Risk Factors Update Summary

• Addition of "or" to "significant increases in expenses incurred by consumers, such as living expenses or gasoline prices, could hurt our results of operations and financial condition." This change might result in increased vulnerability to diverse consumer expense impacts.
• Inclusion of "or packaging" in "concerns regarding the nutritional aspects of the products...ingredients in our products or the cooking processes or packaging used in our restaurants." This broadens the scope of potential concerns related to product offerings.
• Inclusion of "and demand for" in "Our success depends on continued consumer acceptance of, and demand for, our offerings." This emphasizes the importance of sustained consumer demand alongside acceptance.
• Addition of "or the use of digital channels" in "Wendy’s restaurants may lose customers...that we receive from franchisees may decline." This reflects the potential impact of digital channels on customer retention and franchisee contributions.
• Expansion to "growth, promotional, marketing, and new product development" in "the success of our operating, growth, promotional, marketing, and new product development." This highlights the multifaceted nature of success factors.
• Addition of "and disposal of hazardous or toxic substances" in "the assumption of long-term...and disposal of hazardous or toxic substances." This highlights the environmental risks associated with the disposal of hazardous materials.
• Introduction of "demographics or" in "consumer acceptance or adapt to changes in consumer demographics or preferences." This acknowledges the significance of demographic shifts in consumer behavior.