Wendy's International (WEN)

Non-Current Investments

The Company’s non-current investments consist of (1) investments in which the Company has significant influence over the operating and financial policies of the investee (“Equity Investments”) which are accounted for in accordance with the equity method (the “Equity Method”), (2) Cost Investments which are accounted for under the Cost Method and (3) unvested restricted stock and stock option investments in Deerfield Triarc Capital Corp., a real estate investment trust (the “REIT”), that were received by the Company for acting as the REIT’s investment manager. Under the Equity Method each such investment is reported at cost plus the Company’s proportionate share of the income or loss or other changes in stockholders’ equity of each such

87

Triarc Companies, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
December 31, 2006

investee since its acquisition or date of vesting for restricted stock in the REIT. The Company’s consolidated results of operations include such proportionate share of income or loss. The restricted stock and stock options were recorded at fair value and the unvested portion is adjusted for any subsequent changes in their fair value.

See Note 8 for further disclosure of the Company’s non-current investments.

Non-Current Investments

       The Company's non-current investments consist of (1) investments in which the Company had significant influence over the operating and financial policies of the investee (“Equity Investments”) which are accounted for in accordance with the equity method (the “Equity Method”), (2) Cost Investments which are accounted for under the Cost Method and (3) unvested restricted stock and stock option investments, received by the Company as stock-based compensation, in Deerfield Triarc Capital Corp., a real estate investment trust (the “REIT”) for which the Company acts as the investment manager. Under the Equity Method each such investment is reported at cost plus the Company's proportionate share of the income or loss or other changes in stockholders' equity of each such investee since its acquisition or date of vesting for restricted stock in the REIT. The Company's consolidated results of operations include such proportionate share of income or loss. The restricted stock and stock options were recorded at fair value and are adjusted for any subsequent changes in their fair value.

       See Note 8 for further disclosure of the Company's non-current investments.

87

Triarc Companies, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
January 1, 2006