Wendy’s International, Inc.

John Barker SVP Corporate Affairs & Investor Relations

June 9, 2008 2 Today’s Presentation Wendy’s Overview Activist investors: A case history… the last 3 years Wendy’s & Triarc Merger „ „ „ 3 Public Relations Community Relations Dave’s Legacy Oversee Wendy’s Major Events Wendy’s International Foundation Dave Thomas Foundation for Adoption Corporate & Investor website Graphic Design for restaurants and system projects Services – A/V support „ „ „ „ „ „ „ „ „ Overview Corporate Affairs Department Strategic Planning / Event Planning Meetings Relations Investor & Shareholder (financial disclosure) All major public disclosures Internal Communications (System) Government Relations & Wendy’s Committee (PAC) Political Action Issues Management Crisis Management Consumer Communications & PR Consumer Relations „ „ „ „ „ „ „ „ „ „ 4 pa Mgmt Ne l ts n Planner Joe Eve n

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Lunch 38.7% Wendy’s Key Competitors 8 $27 - $29 – WEN „ Wendy’s 6,600 restaurants bilEst. $7.8 systemwide sales Market cap: $2.5 bil – WEN June 2008 stock price: ‰ ‰ ‰ ‰ ‰ Focused solely on one brand 2008 „ a Transformation Wendy’s … Wendy’s, Tim Hortons, Wendy’s, Tim Hortons, Baja Fresh, Cafe Express and Pasta Pomodoro Nearly 10,000 restaurants Est. $12.2 bil systemwide sales Market cap: $4.5 bil 2004 Y/E stock price: $39.26 ‰ ‰ ‰ ‰ ‰ Multi-branded company 2004 „ Wendy’s Case History

…Past 3 Years 10 m to authorities about chili contacts Wendy’s ” Wendy’s International, Inc. Extensive discussions with IR; Requests meeting management Bill Ackman has history of activism (e.g. Sears, Target) Woman makes fraudulent clai The negative impact on same -store sales and profits is immense and long-lasting on company franchisees „ „ „ „ Wendy’s receives 4 shareholder proposals Social activism (PETA, Domini Investments, etc.) Hedge fund Pershing Square “San Jose Incident ‰ ‰ ‰ ‰ November 2004… some initial concerns January 2005… real concerns March 22, 2005… business at risk „ „ „ 11 files 13G: 5%+ owner files Schedule 13D (aggressive) in Wendy’s stock begins; Stock Wendy’s International, Inc. Company’s statement: “We are not aware of any developments Company’s statement: “We are not aware that account for high trading volume.” Activist well-known for Circuit City actions „ „ Pattern of unusual trading Arrest made in San Jose incident Hedge fund Pershing Square Hedge fund Highfields Capital surveillance firm Thomson tracks and analyzes with Securities Exchange Commission: 5%+ owner ‰ ‰ ‰ ‰ April 2005 April 22, 2005 April 26, 2005 April 28, 2005 „ „ „ „ 12 : files another 13D with details hires Blackstone Group to evaluate hires Blackstone Group to evaluate ormance at Wendy’s brand: files another 13D and “letter” to CEO Jack Closing underperforming stores Selling company-owned stores to franchisees Selling real estate Slowing new restaurant development Wendy’s International, Inc. ‰ ‰ ‰ ‰ Tim Hortons IPO $1 billion share repurchase Raised dividend 25% $100 million debt pay down Initiatives to improve perf „ „ „ „ „ Schuessler strategic alternatives for Wendy’s; strategic alternatives Hedge fund Pershing Square Pershing Square shareholder value Wendy’s announces strategic plan to unlock ‰ ‰ ‰ June 10, 2005 July 11, 2005 July 29, 2005 „ „ „ 13 overhead costs at Wendy’s ck Schuessler in 48 hours (Nelson Peltz) contacts Wendy’s files Schedule 13D and “White Paper” calling for: files another 13D Hedge Fund ownership now 35% + Wendy’s International, Inc. Demands meeting with CEO Ja Demands meeting Threatens 13D filing Immediate spin-off of Tim Hortons Sale of developing brands (e.g.. Baja Fresh) $200 mil reduction of G&A and Threatens proxy fight for 4 board seats „ „ „ „ „ „ Hedge fund Trian Fund Trian Fund Trian Fund ‰ ‰ ‰ December 5 & 6, 2005 December 13, 2005 January 18, 2006 „ „ „ 14 to: Directors (Jerry Levin, Peter in 1995 for $400 million Wendy’s International, Inc. Add 3 new members to the Board of by Dec. 31, 2006 Spin-off Tim Hortons repurchase via dividends or share cash to shareholders Return Continue focusing on improving margins at Wendy’s for Baja Fresh Explore strategic alternatives Tim Hortons valued at $5 billion Wendy’s acquired the business Rothschild, Stuart Oran) „ „ „ „ „ „ „ Wendy’s reaches “standstill” agreement with Trian Fund Wendy’s completes successful IPO of Tim Hortons (THI) ‰ ‰ March 2, 2006 March 24, 2006 „ „ 15 ” strategic plan Wendy’s International, Inc. Jack Schuessler resigns as Chairman and CEO of Wendy’s CFO Kerrii Anderson appointed interim CEO & President plan for Wendy’s strategic Prepares for Tim’s spin-off Prepares Begins $100 mil cost reduction initiative „ „ „ „ „ Executive management changes Focuses on Wendy’s turnaround Wendy’s completes spin-off of Tim Hortons Wendy’s reaches agreement for sale of Baja Fresh Wendy’s launches “Recipe for Success ‰ ‰ ‰ ‰ ‰ April 17, 2006 Summer 2006 September 29, 2006 October 12, 2006 October 2006 „ „ „ „ „ 16 ve); Makes over $200 million sells majority of its stake Wendy’s International, Inc. Repurchases 22.4 million shares at $35.75 per share (about outstanding) 19% of shares Changes filing to 13G (passi „ „ Wendy’s completes “Dutch Auction” tender offer Pershing Square Wendy’s names Kerrii Anderson CEO and President Completes sale of Baja Fresh Continues to explore sale of Cafe Express Wendy’s announces $300 million accelerated share repurchase (ASR) ‰ ‰ ‰ ‰ ‰ ‰ November 2006 February 2007 „ „ 17 to explore ” advertising campaign Wendy’s International, Inc. “Revisions to the Company’s strategic plan, Changes to its capital structure, A possible sale, merger or other business combination” „ „ „ Strategic Alternatives featuring enlightened “Red Wig” character Wendy’s Board forms Special Committee Wendy’s stock price soars to all-time high of $42.22 on speculation and rumors…up about $4 per share Wendy’s launches new “That’s Right ‰ ‰ ‰ April 2007 May 7, 2007 May 23, 2007 „ „ „ 18 lead advisors in the process as one of the strategic for fiscal-year 2007 EBITDA and files Schedule 13D: 6% owner “standstill” agreement expires Hedge Fund ownership tops 50% Wendy’s International, Inc. No specific timeframe for process No specific timeframe as JP Morgan and Lehman Brothers „ „ EPS from continuing operations Wendy’s announces that the Special Committee will explore a possible sale of the Company Wendy’s revises guidance Hedge fund Tudor Trian Fund options ‰ ‰ ‰ ‰ June 18, 2007 June 26, 2007 June 30, 2007 „ „ „ 19 y’s sale process, including a y’s sale process, including r consideration in the $37-$41 r consideration g that it is “considering g that it is “considering files another 13D files another 13D and “letter” to the Board files another 13D and “letter” to the Board Wendy’s International, Inc. per share range to WEN shareholders” per share Files “letter” to the Board statin would be prepared to offe “Triarc “Trian and Triarc entered into a confidentiality agreement with Wendy’s to review the business and evaluate a possible of the Company” acquisition New “standstill” agreement expires December 1, 2007 alternatives with regards to Wend with regards alternatives possible bid for the Company” „ „ „ „ Trian Fund Trian Fund Trian Fund ‰ ‰ ‰ July 3, 2007 July 31, 2007 August 28, 2007 „ „ „ 20 files 13D and “letter” are concerned with the “slow are concerned ustrations, is leaked to the Wall ustrations, continues… … Wall Street Journal reports that The Wendy’s International, Inc. Street Journal decline of our brand” Sandell “has entered into a confidentiality agreement with into a confidentiality Sandell “has entered as part of an evaluation a Wendy’s to review materials possible sale of the Company to Triarc” sent by several franchisees, A letter to Wendy’s Chairman concerns and fr expressing their The letter states that franchisees „ „ „ Hedge fund Sandell Asset Management Heightened media attention Media speculation there are “more than a dozen potential bidders” for Wendy’s to the Board ‰ ‰ ‰ September 17, 2007 September, 18 2007 „ „ 21 , including Wendy’s franchisee David Wendy’s International, Inc. Karam, and Fidelity National Financial Media reports speculation around Wendy’s “bidders” backed by private equity firms The Board says Special Committee process continues Another letter to Wendy’s Chairman sent by franchisees, expressing their concerns and frustrations, is leaked to the Wall Street Journal and Bloomberg Wendy’s launches Phase II of its strategic plan Analysts, investors and media publicly criticize the length of Special Committee process Wendy’s CMO Ian Rowden resigns Stock falls to 52-week low of $23.34 on Dec. 31 ‰ ‰ ‰ ‰ ‰ ‰ ‰ September 26-28, 2007 October 2007 December 2007 „ „ „ 22 n ”advertising campaig ”advertising ions of $108 million, up 50% QSR and casual chains) announces process continues and Wendy’s International, Inc. compared to a year ago EBITDA of $305 million, up 38% compared to a year ago U.S. company restaurant EBITDA margins of 11%, an to a year ago (Most compared of 210 basis points improvement out of major improved Income from continuing operat of to a $1.20, up 93% compared operations EPS from continuing year ago Same-store sales: Company +0.9%; Franchise: +1.4% „ „ „ „ „ Special Committee Wendy’s launches new “Waaaay Better Wendy’s reports full-year 2007 financial results*: “believes that the process is in its final stages“ ‰ ‰ ‰ January 28, 2008 February 4, 2008 *Excludes expenses related to Special Committee and restructuring costs. and restructuring Committee to Special related expenses *Excludes „ „

23 PNRA

-3.7% BOBE

-3.4% CKE

-1.8% TAST

-1.6% DPZ

-1.5% SONC

-1.1% CBRL

-0.8% YUM

-0.7% THI

-0.5% DRI

-0.3% EAT

0.0% JBX

0.4% 2007 Trailing 12 Months (TTM) vs. Prior TTM BKC 1.4%

Wendy’s Improvement was the Best MCD CMG 2007 EBITDA Margin Improvement

1.7% 1.7% Major QSR and Casual Dining Chains – WEN 4.3% Source: Morgan Stanley Restaurant Research, March 2008 March Research, Restaurant Stanley Morgan Source: 24 at any alternative transaction be files another 13D…threatens proxy fight files another 13D calling a special meeting of Wendy’s International, Inc. subject to the approval of Wendy's shareholders and not just of Wendy's shareholders subject to the approval committee“ the members of special Trian proposes expanding the Board to 15 members the Board proposes expanding Trian to the board Plans to nominate 6 directors th "We urge the board to ensure Committee rejected two bids from says Wendy’s Special Trian about the direction” and it is “concerned Triarc of the company „ „ „ „ shareholders Trian Fund Trian Fund ‰ ‰ February 11, 2008 April 18, 2008 „ „ 25 ndy’s shareholders will receive ose in the second half of 2008 continue in that role for the definitive merger agreement Wendy’s International, Inc. combined company and also will become CEO of Wendy’s Approved by the boards of directors of both companies Approved by the boards of directors All-stock transaction in which We Arby’s and Wendy’s will operate as autonomous brand business units headquartered in Atlanta, GA, and Columbus, OH, respectively A consolidated support center to be based in Atlanta will oversee all public company responsibilities and other central service functions Roland Smith, Triarc’s CEO, will The transaction is expected to cl a fixed ratio of 4.25 shares of Triarc Class A Common Stock of Triarc of 4.25 shares a fixed ratio of Wendy’s they own (TRY) for each share „ „ „ „ „ „ Triarc and Wendy’s announce ‰ April 24, 2008 „ 26 tells Bloomberg Wendy’s files 13G (passive): 15% owner Wendy’s International, Inc. Hedge fund Pershing Square Bill Ackman of Pershing Square Hedge fund 3G Capital Partners files a Schedule 13G (passive): 6.7% owner could be worth $50 a share through its merger with Triarc ‰ ‰ ‰ April 25, 2008 May 21, 2008 May 29, 2008 „ „ „ 27 le y

Deep ValueDeep - GARP - Fund Hedge - Index e g Since Investment Since Chan (2,562,000) 71.2% 425,000 $12,558,750 $24.15 0.5% - Index 925,000 $27,333,750 $33.45 1.1% 197,328 Fund Hedge 750,000 $22,162,500 $32.44 0.9% 260,000 Fund Hedge 645,000 $19,059,750 $16.96 0.7% - Index 700,000 $20,685,000 $13.94 0.8% - Index 700,000 $20,685,000 $26.72 0.8% 256,500 Fund Hedge 500,000 $14,775,000 $29.43 0.6% - Index 525,000 $15,513,750 $8.68 0.6% - Value Core 4,640,000 $137,112,000 $27.90 5.3% - Misc. 1,150,000 $33,982,500 $37.34 1.3% 3,985,000 $117,756,750 $18.96 4.5% - Index 5,435,000 $160,604,250 $32.42 6.2% 6,300,000 $186,165,000 $25.34 7.2% 6,300,000 Fund Hedge 5/27/2008 5/27/2008 Estimated 2,625,000 $77,568,750 $15.84 3.0% - Index 1,335,000 $39,449,250 $27.22 1.5% 318,351 Fund Hedge 7,365,000 $217,635,750 $21.02 8.4% - Value Core 3,915,000 $115,688,250 $27.36 4.5% - Fund Hedge 3,500,000 $103,425,000 $28.89 4.0% 5,860,000 $173,163,000 $24.65 6.7% 11,085,000 $327,561,750 $26.76 12.6% 3,940,901 Fund Hedge Total Shares: 62,365,000 $1,842,885,750 As of May 27, 2008 Institution Name Position Position Value Cost-BasisS/O % 3/31/2008 St Vanguard Inc. Group, D. E.Shaw Co., & L.P. SLS Management, L.L.C. Sandell Management Asset Trian Management Fund LP 3G Capital3G Management, Inc. Tudor Investment Corporation Barclays Global Investors,N.A. AQR Capital AQR Management, LLC Northern Trust Investments, N.A. Investments, Trust Northern State Street Global Advisors (US) Advisors Global Street State Rockbay CapitalRockbay ManagementLP Barclays Global Investors (UK) Ltd. (UK) Investors Global Barclays Geode Capital Management, L.L.C. Highfields Capital Highfields Management, L.P. Farallon Capital Management, L.L.C. Southeastern Asset Management,Southeastern Asset Inc. Top Institutional Shareholders Pershing SquareCapital Management, L.P. New State York Teachers' Retirement System 8.5 mil National Rural Electric Cooperative Association Cooperative Electric Rural National 1. 2. 3. 4. 5. 6. 7. 8. 9. Source: Thomson Reuters 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

28 5/27/08

60.5% 3/28/08

49.2% 12/30/07

49.1% 9/28/07

48.9% 6/29/07

49.6% 3/31/07

43.8% 12/31/06

43.2% 9/30/06

48.0% 6/30/06

43.0% 3/31/06

47.0% 6/30/05

27.1% 3/31/05 3.5%

Hedge Fund ownership now at 60% 12/31/04 1.8% WEN Shares Held By Hedge Funds Data from 13-F filings and Thomson Financial estimates Financial Thomson and 13-F filings from Data 0% 60% 50% 40% 30% 20% 10%

29 Currently trading in $27-$29 range Wendy’s (WEN) 5-Year Stock History* *Excludes Tim Hortons *Excludes

30 Currently trading in $32-$34 range Tim Hortons (THI) 2-Year Stock History Wendy’s & Triarc Merger… 32 10,000 restaurants and more Wendy’s & Triarc Merger Will create a company with than $12 billion in systemwide sales Arby’s and corporate center: Atlanta Wendy’s brand headquarters: Columbus, OH Roland Smith will become CEO of Triarc and the Wendy’s brand Brand values - Integrity, respect, giving back We must stay focused on our business ‰ ‰ ‰ ‰ ‰ ‰ Announced on April 24, 2008 Teams working on proxy and integration Closing expected 2nd half of year This is the next stage of Wendy’s evolution „ „ „ „ 33

Triarc’s Priorities for Wendy’s Re-energize the Wendy’s brand Improve store operations and margins at Wendy’s company-owned stores Achieve corporate structure efficiencies and reduce expenses Daypart expansion at both brands, including breakfast, snacks and late night Domestic new unit development, particularly at Arby’s International expansion for both brands Source: Roland Smith Comments PRIORITIES 1. 2. 3. GROWTH OPPORTUNITIES 1. 2. 3. 34 to be based in Atlanta will of approximately $60 million of approximately $60 Wendy’s & Triarc Merger “Planned operating improvements at Wendy’s company- owned stores are estimated to generate approximately $100 million of annual incremental operating profit over time with food, labor and through improved costs associated general operating expenses. A consolidated support center oversee all public company responsibilities and other central service functions. Fully realized synergies and overhead savings are expected to reach an annual run rate over time through the elimination of duplicate corporate functions and a streamlining of support services.” ‰ ‰ ‰ Triarc has said… „ 35 Wendy’s & Triarc Merger IT, Accounting, Tax, Financial Reporting, HR, Legal, IR and possibly Supply Chain ‰ Wendy’s brand will need Operations and Marketing field support for franchisees Departments typically impacted by “consolidated support center”… „ „ Wendy’s & Triarc-Arby’s Merger Timeline

April 24 May 1 May June July Aug Sept Oct

Merger Triarc-Arby’s Joint proxy and SEC reviews; Closing announced CEO Roland Form S4 filed Triarc & WEN edit proxy of Merger Smith met with with SEC Wendy’s officers Proxy OK’d by & employees SEC and mailed Integration Triarc-Arby’s to shareholders leaders began CAO met with discussions Wendy’s Execs on 5/28 Shareholder ƒ Arby’s CAO Meetings Sharron Barton Special Officer’s & Vote Meeting on 6/2 ƒ Wendy’s SVP • Triarc John Barker Triarc-Arby’s • Wendy’s hired KPMG as integration firm on 5/27 Triarc-Arby’s and Wendy’s integration process & planning

Q&A published Q&A will be updated, as needed for employees & franchisees Communications (eg. Memos, Webcasts, Meetings, Releases)

CONFIDENTIAL – INTERNAL DOCUMENT FOR REVIEW ONLY, as of 5-30-08 (NOT FINAL, SUBJECT TO CHANGE) 37 Merger Integration Sharron Barton – Arby’s John Barker – Wendy’s Project Plan Overall Committee Steering “Day 1 Ready” IT, etc.) Team (eg. Accounting, Communications Team Functional leaders and teams for all “in-scope” areas „ „ „ „ „ „ „ Led by Triarc-Arby’s and coordinated with Wendy’s management KPMG hired by Triarc-Arby’s as integration consultants Broad in scope and time intensive for certain employees Focused on best-practices and superior talent Integration leaders Consultants currently focused on major elements of integration ‰ ‰ ‰ ‰ ‰ ‰ Very large and complex project KPMG to coordinate project over next 16 weeks, through the end of September „ „ 38 zational integration of Risk Management Investor and Community Relations Legal Real Estate Management Corporate Development Brand/Identity Management, Marketing and Advertising, Menu Development, Product Research and Development QA Operations Services (Customer Relations, Technical Services, and Operations Support) • • • • • • • • nctions the following areas: in assist Triarc with organi Triarc with assist d comparable Wendy’s organizations that are in in are that organizations Wendy’s d comparable

include: Human Resources Payroll Purchasing (Wendy’s Only) Franchise Management Information Technology Corporate Communications Training and Development and Accounting Finance eg. General Accounting, Accounts Receivable, AP, Fixed Assets, Treasury, Financial Tax, FP&A, Reporting, Internal Audit scope The functional Arby’s an Organizational Design Organization Change Management Planning Communication Human Resource/Talent Management Business Case Development • • • • • • • • Engagement is focused to focused is Engagement • • • • • Arby’s and Wendy’s corporate fu Project Scope for KPMG Activity In Scope Scope of Functions 39

Program (WNAP) Program

Wendy’s International Dave Thomas Foundation Foundation Arby’s • • • Field Operations Foundations International Organizations ARCOP AFA Wendy’s National Advertising • • • • • • The following organizations are out of scope for KPMG: Project Scope for KPMG Scope Out of 40 Merger Integration How is the dept/function structured and organized Size of department Functional area’s roles and responsibilities Major processes Challenges support Key technology ƒ ƒ ƒ ƒ ƒ ƒ They will focus on major departments/functional areas: major departments/functional They will focus on eg. KPMG requests for meetings and information ‰ ‰ Wendy’s executive management will review and communicate Wendy’s executive management will with leadership team at HQ and Field KPMG will begin data collection meetings in Dublin during week of June 16 Wendy’s is managing protoc ols and processes for the and KPMG project with Triarc-Arby’s integration „ „ „ Triarc-Arby’s and KPMG will provide Wendy’s with overall project plan during week of June 9 ‰ Next steps: „ 41 Triarc & WEN Financials Legal Information Safe Harbor 9 9 9 Risk Factors 9 Background of Merger Rationale Merger Agreement 9 9 9 Wendy’s & Triarc Merger Form S-4 joint Proxy statement filed on June 2 400+ pages (document & attachments) Key information: „ „ „ Other Restaurant Companies with a “Consolidated Support Center” YUM! BRANDS

DARDEN RESTAURANTS

BRINKER INTERNATIONAL 43 $2.6 billion $1.9 billion $1.4 billion $337 million $95 million $94 million $75 million Undisclosed PRICE 2008 (TBD) 2007 Nov. 2007 Oct. 2007 Jun. 2007 Feb. 2007 Feb. 2007 Jul. Aug. 2007 DATE Triarc Companies IHOP Darden Restaurants Sun Capital Partners Group Restaurant Patina Ruth’s Chris Steak House F&H Acquisition Corp. Sun Capital Partners ACQUIRED BY in the past 18 months… M&A in the Restaurant Industry CHAIN Wendy’s Applebee’s RARE Hospitality Steakhouse) (Longhorn Friendly’s Smith & Wollensky Fish Markets Mitchell’s Champps Boston Market 44

Royal Dutch-Shell (2004) JPMorgan-Bank One One JPMorgan-Bank (2004) Comcast-AT&T (2001) Burger King IPO/PE - Texas Pacific, Bain Capita, Goldman Sachs (2006) AT&T-Bell South (2006) AT&T-Bell AOL-Time Warner (2000) Prior to 2007 News Corporation-Dow Jones Wachovia-Golden West Microsoft-Facebook Google-DoubleClick Duke Energy-Cinergy ConocoPhillips-Burlington Resources Cerberus-Chrysler CVS-Caremark 2007 M&A in Other Industries… No Company is Untouchable Mars-Wrigley Microsoft-Yahoo J.M. Smucker-P&G’s Folgers Verizon-Alltel JPMorgan-Bear Stearns InBev-Anheuser Busch GE Appliance Business-LG GE Appliance Electronics Delta-Northwest Airlines Consortium-Clear Channel Consortium-Clear 2008 (Year-to-Date) Banc of America-Countrywide 45 Summary Focus on a long-term strategy that leverages your firm’s unique strengths and competitive advantages Execution is the key Link pay & performance Profit from the core business and consistent performance is the best offense Communications with all constituencies is critical Values help overcome challenges – “Do the Right Thing” ‰ ‰ ‰ ‰ ‰ ‰ Strategy Profit = Power Culture „ „ „ &