Wendy's International (WEN)

Investments and Acquisitions

       In July 2004 we acquired a 25% equity interest, with a 14.3% general voting interest, in Jurlique, a privately held Australian skin and beauty products company. We paid $13.3 million of the cost of the investment, including expenses of $0.4 million, and in July 2005 we made the final payment of $12.3 million. In July 2005, we made an additional investment in Jurlique of $4.6 million which resulted in an increase to our equity interest to 29.0%, with a 15.0% general voting interest. We account for our investment in Jurlique under the cost method since our voting interest does not provide us the ability to exercise significant influence over Jurlique's operating and financial policies.

       On July 25, 2005 we completed the RTM Acquisition for an aggregate estimated cost of $368.7 million, subject to a post-closing adjustment, as discussed in more detail in “RTM Acquisition” above.

       As of January 1, 2006, we had $502.0 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. This amount includes $95.2 million invested in the Opportunities Fund and $4.8 million in DM Fund, LLC, which are both managed by Deerfield and

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consolidated by us and which we have agreed not to withdraw before October 4, 2006. We continue to evaluate strategic opportunities for the use of our significant cash and investment position, including additional business acquisitions, a potential corporate restructuring as discussed above under “Introduction and Executive Overview,” repurchases of Triarc common stock (see “Treasury Stock Purchases” below), the payment of our special cash dividend on March 1, 2006 and the two additional special cash dividends to be paid during the remainder of 2006 and investments.