Wendy's International (WEN)

Asset Management and Related Fees

Our asset management and related fees, which were generated entirely from the management of CDOs and Funds following the Deerfield Acquisition, increased $43.2 million to $65.3 million for 2005 from $22.1 million for 2004. Approximately $27.6 million of this increase was due to the effect of including Deerfield in our results for all of 2005 but only the portion of 2004 following the July 22, 2004 acquisition date. Aside from this effect, asset management and related fees increased approximately $15.6 million, of which $8.5 million was attributable to the REIT which commenced in December 2004. The remaining increase of $7.1 million in asset management and related fees was principally due to an increase in assets under management and the recording of $4.3 million of incentive fees in the 2004 period as an asset in connection with our accounting for the purchase of Deerfield and thus excluding them from our 2004 revenues.

Asset Management and Related Fees

       Our asset management and related fees of $22.1 million in 2004 resulted entirely from the management of CDOs and Funds reflecting the Deerfield Acquisition.

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