Wendy's International (WEN)

Assets Under Management

As of December 31, 2006, the total assets under management by DCM were approximately $13.2 billion, consisting of approximately $11.2 billion in 24 CDOs and a structured loan fund, $855.7 million in three hedge funds, $764.7 million in the REIT, and $331.6 million in six managed accounts.

Of the 24 CDOs, 11 (representing approximately $4 billion in assets under management) are invested mainly in bank loans, two (representing approximately $763.7 million in assets under management) are invested mainly in investment grade corporate bonds, and seven (representing approximately $6.4 billion in assets under management) are invested mainly in asset-backed securities (such as mortgage-backed securities).

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The structured loan fund (representing approximately $210.7 million in assets under management) is invested mainly in bank loans. Of the three hedge funds, DCM manages one fund (representing approximately $737.4 million in assets under management) mainly pursuant to arbitrage strategies, one fund (representing approximately $113.4 million in assets under management) mainly pursuant to a “flight to quality” strategy, and one fund (representing approximately $8.2 million in assets under management) mainly pursuant to global macro strategies. The arbitrage and flight to quality strategy hedge funds invest mainly in government securities and related instruments, such as interest rate swaps and futures contracts. The global macro fund invests in various instruments, such as options, currencies, fixed income instruments and futures contracts.

Assets Under Management

       As of January 1, 2006, the total assets under management by DCM were approximately $12.3 billion, consisting of approximately $10.4 billion in 22 CDOs and a structured loan fund, $947.2 million in four hedge funds, $762.4 million in the REIT, and $226 million in four managed accounts.

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       Of the 22 CDOs, eight (representing approximately $2.6 billion in assets under management) are invested mainly in bank loans, five (representing approximately $3.3 billion in assets under management) are invested mainly in investment grade corporate bonds, and nine (representing approximately $4.3 billion in assets under management) are invested mainly in asset-backed securities (such as mortgage-backed securities). The structured loan fund (representing approximately $208 million in assets under management) is invested mainly in bank loans. Of the four hedge funds, DCM manages one fund (representing approximately $613.9 million in assets under management) mainly pursuant to arbitrage strategies, one fund (representing approximately $191.1 million in assets under management) mainly pursuant to a “flight to quality” strategy, one fund (representing approximately $136.6 million in assets under management) mainly pursuant to opportunistic fixed income strategies, and one fund (representing approximately $5.6 million in assets under management) mainly pursuant to global macro strategies. The arbitrage and flight to quality strategy hedge funds invest mainly in government securities and related instruments, such as interest rate swaps and futures contracts. The opportunistic fund invests in various fixed income instruments, such as bank loans, credit default swaps and corporate bonds. The global macro fund invests in various instruments, such as options, currencies, fixed income instruments and futures contracts.