Wendy's International (WEN)

We have broad discretion in the use of our cash, cash equivalents and investments.

As of December 31, 2006, we had $327.0 million of cash and cash equivalents, restricted cash equivalents, investments other than investments held in deferred compensation trusts and receivables from sales of investments, net of liabilities related to investments. The foregoing amounts do not reflect regular quarterly cash dividends of $0.08 per share on our Class A Common Stock and $0.09 per share on our Class B Common Stock that were declared on February 1, 2007 and are scheduled to be paid on March 15, 2007 in the aggregate amount of approximately $8.0 million. We have not otherwise designated any specific use for our cash, cash equivalents and investment position. In connection with the potential corporate restructuring, in addition to expected significant severance or contractual settlement payments, options for our remaining non-restaurant net assets are under review and could include the allocation of such assets between our businesses (Arby’s and Deerfield) and/or additional special dividends or distributions to our stockholders.