps

G&A

$245.9

$256.6

4.2%

Adjusted EBITDA**

$391.9

$392.4

(0.1%)

Adjusted EBITDA Margin**

27.3%

21.0%

+630 bps

Adjusted EPS**

$0.40

$0.33

21.2%

Free Cash Flow

$30.9

($39.1)

+$70.0

$ Mils (except per share amounts)

(Unaudited)

**  See reconciliation of non-GAAP financial measures in the Appendix.

* Due

to

the

May

2015

sale

of

its

bakery

business,

the

Company

has

presented

its

bakery

results

as

discontinued

operations

in

its

financial

statements.

Delivering G&A

Commitments

THE WENDY'S COMPANY   | 46

* Adjusted to Reflect Bakery Results as Discontinued Operations

$ Mils

(Unaudited)

$257

$246

$4

$11

($4)

($3)

$3

2015

G&A*

Legal  / Professional

Services

Other

53rd

Week

Incentive

Compensation

System

Optimization

2016

Preliminary

G&A

Improved Quality of Earnings

$ Mils

(Unaudited)

* Adjusted to Reflect Bakery Results as Discontinued Operations

*

Adj.

EBITDA

Margin

21.0%

Adj.

EBITDA

Margin

27.3%

$392

$392

$65

$17

$10

$8

($1)

($7)

($92)

2015

Adj. EBITDA

Royalties,

Net Franchise Fees

& Net Rental

Income

Restaurant

EBITDA

(incl IA)

Lease

Buyout

G&A

(Excl.

53rd wk)

Other

Lapping

53rd

Week

Sold Restaurant

EBITDA

(S.O. II & III)

2016 Preliminary

Adj. EBITDA

47

THE WENDY'S COMPANY   |

Adjusted EPS Growth

* Adjusted to Reflect Bakery Results as Discontinued Operations

*

(Unaudited)

+21%

Growth

2015

Share

Repurchases

Depreciation

Tax Rate

Interest

Expense

2016 Preliminary

Adj. EPS

$0.33

$0.40

0.02

$0.03

$0.08

0.06)

$

($

48

THE WENDY'S COMPANY   |

Adj. EPS

Free Cash Flow Turns Positive

$ Mils

(Unaudited)

Earnings

2016

Preliminary

Results

* Mainly due to deferred income taxes, excess tax benefits from share-based compensation, and taxes related to the Arby's dividend

($39)

2015

CapEx

Working

Capital

Arby's

Dividend

Other Tax

Items*

$67

($55)

($40)

$102

($4)

$31

~$70M YOY

Improvement

49

THE WENDY'S COMPANY   |

2016 Preliminary Results

2017 Guidance

38-40% Adj. EBITDA Margin

2020 Free Cash Flow

Capital Allocation

Agenda

THE WENDY'S COMPANY   | 50

2017 Guidance

THE WENDY'S COMPANY   | 51

3.3%

1.6%

2-3%

2015

2016E

2017E

17.7%

19.1%

Flat

2015

2016E

2017E

N.A. System SRS Growth

N.A. Company Restaurant Margins

2017 Guidance

G&A

Adjusted EPS

+21%

+13 -+18%

$ Mils (except per share amounts)

* Adjusted to Reflect Bakery Results as Discontinued Operations

$257

$246

2015*

2016E

2017E

$210-$220

Adj.

EBITDA

-0.1%

Adj.

EBITDA

+1%-+3%

33¢

40¢

45-47¢

2015*

2016E

2017E

52

THE WENDY'S COMPANY   |

2017 Adj. EBITDA Guidance

$ Mils

$392

$396-404

~$30

~$30

~$20

($12)

~($60)

2016

Preliminary

Adj. EBITDA

SOIII Royalties &

Net Rental Income

G&A

Savings

NA Growth

(SRS + Development)

2016

Lease Buyouts

Disposed

Restaurant

EBITDA

2017

Estimated

Adj. EBITDA

Adj.

EBITDA

Margin

27.3%

Adj.

EBITDA

Margin

32-34%

53

THE WENDY'S COMPANY   |

Rental income streams become predictable post SOIII

Rental Income

Net Rental Income

$143

~$175

$75

~$95

$10

$21

$ Mils

*

*

$15

$95

$113

$6

$48

$62

2012

2016E

2017E and

Beyond

Owned

Leased

$4

$27

$33

$6

$48

$62

2012

2016E

2017E and

Beyond

Owned

Leased

54

THE WENDY'S COMPANY   |

2017 Guidance

Capital Expenditures

Free Cash Flow*

* Cash From Operations Less CAPEX

$172

$ Mils

$263

$0

$252

$149

2015

2016E

2017E

$80-$90

($39)

$31

2015

2016E

2017E

SOIII Proceeds

$160-$185

55

THE WENDY'S COMPANY   |

THE WENDY'S COMPANY   | 56

2017

Guidance

Flat Commodity Market Basket

(Chicken quality investment of ~35bps)

Labor Inflation of ~4%

Depreciation of ~$120 million (incl. Accel. Dep of ~$2 million)

Interest Expense of ~$115 million

Adjusted Tax Rate of 32-34%

2016 Preliminary Results

2017 Guidance

38-40% Adj. EBITDA Margin

2020 Free Cash Flow

Capital Allocation

Agenda

THE WENDY'S COMPANY   | 57

Multiple Growth Levers Drive to 38-40% Adj. EBITDA Margin

THE WENDY'S COMPANY   | 58

G&A

Efficiencies

2020E

2015

2016

Preliminary

Results

2017E

NA Growth

(SRS + Net

New Units)

International

Growth

Company

Restaurant Margin

Expansion

21%

38% to 40%

32% to 34%

27%

North America Growth

International Growth

Company Restaurant

Margin Expansion

2-3% N.A. System SRS; Focus on Strengthening

Quality Advantage, Continuing to Drive Value and

Improving Consistency of Customer Experience

Net New Restaurant Development in North America

New 2020 Goals Drive International System Sales

to $1 billion and EBITDA to ~$20 million in 2020

Drive Additional Profits on Path to 20%; Grow

Customer Counts / Mitigate Labor Pressures /

Leverage Technology

THE WENDY'S COMPANY   | 59

THE WENDY'S COMPANY   | 60

G&A as a % of Global Restaurant Sales

3.1%

2.7%

2.6%

2.5%

2.1%

-

2.2%

~1.5%

2013

2014

2015

2016E

2017E

2020E

>$100M of

Cumulative

G&A

Reduction

Since 2013

2016 Preliminary Results

2017 Guidance

38-40% Adj. EBITDA Margin

2020 Free Cash Flow

Capital Allocation

Agenda

THE WENDY'S COMPANY   | 61

THE WENDY'S COMPANY   | 62

($44)

($39)

$31

$160-$185

~$275

2014

2015

2016E

2017E

2020E

$ Mils

Free Cash Flow Growth

through 2020 and Beyond

*Does not include any charges related to G&A Initiative

*

THE WENDY'S COMPANY   | 63

$ Mils

*Does not include any charges related to G&A Initiative

Free Cash Flow Growth

Drivers

~$275

10

$160 to $185

2016

$31

Preliminary

Results

CapEx

Taxes

2020E

Net

Earnings

Working

Capital

2017E*

Net

Earnings

CapEx

Working

Capital

~17%

CAGR

Diligence on CAPEX

Continues

THE WENDY'S COMPANY   | 64

2014

2015

2016E

2017E

2020E

$ Mils

~$65

$80-90

$299

$252

$149

2016 Preliminary Results

2017 Guidance

38-40% Adj. EBITDA Margin

2020 Free Cash Flow

Capital Allocation

Agenda

THE WENDY'S COMPANY   | 65

Strong Track Record of

Shareholder Returns

THE WENDY'S COMPANY   | 66

$ Mils (except per share amounts)

225%

Growth in Quarterly Dividend Rate

$0.02 in 2011 to $0.065 in Q4 2016

~$2.3B of

Cumulative

Cash Returned

to Shareholders

0

100

200

300

400

500

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2011

2012

2013

2014

2015

2016

Dividends

Share Repurchases

Shares Outstanding

Flexible Capital Structure

Supports Growth Initiatives

THE WENDY'S COMPANY   | 67

1/1/2017  Leverage Ratio (excl. Cap leases): 5.4x

Target Leverage Ratio: 5-6x

$875

$900

$500

$100

*Notional amounts shown as of issuance date; 1% amort

is paid per annum

FY16 Estimated Net Debt: $2.1B (excl. Cap Leases) / FY16 Estimated Adj. EBITDA: $391.9M

3.371%   

2015 Notes

(Callable 6/2018)

4.080%   

2015 Notes

(Callable 6/2019)

4.497%     

2015 Notes

(Callable 6/2021)

7.0% 1995

Debentures

$ Mils

2017

2018

2019

2020

2021

2022

2023

2024

2025

Securitized Notes*

Revolver

Debentures

$150

Invest in the Business

Sustain an Attractive Dividend;

Payout Ratio > 50%

Utilize Excess Cash to

Repurchase Shares

Improvement in ROIC Over Time

Balance Sheet Aligned Behind

Strategy

4

5

1

2

3

68

Arby’s Equity Stake

•

~18.5% Equity Stake

•

Received ~$100 million in dividends since 2012

•

Estimated Fair Market Value as of 1/1/17: ~$320 million

–

Increased from ~$294 million at the end of Q3

–

Valuation Methodology: Apply multiple (discount to public peer group) to

TTM EBITDA

•

Potential source of incremental cash if a liquidation event were to occur

–

Any liquidation event would be fully taxable

THE WENDY'S COMPANY   | 69

Dividend Increase and New Share Repurchase

Authorization

•

Announced ~8 percent increase in quarterly dividend rate, in addition to

~8 percent increase in Q4 2016

–

From 6.5 cents per share to 7 cents per share

•

Board has authorized a new $150 million Share Repurchase Authorization

–

Expires 3/4/2018

–

Plan to purchase shares through the open market

THE WENDY'S COMPANY   | 70

In Summary…

•

Solid 2016: Held Adjusted EBITDA flat YOY, despite selling 310 Company-operated Restaurants;              

2-year N.A. System SRS acceleration continued through year end

•

Improved ‘17 Guidance

–

N.A. System SRS guidance accelerating versus ‘16 results

–

Raised Adjusted EBITDA expectations versus prior guidance

•

“Flattish” to 1-3% growth

–

G+A efficiencies driving guidance lower

•

~$230 million to ~$210 to $220 million

–

Free Cash Flow Guidance anticipates ~$140 million YOY increase

•

Very good visibility to our 2020 Financial Goals

–

G+A reductions accelerating further to achieve ~1.5% of Global Restaurant Sales by 2020

–

Free Cash Flow grows to ~$275 million (with CAPEX of ~$65 million) by 2020

•

Fully committed to return all excess cash to Shareholders

THE WENDY'S COMPANY   | 71

Kurt Kane

Chief Concept and Marketing Officer

© Quality Is Our Recipe, LLC

72

To consistently grow restaurant profitability through

increased sales and customer counts.

THE WENDY'S COMPANY   | 73

THE WENDY'S COMPANY   | 74

Why Are We Consistently

Driving Sales Growth?

Consumers tell us our

food, value, and

advertising are more

relevant today than many

other QSR players.

Marketing Sizzle Reel

75

Source:  Wendy’s Brand Health Tracking, Y/E December

Strengthening

our Quality Advantage

76

Turned the Corner on Value

2013

2014

2015

2016

Source:  Wendy’s Brand Health Tracking, Y/E December

Worth What You Pay

77

We Have Fully Regained Consumer Momentum

# of Brand Health Metrics Showing Improvement

THE WENDY'S COMPANY   | 78

0

2014

2016

13

2015

8

Go more often

High quality food

Freshly prepares when ordered

Favorite menu item

Great value for the money

Worth what you pay

Friendly, courteous employees

Fills orders accurately

Completely satisfied

Food you feel good about eating

Are honest and trustworthy

Use real ingredients –

not processed

Are growing more popular

1

2

3

4

5

6

7

8

9

10

11

12

13

THE WENDY'S COMPANY   |

79

Fans

Visit Wendy’s for >30% of

QSR Occasions

Spectators

Visit Wendy’s for <30% of

QSR Occasions

Our Job Is To Create Even More Fans

THE WENDY'S COMPANY   | 80

Our Fuel for Continued Growth

Reinforce Undisputed Leadership in

Hamburger Quality

Reinforce Undisputed Leadership in

Hamburger Quality

Raise Consumer Expectations for How Good

Chicken Can Be

Raise Consumer Expectations for How Good

Chicken Can Be

Drive Unique Visits Through Proprietary Salads

and Beverages

Drive Unique Visits Through Proprietary Salads

and Beverages

Continue Helping Customers With Multi-Faceted

Approach to Price/Value

Continue Helping Customers With Multi-Faceted

Approach to Price/Value

Communicate in a Relentlessly Modern Way

Communicate in a Relentlessly Modern Way

81

Living Our Strategy in Everything We Do

82

Hamburgers Continue to be a Massive

Opportunity

3 out of 4

Americans eat a

hamburger

every week

Source:  Datassential, ‘On The Menu’, March 2016

83

Fresh/Never Frozen Beef

Craveable

Taste

Two Key Reasons Our Hamburgers Win

84

85

Super Bowl Commercial

86

“In a sea of entertainment, humor, and special

effects and starts this stands out as artful hard sell.”

THE WENDY'S COMPANY   | 87

88

LTOs Must Build “Craveable” Perception

89

THE WENDY'S COMPANY   | 90

Official Hamburger of the NCAA

THE WENDY'S COMPANY   | 91

Continuing to Raise the Bar on Chicken

Other brands talk about

wanting more tender

chicken…someday.

Wendy’s has already

taken

action by limiting bird size

to 20% smaller than many

other QSR brands.

THE WENDY'S COMPANY   | 92

93

Wendy’s Max

7.5 lbs.

Industry Max

> 9.7 lbs.

94

A great, fresh salad does NOT have to

cost a fortune or take forever

95

Wendy’s Salads Are:

Fresh Made

Unique

Great Value

THE WENDY'S COMPANY   | 96

Trying Is Believing

Trying Is Believing

Source:  2015 Product Testing Data, Top 2 Box Ratings Among Millennial

Female Respondents

91%

Repurchase

Intent

97

Driving Incidence With Unique Beverages

98

Our Value Programs Win In Two Ways

They get a lot of people to show up

Create profitable checks

99

New People Are Showing Up

Young Adult

(13-34)

Lower Income

(<$50K)

Smaller Household Size

(Single)

Over Indexes with

AA and Hispanic

100

THE WENDY'S COMPANY   | 101

News Has Proven Effective With 4 for $4

THE WENDY'S COMPANY   | 102

THE WENDY'S COMPANY   |

Excitement Drove Instant Impact

THE WENDY'S COMPANY   | 103

Daypart

Value Creates New Occasions

Premium Value Has High Appeal

104

Relentlessly Modern Communications

105

106

THE WENDY'S COMPANY   |

THE WENDY'S COMPANY   | 107

“

I couldn’t remember the last time a brand was actually featured in

our All Hands meeting. Cheers, Wendy’s.

-

Adam Bain, COO, Twitter

“

Today we are are making this

new immersive ad format

available…we have seen some pretty creative submissions, like

Wendy’s masterpiece the ‘deconstructed cheeseburger.’

-

Chris Cox, Chief Product Officer, Facebook

“

Wendy’s LIVE broadcast was a standout example of using the

authentic and social nature of live content to engage with people

and build their brand.

-

Chris Jones, Head of Creative Technology, Facebook

“

The results are fantastic and you guys have truly been a pioneer in

measurement.

-

Snapchat, October 2016

Our Fuel for Continued Growth

Reinforce Undisputed Leadership in

Hamburger Quality

Reinforce Undisputed Leadership in

Hamburger Quality

Raise Consumer Expectations for How Good

Chicken Can Be

Raise Consumer Expectations for How Good

Chicken Can Be

Drive Unique Visits Through Proprietary Salads

and Beverages

Drive Unique Visits Through Proprietary Salads

and Beverages

Continue Helping Customers With Multi-Faceted

Approach to Price/Value

Continue Helping Customers With Multi-Faceted

Approach to Price/Value

Communicate in a Relentlessly Modern Way

Communicate in a Relentlessly Modern Way

108

Abigail Pringle

Chief Development Officer

109

Accelerating Image Activation to

Delight Even More

Customers

Expanding Brand Access with  

North America New Restaurants

Strengthening Franchise System

and Fueling Investment with

System Optimization

110

1

3

2

North America Development:

Expanding Brand Access &

Increasing Brand Relevance

32%

New Image

2016 YE

REIMAGING

NEW DEVELOPMENT

111

112

IMAGE ACTIVATION

ACCELERATING

Delighting More Customers

Through Reimaging

2016: 521 reimages

Franchisees ahead of schedule

4+ year track record of delivering on goals

95% of sales lift is customer count growth

Healthy 2017 pipeline of 650+ projects

THE WENDY'S COMPANY   | 113

IMAGE ACTIVATION

ACCELERATING

Growing a Healthier Brand

with New Restaurants

2016: 99 new restaurants

22 net new openings

New restaurant sales ~$1.8M

Closed restaurant sales ~$1.1M

Healthy 2017 Pipeline of 170+ projects

N.A. Image Activation Momentum Continues

THE WENDY'S COMPANY   | 114

Total System Cumulative

Reimages & New Builds

Elevating Customer Experience: 

Reimaging Existing Restaurants

Compelling Economics

•

$300K+ investment

•

7-10% sales lift

•

10-15% return on investment

Incentives & Flexibility Fuel Acceleration

•

1% royalty abatement for 12 months

•

Upgrades available to tailor to trade area

Customer Focused Experience

•

Enhanced brand visibility & dining experience

•

Focus on food, people and service

115

THE

JOURNEY FORWARD

…TOGETHER

Organizational

Goals

Landlord /

Lease Review

and Strategy

New Build

and Relocation

Opportunities

Joint

Capital

Plan

Lenders

and Financial

Capacity

Development

Experience

Pace and

Sequencing

Existing

Restaurants

Restaurant

Maintenance

Plan

THE

JOURNEY FORWARD

Joint Capital Planning

116

CUSTOMER

CONVENIENCE

BRAND

AWARENESS

SALES &

PROFITS

RESTAURANTS

BRAND

ACCESS

NEW

117

THE WENDY'S COMPANY   |

2016 STARTED NEW TREND:

Expanding Footprint with +Net New Growth

THE WENDY'S COMPANY   | 118

-28

-46

-37

22

2013

2014

2015

2016E

40% increase in new restaurants v. 2015,

99 openings in 2016

90% increase in franchise driven

investments v. 2015

60% of new restaurants driven by organic

growth, 40% by system optimization

25% fewer closures v. 2015

THE WENDY'S COMPANY   | 119

The Power of the Wendy’s Brand

Regained and growing consumer

momentum…increasing brand relevance      

QSR

is the place to be …convenience, value     

and Wendy’s Quality

Wendy’s has a unique brand story…

communities want us in their neighborhoods

Relentless focus on economics and highly

engaged franchise system wants to win

THE WENDY'S COMPANY   | 120

1:26K

1:49K

1:54K

1:56K

Major QSR U.S. Penetration Today

Major QSR U.S. Penetration Today

Wendy’s Has Plenty of Headroom to Grow

U.S. Population: 319 M

1:75K

Current

High Potential

Markets

Current

High Potential

Markets

121

Wendy’s Knows Where and How to Grow

Mapped and Prioritized Markets

>50% Growth Opportunity in Top 20 Markets

Identified ~4,000 Untapped Trade Areas (All Markets)

Strategic Data Driven Analysis

Local Insights, Partnerships and Experience

Multiple Growth Platforms Creates Agility & Flexibility

Market Mapping and

Trade Area Discipline

Drive Results

THE WENDY'S COMPANY   | 122

Evaluate Crucial Trade Area Dynamics:

•

Demographics

•

Population growth

•

Traffic generators and patterns

•

Competitor performance

•

Share of stomach

•

Other development drivers

Evaluate Site Specific Features:

•

Economics

•

Site Quality

•

Visibility and Accessibility

Top 20 U.S. Market

Discipline Drives Results

High Potential Growth Market

•

1 Wendy’s / 67,000 People

•

Potential: 20 Untapped Trade Areas

•

2020 Target: 10 to 15 New Wendy’s

Delivering On Our Strategy

•

2 open to date

•

2-3 to open in 2017

•

More planned to open in 2018+

THE WENDY'S COMPANY   | 123

124

© Quality Is Our Recipe, LLC

Smart Designs

THE WENDY'S COMPANY   | 125

Reduced Investment by ~$300K

Improved Economics & Operations

-

Reduced energy use by ~20%

-

Technology integration (e.g., kiosk)

-

Smaller footprint and site

-

Optimized capacity and throughput

-

Reduced build time, drive sales sooner

Expanded Real Estate Opportunities

50%+ of 2017 Pipeline

End Cap

Co-Development

Conversion

Transportation Center

Bank Conversion

Inline

Conversion

Thinking Differently Drives

Strong Sales to Investment Ratio

126

YR2

4%

ABATEMENT

1% ROYALTY

3% ADVERTISING

YR1

5.5%

ABATEMENT

2% ROYALTY

3.5% ADVERTISING

New

Incentive*

2017 -

2018

3 YRS

2%

ROYALTY

ABATEMENT

Previous

Incentive

<

2016

*Net New Development Only

127

THE WENDY'S COMPANY   | 128

WENDY’S

IS GROWING

•

2017 Growth Rate ~1%

•

Rate of 2–3% for 2018 to 2020

2015

2016E

2017E

2018E

2019E

2020E

500 –

550

-0.6%

~0.5%

THE WENDY'S COMPANY   | 129

Wendy’s Recipe to Win: New Restaurant Growth

Company

System Optimization

Commitments (I, II, III)

Buy and Flips (‘15 –

‘17)

Organic Franchise

Growth & Additional Buy

and Flip Commitments

Compelling Economics

with target of

>1.3:1 Sales to Investment

Ratio

We Know Where to Grow: Trade Area Mapping &

Multi Urbanicity

Strategy

Real Estate Procurement

Program &                 

Canadian Build to Suit power a healthy pipeline

Development Commitments: Refranchising             

and Buy and Flip and Highly Engaged Franchisees

Multiple Growth Platforms and Innovative Designs

Create Agility and Flexibility 

Redesigned New Restaurant Incentives and

Franchise

Development

Support

40%

Transforming Our Franchise System

•

Buy and Flip: Company facilitated

franchisee-to-franchisee transaction

–

We match pre-approved buyer

with

selling franchisee

–

Buyer receives new 20 year agreements

–

Grow & transform market

–

Recruit new high potential franchisees

and grow existing franchise leaders

–

TAF Income ~$40K/Restaurant

•

Franchise Transfer: Subject to

Company approval and Company has

ROFR

–

Administrative fee, existing agreements

THE WENDY'S COMPANY   | 130

200

200

200

200

71

144

400

200

2015

2016E

2017E

'18-'20 E

Franchise Transfers (Non-Facilitated)

Franchise Transfers (Non-Facilitated)

Buy and Flip (Facilitated)

Buy and Flip (Facilitated)

© Quality Is Our Recipe, LLC

THE WENDY'S COMPANY   | 131

13 Franchise Organizations

Collectively own ~1,000 restaurants

Individually own from 4 to 200+ Wendy’s

New Franchisees & Seasoned Operators

~40% Image Activated

Our Franchise Family

In Their Own Words

(Video)

Development Video

132

Accelerating Image Activation, 

Achieve 42% in 2017, 70%+ by 2020

Open 1000 New Restaurants,

Thinking Differently with Compelling

Economics, New Platforms, Incentives

Expand Brand Footprint & Access,

add 500 to 550 Net New, 2017 to 2020

THE WENDY'S COMPANY   | 133

Transform Franchise System:              

400 Buy and Flips in 2017 & 200 Transfers

1

Wendy’s is Committed

to Growth

2

3

4

Bob Wright

EVP, Chief Operations Officer and International

© Quality Is Our Recipe, LLC

134

Wendy’s International: 

A Growth Engine

Foundation For Growth Is Strong

Significant Success In 2016

Strategic Balance Focused on Growth

Accelerating Growth Through 2020 & Beyond

THE WENDY'S COMPANY   | 135

THE WENDY'S COMPANY   | 136

29 Countries

439 Restaurants

2016 Performance Recap

•

Systemwide

Sales*

~$420 million

•

AUV*

~$1.1 million

•

Gross New Opens

50

•

Net New Opens

36

•

Number of Countries with Opens

13

•

Market Closures

0

•

% Image Activated

~40%

*Excludes Venezuela

137

Growth Focused Blueprint

Existing Markets

Execute Plan For Accelerated Growth

Market Development

High Opportunity “Narrow and Deep”

138

~75% Of New Restaurants Coming From

7 Existing Markets

ARGENTINA

BRAZIL

CHILE

MEXICO

MIDDLE EAST

INDONESIA

JAPAN

139

THE WENDY'S COMPANY   |

Narrow and Deep New Market Entry

QSR Category

Consumers

Real Estate

Economic inputs

Suppliers/Service

providers

Regulatory

Metrics &

benchmarks

Table stakes

Cons. model

hypotheses

Economic model

hypotheses

Concept

prototyping

Brand assessment

research

Consumer model

•

Place

•

Product

•

Price

•

Promotion

•

People

•

Performance

Site selection

Site specific plan

Permitting

Bid

Build

Launch

Measure

Track

Consumer insights

Refine

18 -

24 MONTHS

CONCEPT

DISCOVERY

DESIGN &

COMM.

PLAN &

BUILD

OPEN &

EVALUATE

140

Latin America & Caribbean (LAC) Region

ESTABLISHED

UNDER DEVELOPMENT AGREEMENT

141

THE WENDY'S COMPANY   |

BRAZIL

PANAMA

BAHAMAS

ARGENTINA / CHILE

BRAZIL

GUYANA

SURINAME

ECUADOR

PANAMA

HONDURAS

EL SALVADOR

GUATEMALA

CAYMAN

BAHAMAS

MEXICO

JAMAICA

VENEZUELA

TRINIDAD

ARUBA / CURACAO

USVI

PUERTO RICO

DOM. REPUBLIC

ST. VINCENT

ST. MAARTEN

ST. LUCIA

GRENADA

BARBADOS

ANTIGUA & BARBUDA

19 countries

260 restaurants

Argentina & Chile: Rapid Growth

THE WENDY'S COMPANY   | 142

•

Increased footprint in 2016 from 5 to 13

–

5 new opens in Chile

–

3 new opens in Argentina

•

Plan for 7 new restaurants in 2017

•

Strong AUVs, +$2M in Argentina

Brazil: Strong Opening

THE WENDY'S COMPANY   | 143

•

JV Structure: Wendy’s has 20% Share

•

First 2 restaurants opened in July

•

On track for +$2.5M AUV

•

5 new restaurants planned in 2017

Asia Pacific (AP) Region

GUAM

JAPAN

INDONESIA

NEW ZEALAND

MALAYSIA

PHILIPPINES

INDIA

ESTABLISHED

THE WENDY'S COMPANY   | 144

JAPAN

INDIA

INDONESIA

7 countries

153 restaurants

Japan: Conversion

Hybrid Format

THE WENDY'S COMPANY   | 145

•

Wendy’s Franchisee purchase of First Kitchen

–

Opened door to growth through conversions

•

~30% average sales lift on first conversions

•

~$1.3M AUV on first conversions

•

15 planned conversions in 2017

•

Sub-franchising growth opportunity

Europe, Middle East, Africa (EMEA) Region

REPUBLIC OF GEORGIA

UAE

ESTABLISHED

UNDER DEVELOPMENT AGREEMENT

KUWAIT

THE WENDY'S COMPANY   | 146

3 countries

26  restaurants

UNITED ARAB EMIRATES

GEORGIA

AZERBAIJAN

BAHRAIN

EGYPT

SAUDI ARABIA

JORDAN

QATAR

SYRIA

TUNISIA

KUWAIT

ALGERIA

OMAN

MOROCCO

LEBANON

Middle East: New Expansion

THE WENDY'S COMPANY   | 147

•

UAE: First flagship restaurant planned for 2017

•

Kuwait: Opened first restaurant in Q4 2016

•

Saudi Arabia: Rights granted, Q4 2017

Market Launch

•

Qatar: New sub-franchise planned for 2017

148

Balanced International Business Strategy

THE WENDY'S COMPANY   |

Customer Driven

Systems Focused

THE WENDY'S COMPANY   | 149

Become the preferred

QSR brand by creating a

category disrupting

experience that

leverages Wendy’s

brand strengths of food

quality and superior

experience

Vision

150

THE WENDY'S COMPANY   | 151

CASUAL DINING BURGER MINUS

QSR PLUS+

THE WENDY'S COMPANY   | 152

QSR Plus+ Experiences Deliver

Quality Burgers Since 1969

153

Differentiated Customer Journey

154

Operating Systems Breed Consistency

THE WENDY'S COMPANY   | 155

Food Quality & Value Drive Marketing

Following the

U.S. Calendar (LTO)

Regional Marketing

Program

Local Marketing

Program

# MKTS

PROGRAMS

8

10+

15+

156

Restaurant Unit Level

Economics

Franchisee Business

Economics

THE WENDY'S COMPANY   | 157

Range of:

•

AUV

•

Food, Paper, Labor Costs

•

Rent/Occupancy Costs

•

Investments

Focus Is Always Unit

Level Economics

158

159

Multiple Asset Types To Drive Success

Engaged Ownership

Growth Oriented

THE WENDY'S COMPANY   | 160

161

Foundation Of Great Partners

•

Proven track record of operating a multi-unit

restaurant, retail, or other hospitality business

in the market of interest

•

Financial capacity to achieve expansion plan

•

Shared vision for market development

between franchise leadership, applicable

investors, and Wendy’s

•

Existing business infrastructure that can be

leveraged to support Wendy’s

•

Exceptional access

to key real estate

THE WENDY'S COMPANY   |

162

INTERNATIONAL

IS GROWING :

9%

12.5%

2016

2017

2018

2019

2020

•

‘16 Net New Growth Rate 9%

•

‘17 Net New Growth Rate 12.5%

•

Net 400+ openings by 2020

~20% Growth Per Year

2020E

~850

Accelerating Development Plan

THE WENDY'S COMPANY   |

163

Wendy’s International

2020 Goals

Restaurant Sales*

~$1 Billion

Restaurant Count

~850

Image Activation

70%+

EBITDA

~$20 Million

*Excludes Venezuela

163

Kurt Kane

Chief Concept and Marketing Officer

© Quality Is Our Recipe, LLC

164

Today’s Deliciously Different Lunch

165

Bob Wright

EVP, Chief Operations Officer and International

© Quality Is Our Recipe, LLC

166

Restaurant Margins as

an Engine for Growth

•

Multi-year history of margin

expansion

•

Recent favorability of

commodities

•

External pressures of cost and

availability of labor

•

Wendy’s systems & initiatives

in place to manage pressure

167

Performance Over

Time

Situation

Assessment

Margin Enhancement

Strategies & Outlook

1

3

2

168

Performance Over

Time

Situation

Assessment

Margin Enhancement

Strategies & Outlook

1

3

2

169

Significant N.A. Company Restaurant Margin Growth

170

14.0%

15.3%

15.8%

17.7%

19.1%

2012

2013

2014

2015

2016E

+130bps

+50bps

+190bps

+140bps

THE WENDY'S COMPANY   |

171

Food Cost % +290 bps favorable vs 2012

•

Well-positioned to leverage favorable market

conditions for key commodities

•

Strong collaboration with purchasing Co-Op (QSCC)

•

Investment in quality and value without over-

burdening cost structure

Labor +170 bps favorable vs 2012

•

5% wage inflation, overall labor costs increased by

20 bps vs 2015 with evolving employment landscape

translating to staffing challenges

•

Sales growth and rollout of new optimized labor

model helped mitigate labor pressure

•

Extraction of 31 hours over last 2 years through task

labor efficiency and right sizing service staff

Other operating cost +50 bps favorable vs 2012

•

Improvement in spite of inflation

THE WENDY'S COMPANY   |

33.2%

32.8%

32.7%

32.0%

30.3%

30.1%

29.7%

29.0%

28.2%

28.4%

22.7%

22.2%

22.5%

22.1%

22.2%

2012

2013

2014

2015

2016E

Food

Labor

Other Costs

Performance Over

Time

Situation

Assessment

Margin Enhancement

Strategies & Outlook

1

1

3

3

2

2

172

Access to & Cost of Labor

is Primary Margin Concern

THE WENDY'S COMPANY   | 173

•

Commodities favorability leveling off

•

Legislated & market dynamics driving

average wage rates & rate of

increase

•

Staffing becoming challenging with

evolving employment landscape

•

Turnover trends approaching industry

highs

•

~4% Labor inflation expected in 2017

Performance Over

Time

Situation

Assessment

Margin Enhancement

Strategies & Outlook

1

3

2

174

Investing

in

the

Customer

to

drive

traffic & increase loyalty

Mitigation of labor risk and elevation

of Employee

experience

Design to Value

mitigates

commodity risk

Leveraging

Technology

as

enabler

for efficiency and improved

experience

Margin Enhancement

Strategies

175

1

3

2

4

THE WENDY'S COMPANY   |

176

2. Resulting in lower cost burden

1. Increased Traffic

3. Improved Restaurant Profitability

The Power of Sales Leverage

•

Management and Fixed costs

spread over larger sales base

•

Crew becomes more efficient,

product flow more consistent

THE WENDY'S COMPANY   |

The best way to make

money in this business

is to make your labor

costs and your rent a

smaller percent of your

sales. That means

getting your sales up.

177

Sales Growth: Invest in what

Customers Demand to Drive

Traffic & Increase Loyalty

•

Compelling Quality and Value

178

•

Differentiated Restaurant

Facilities

•

Improved Experiences that

Drive Loyalty

THE WENDY'S COMPANY   |

Execution is Strategy: 

Delight Every Customer

Operations Initiatives

•

Full Implementation of New Voice of the

Customer Program in May 2016

•

Over 1 million points of feedback directly

from customers

•

14% Improvement in “Delighted

Experiences” in 1 year

•

Delighted customers 260% more likely to

return and 390% more likely to

recommend than satisfied

•

4 hour response time to all customer

comments

179

PD 1

2016

PD 2

PD 3

PD 4

PD 5

PD 6

PD 7

PD 8

PD 9

PD 10

PD 11

PD 12

PD 1

2017

Wendy's

Best In Class

Overall Satisfaction

Overall Satisfaction

Taste

Friendliness

Speed

Accuracy

Cleanliness

North America

(last 90 days)

8/5/16-11/2/16

11/3/16-1/31/17

Best In Class

THE WENDY'S COMPANY   |

Consistency is Key

to Success

•

Restaurant by Restaurant

•

Dayparts

•

Day of the Week

•

Strength is Market by Market

•

Franchisee engagement is

critical and has been robust

180

OSAT

Taste

Friendliness

Speed

Accuracy

Cleanliness

North America Range of Performance

Wendy’s Internal Data YE 2016

THE WENDY'S COMPANY   |

Customer Experience Cycle

Drives Improvement

Voice of the Customer

100% restaurant participation

Best in Class internal Customer Care Center

Customer Experience Evaluation

5 Audits/Restaurant/Year

Directly links to customer feedback

Customer Experience Playbook

100% franchisees and restaurants trained

Used as coaching at restaurant level

Escalation process for failing restaurants

181

Mitigation of Labor Risk

and Elevation of

Employee Experience

THE WENDY'S COMPANY   | 182

•

Continued focus on labor

optimization and effective

deployment to build sales

•

Management staffing model to

optimize leadership &

efficiency

Labor Guide Optimization

Key Offset to Inflation

•

31 Hours per week reduced over

2 years

•

~$20,000 per restaurant/year

•

Future Focus

•

CSO

Kiosks

•

Automation

•

Management Administrative Tasks

•

Repetitive Production & Non-

Production Tasks

183

•

Appealing career path to attract,

retain and reward top talent

THE WENDY'S COMPANY   | 184

Management Staffing

Model Optimizes

Leadership & Efficiency

•

Simplify operational focus,

leading to better operations and

enhanced customer experience

•

Enhanced restaurant economic

model

Mitigate Commodity Risk via DTV Approach

THE WENDY'S COMPANY   | 185

Design to Value (DTV) that builds value into things that customers value the most,

while extracting costs from the things they value the least.

Focus Items

1.

Commoditized Ingredients

2.

Paper and Packaging

3.

Supplier Complexity

4.

Inventory Management

5.

Process Improvement

Guiding principle

Does an item or attribute meaningfully

and positively impact… 

1.

The consumer

experience?

2.

Operators

or ability to deliver the

consumer experience, food safety, or

otherwise impact internal metrics?

3.

Operator margins?

4.

Fuel for growth in other areas?

THE WENDY'S COMPANY   | 186

Customer Facing

Technology as Enabler for

Improved Experience &

Efficiency

•

Customer facing technology to

improve experience & margins

•

Technology enables automation

opportunities for least desirable tasks

•

Technology enables energy

efficiencies

Order 

Here

•

Meets needs of QSR consumer with

speed, convenience and affordability

THE WENDY'S COMPANY   | 187

2017 Co. Restaurant Margins

Anticipated to be Flat

Commodities flat

1

3

2

Continued pressure in labor

Design to Value principles improve

margins and enable reinvestment

14.0%

15.3%

15.8%

17.7%

19.1%

Flat

2012

2013

2014

2015

2016E

2017E

+130

bps

+50

bps

+190

bps

+140

bps

David Trimm

Chief Information Officer

© Quality Is Our Recipe, LLC

188

Why and What

Where We Are

Where We’re Going

Our Digital Story

THE WENDY'S COMPANY   | 189

THE WENDY'S COMPANY   | 190

Our overall goal for

technology…

Allow customers to have a

deliciously different

experience

We Believe The Digital

Experience Should...

Drive Brand Relevance

Build Customer Loyalty

Deliver Operational Efficiencies

1

2

3

191

Where our digital story

comes to life…

Founded in June 2015

Next to OSU campus

Products Are: Web; Apps; Kiosks

THE WENDY'S COMPANY   | 192

“A Tech Source of

Competitive Advantage”

Agile

Rapid Development

Highly Customer Centric

Change As We Learn

THE WENDY'S COMPANY   | 193

Collaborative

Room For Teams To Form

Bring Customers In

Re-Configurable Workspace

Wendy’s Kitchen Setup

Cross-Functional Work Expected!

THE WENDY'S COMPANY   | 194

Different

It’s Wendy’s…

…with a startup feel

THE WENDY'S COMPANY   | 195

Our Digital Story Is A Perfect Fit To Our Brand

Customization : Made Fresh

196

It’s in our DNA...

Fresh, Customized, Made to Order

Order via any digital channel –

take your time and explore

Order triggered when you

arrive

at the restaurant

Our food is always

prepared

fresh specifically for you –

customization is “built in”

197

2016 Foundational

Work

Single POS System

90°

Labs and Unified Ordering

Operationalizing our solution…

Operating model, products and tech

truly Delight Every Customer.

198

THE WENDY'S COMPANY   |

Unified Ordering

Consistent experience across channels

Efficient to maintain

Agile for new developments

Single application…

…but appropriate to each platform

THE WENDY'S COMPANY   | 199

Order 

Here

“The Beating Heart of Digital”

Where We Are

Kiosks Available to Franchisees

…and Ramping Up

Kiosks now in Canada too

400+ locations on mobile ordering

Payments solution in deployment

Back stage: Analytics

“Capitalizing On The Investment”

200

THE WENDY'S COMPANY   |

NEVER STOP LEARNING.

TRY TO LEARN

SOMETHING NEW, AND

GET A LITTLE BETTER

EVERY DAY.

201

Kiosks

Preferred by Many Customers

Unlocking Kitchen Capacity

3 Kiosks Cost ~$12k to $15k

Payback <2 Years

Gateway to Mobile

“Customers Love Them and So Do We”

202

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Kiosks Give Us The Opportunity To Innovate…

203

Mobile: Bold, Clean Imagery; Optimized Journey

204

Where We’re Going in 2017

Kiosks: >1,000 Restaurants

Mobile Ordering: >Half Restaurants

Focused Development Roadmap

Payments

Analytics

“Bold Goals –

Moving Fast”

205

THE WENDY'S COMPANY   |

Making IT Happen in

2017

Clear Vision and Ability to Execute

(technically and operationally)

Foundation Laid … Now to Capitalize

Digital Speed plus Food Quality & Freshness…

…Only Wendy’s Can Deliver Both

206

Todd Penegor

President & Chief Executive Officer

© Quality Is Our Recipe, LLC

207

Gunther Plosch: Finance

THE WENDY'S COMPANY   | 208

•

2016 Results: N.A. System SRS solid despite tough compares and macro headwinds,

Adj. EBITDA held steady in final year of SO, Free Cash Flow turned positive

•

2017 Outlook: First full year at 5% company ownership, anticipate Adj. EBITDA, Adj. EPS,

and Free Cash Flow acceleration with N.A. System SRS of 2-3%

•

Path to 38-40% Adj. EBITDA Margin in 2020 is driven by growth and productivity gains;

Accelerated G&A savings will be key

•

Free Cash Flow continues to accelerate through 2020, culminating at ~$275 million

•

Returning cash to shareholders continues to be a priority: additional 8% dividend increase

and new $150 million share repurchase authorization approved by Board of Directors

Kurt Kane: Marketing

•

We have regained consumer momentum; 13 key brand health metrics showed

improvement in 2016 vs. 0 in 2014

•

Our job is to convert “Spectators” to “Fans”; communicating how we are

“Deliciously Different” from other QSR players is how we will do this

•

We are playing offense on our fresh beef message and it’s working well

•

Chicken and Salads will grow through focus on taste and trial efforts

•

Our approach to value is multi-faceted and a new source of strength; 4 for $4,

$0.50 Frosty, $5 Grilled Chicken; testing afternoon daypart value

THE WENDY'S COMPANY   | 209

Abigail Pringle: Development

•

Accelerating Image Activation and new builds to delight even more customers sooner, 70%+ by 2020

–

Compelling economics

–

Joint capital planning / partnership with our franchise community

–

Flexible design solutions

–

Meaningful incentives & support

•

Committed to expand footprint by 500-550 net new restaurants in North America from 2017 to 2020

–

+1% net new in 2017

–

Accelerating to 2-3% between ‘18 and ‘20

•

Strengthening franchise system and fueling growth with continued Buy and Flip transactions

–

~400 B&F’s in ‘17

–

~200 B&F’s annually between ‘18 and ‘20

THE WENDY'S COMPANY   | 210

Bob Wright: International

•

Highest net openings in 20 years, no market exits and record unit count of 439

restaurants

•

Relentless focus on superior customer experience, attractive economic model

and development of robust Franchise Partnerships

•

Narrow & Deep Strategy continues to be successful and will build foundation for

future growth

•

2020 Goal to achieve International Systems Sales of $1 billion and Restaurant

Count of approximately 850

THE WENDY'S COMPANY   |

211

Bob Wright: Restaurant Margin

•

Strong Restaurant margin growth during last 5 years (from 14% in ‘12 to 19% in ‘16)

•

Labor

Cost

is

a

known

headwind

–

systems

in

place

to

manage

–

Profitable Customer Count Growth and Sales Leverage

–

Continue to Leverage Technology

–

Further Labor Guide optimization

–

Elevating Employee Experience

•

Focused Commodity Cost Management

–

Strong Partnership with our Purchasing Co-Op (QSCC)

–

Design to Value Initiatives

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212

David Trimm: Technology

•

Digital experience builds customer loyalty and delivers operational efficiency

•

100% aligned with our core strengths: fresh food, made-to-order, customization

•

Foundation

and

execution

capability

in

place

--

now

capitalizing

on

it

–

Moving to single POS System

–

90 Degree Labs delivered Unified App

–

Solutions operationalized

•

Where We’re Going

–

More than 1,000 N.A. restaurants with Kiosks installed and more than half of N.A.

restaurants with Mobile Ordering by the end of 2017

–

Innovative Technology Solutions complimenting our Restaurant Operating System

–

Payments solution gives access to payment innovation

–

Use data and analytics to connect better to our Customers

THE WENDY'S COMPANY   | 213

2017 and Beyond

It’s All About Growth

The Foundation has been Built

Leverage “The Wendy’s Way” to Delight Every Customer.

Bring “Deliciously Different” to Life in all we do

Drive Profitable Customer Count

Growth

Expand Brand Access Globally

Relentlessly Focus on Restaurant Level Economics

Utilize Technology to Enhance the Customer Experience

Diligently Manage our G&A Cost Structure

THE WENDY'S COMPANY   |

214

Wendy’s 2020 Goals

THE WENDY'S COMPANY   |

215

Global Restaurant Sales

~$12 billion

Global Restaurant Count

~7,500

Global Image Activation

70%+

Adj. EBITDA Margin

38-40%

Free Cash Flow

~$275 million

Q&A

E-mail questions to: peter.koumas@wendys.com

216

Appendix

217

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 and free cash flow).  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.

218

THE WENDY'S COMPANY   |

The Wendy’s

Company and

Subsidiaries

Consolidated

Statements of

Operations

In Thousands

219

THE WENDY'S COMPANY   | 220

Reconciliation of Net

Income to Adjusted

EBITDA from

Continuing

Operations

In Thousands (Unaudited)

221

Reconciliation of Income

and Diluted Earnings

Per Share from

Continuing Operations

to Adjusted Income and

Adjusted Earnings Per

Share from Continuing

Operations

In Thousands except per-share amounts

(Unaudited)

THE WENDY'S COMPANY   |

222