----

----

|                                     |   | January 3, 2010 |       |   | December 28, 2008 |   |
|------------------------------------------|--------|-----------------|------------|--------|-------------------|--------|
| Assets                                   |   |            |       |   |              |   |
|                                     |   |            |       |   |              |   |
| Revenue-producing properties             |   | $               | 83,077,625 |   |              | $      | 87,291,598 |   |
|                                     |   |            |       |   |              |   |   |   |
| Cash and cash equivalents                |   |            | 74,876     |   |              |   | 5,063,334 |   |
|                                     |   |            |       |   |              |   |   |   |
| Accounts receivable                      |   |            | 4,988,910  |   |              |   | 3,338,837 |   |
|                                     |   |            |       |   |              |   |   |   |
| Investment in Grimsby Food Court Ltd.    |   |            | 2,513,657  |   |              |   | 2,533,133 |   |
|                                     |   |            |       |   |              |   |   |   |
| Prepaid rent                             |   |            | 637,155    |   |              |   | 609,489 |   |
|                                     |   |            |       |   |              |   |   |   |
|                                     |   | $               | 91,292,223 |   |              | $      | 98,836,391 |   |
|                                     |   |            |       |   |              |   |   |   |
|                                     |   |            |       |   |              |   |   |   |
| Liabilities                              |   |            |       |   |              |   |   |   |
|                                     |   |            |       |   |              |   |   |   |
| Accounts payable and accrued liabilities |   | $               | 2,257,466  |   |              | $      | 2,521,304 |   |
|                                     |   |            |       |   |              |   |   |   |
| Deferred lease inducements               |   |            | 3,961,036  |   |              |   | 4,254,108 |   |
|                                     |   |            |       |   |              |   |   |   |
| Straight-line rent                       |   |            | 5,119,497  |   |              |   | 6,639,115 |   |
|                                     |   |            |       |   |              |   |   |   |
|                                     |   |            | 11,337,999 |   |              |   | 13,414,527 |   |
| Commitments and contingencies            |   |            |       |   |              |   |   |   |
|                                     |   |            |       |   |              |   |   |   |
| Partners’ equity                   |   |            | 79,954,224 |   |              |   | 85,421,864 |   |
|                                     |   |            |       |   |              |   |   |   |
|                                     |   | $               | 91,292,223 |   |              | $      | 98,836,391 |   |

----

|                                             |   | Year EndedJanuary 3, 2010 |       |   | Year EndedDecember 28, 2008 |   |
|--------------------------------------------------|--------|---------------------------|------------|--------|-----------------------------|--------|
| Revenues                                         |   |                      |       |   |                        |   |
| Rental income                                    |   | $                         | 38,471,112 |   |                        | $      | 37,525,532 |   |
|                                             |   |                      |       |   |                        |   |   |   |
| Expenses                                         |   |                      |       |   |                        |   |   |   |
| Rental expense - net of lease inducements        |   |                      | 5,980,430  |   |                        |   | 7,547,976 |   |
| Operating expenses                               |   |                      | 424,966    |   |                        |   | 440,427 |   |
| Depreciation and amortization                    |   |                      | 4,711,046  |   |                        |   | 4,797,801 |   |
|                                             |   |                      |       |   |                        |   |   |   |
|                                             |   |                      | 11,116,442 |   |                        |   | 12,786,204 |   |
|                                             |   |                      |       |   |                        |   |   |   |
| Operating income                                 |   |                      | 27,354,670 |   |                        |   | 24,739,328 |   |
|                                             |   |                      |       |   |                        |   |   |   |
| Other income                                     |   |                      |       |   |                        |   |   |   |
| Interest income                                  |   |                      | 23,171     |   |                        |   | 181,200 |   |
| Equity in income of Grimsby Food Court Ltd.      |   |                      | 140,524    |   |                        |   | 110,572 |   |
| Other income                                     |   |                      | 13,995     |   |                        |   | 7,766 |   |
|                                             |   |                      |       |   |                        |   |   |   |
|                                             |   |                      | 177,690    |   |                        |   | 299,538 |   |
|                                             |   |                      |       |   |                        |   |   |   |
| Net income and comprehensive income for the year |   | $                         | 27,532,360 |   |                        | $      | 25,038,866 |   |

----

|                                            |   | Year Ended January 3, 2010            |        |   | Year EndedDecember 28, 2008 |   |
|-------------------------------------------------|--------|---------------------------------------|-------------|--------|-----------------------------|--------|
|                                            |   | Wendy’sRestaurantsof CanadaInc. |        |   | BarhavDevelopments Limited  |   |   | Total |   |   | Total |   |
| Partners’ equity - beginning of year |   | $                                     | 42,710,932  |   |                        | $      | 42,710,932 |   |   | $ | 85,421,864 |   |   | $ | 90,382,998 |   |
|                                            |   |                                  |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Distributions to partners                       |   |                                  | (16,500,000 | )      |                        |   | (16,500,000 | ) |   |   | (33,000,000 | ) |   |   | (30,000,000 | ) |
| Net income for the year                         |   |                                  | 13,766,180  |   |                        |   | 13,766,180 |   |   |   | 27,532,360 |   |   |   | 25,038,866 |   |
|                                            |   |                                  |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Partners’ equity - end of year            |   | $                                     | 39,977,112  |   |                        | $      | 39,977,112 |   |   | $ | 79,954,224 |   |   | $ | 85,421,864 |   |

----

|                                                              |   | Year EndedJanuary 3, 2010 |        |   | Year EndedDecember 28, 2008 |   |
|-------------------------------------------------------------------|--------|---------------------------|-------------|--------|-----------------------------|--------|
| Cash provided by (used in)                                        |   |                      |        |   |                        |   |
|                                                              |   |                      |        |   |                        |   |
| Operating activities                                              |   |                      |        |   |                        |   |
| Net income for the year                                           |   | $                         | 27,532,360  |   |                        | $      | 25,038,866 |   |
| Add: Items not affecting cash                                     |   |                      |        |   |                        |   |   |   |
| Depreciation and amortization                                     |   |                      | 4,711,046   |   |                        |   | 4,797,801 |   |
| Straight-line rent                                                |   |                      | (1,519,618  | )      |                        |   | 123,949 |   |
| Amortization of deferred lease inducements                        |   |                      | (293,072    | )      |                        |   | (293,073 | ) |
| Share of income from investment in Grimsby - net of distributions |   |                      | 19,476      |   |                        |   | 69,423 |   |
|                                                              |   |                      |        |   |                        |   |   |   |
|                                                              |   |                      | 30,450,192  |   |                        |   | 29,736,966 |   |
| Changes in non-cash working capital items                         |   |                      |        |   |                        |   |   |   |
| Accounts receivable                                               |   |                      | (1,650,073  | )      |                        |   | 1,990,900 |   |
| Prepaid rent                                                      |   |                      | (27,666     | )      |                        |   | (7,524 | ) |
| Accounts payable and accrued liabilities                          |   |                      | (263,838    | )      |                        |   | 39,669 |   |
|                                                              |   |                      |        |   |                        |   |   |   |
|                                                              |   |                      | 28,508,615  |   |                        |   | 31,760,011 |   |
| Investing activities                                              |   |                      |        |   |                        |   |   |   |
| Expenditures for revenue-producing properties                     |   |                      | (497,073    | )      |                        |   | (752,231 | ) |
|                                                              |   |                      |        |   |                        |   |   |   |
| Financing activities                                              |   |                      |        |   |                        |   |   |   |
| Distributions to partners                                         |   |                      | (33,000,000 | )      |                        |   | (30,000,000 | ) |
|                                                              |   |                      |        |   |                        |   |   |   |
| Change in cash and cash equivalents during the year               |   |                      | (4,988,458  | )      |                        |   | 1,007,780 |   |
|                                                              |   |                      |        |   |                        |   |   |   |
| Cash and cash equivalents - beginning of year                     |   |                      | 5,063,334   |   |                        |   | 4,055,554 |   |
|                                                              |   |                      |        |   |                        |   |   |   |
| Cash and cash equivalents - end of year                           |   | $                         | 74,876      |   |                        | $      | 5,063,334 |   |

----

|   |
|--------|

|   |
|--------|

| 1   | Nature of operations |
|---------------|----------------------|

| 2   | Summary of significant accounting policies partnership accounts |
|---------------|-----------------------------------------------------------------|

----

|   |
|--------|

|   |
|--------|

|        Buildings                                                                                                                                                     | Up to 40 years                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
|        Leasehold improvements       and deferred design and       construction costs and other | The lesser of the useful lifeof the asset or thelease term |
|        Construction-in-progress                                                                                                                                      | Stated at cost and is not amortized                        |

----

|   |
|--------|

|   |
|--------|

----

|   |
|--------|

|   |
|--------|

|                                          |   | January 3, 2010 |        |   | December 28, 2008                      |   |
|-----------------------------------------------|--------|-----------------|-------------|--------|----------------------------------------|--------|
|                                          |   | Cost            |        |   | Accumulateddepreciationandamortization |   |   | Net |   |   | Net |   |
|                                          |   |            |        |   |                                   |   |   |   |   |   |   |   |
| Land                                          |   | $               | 21,231,151  |   |                                   | $      | - |   |   | $ | 21,231,151 |   |   | $ | 21,231,151 |   |
| Buildings                                     |   |            | 34,415,853  |   |                                   |   | 13,063,076 |   |   |   | 21,352,777 |   |   |   | 22,525,773 |   |
| Leasehold improvements                        |   |            | 66,626,531  |   |                                   |   | 27,672,261 |   |   |   | 38,954,270 |   |   |   | 41,687,926 |   |
| Deferred design, construction costs and other |   |            | 2,354,402   |   |                                   |   | 846,772 |   |   |   | 1,507,630 |   |   |   | 1,636,676 |   |
|                                          |   |            |        |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |            | 124,627,937 |   |                                   |   | 41,582,109 |   |   |   | 83,045,828 |   |   |   | 87,081,526 |   |
| Construction-in-progress                      |   |            | 31,797      |   |                                   |   | - |   |   |   | 31,797 |   |   |   | 210,072 |   |
|                                          |   |            |        |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   | $               | 124,659,734 |   |                                   | $      | 41,582,109 |   |   | $ | 83,077,625 |   |   | $ | 87,291,598 |   |

----

|   |
|--------|

|   |
|--------|

| 5   | Related party transactions and balances |
|---------------|-----------------------------------------|

|                                           |   | January 3, 2010 |       |   | December 28, 2008 |   |
|------------------------------------------------|--------|-----------------|------------|--------|-------------------|--------|
| Rental income                                  |   |            |       |   |              |   |
| TDL                                            |   | $               | 23,690,191 |   |              | $      | 22,971,003 |   |
| WROC                                           |   |            | 14,780,921 |   |              |   | 14,554,529 |   |
|                                           |   | $               | 38,471,112 |   |              | $      | 37,525,532 |   |
| Amounts included in accounts receivable        |   |            |       |   |              |   |   |   |
| TDL                                            |   | $               | 2,544,608  |   |              | $      | 1,946,320 |   |
| WROC                                           |   |            | 2,444,302  |   |              |   | 1,392,517 |   |
|                                           |   | $               | 4,988,910  |   |              | $      | 3,338,837 |   |
| Management fee                                 |   |            |       |   |              |   |   |   |
| TDL - included in revenue-producing properties |   | $               | 159,950    |   |              | $      | 182,800 |   |
| WROC - included in operating expenses          |   | $               | 273,313    |   |              | $      | 254,500 |   |
|                                           |   |            |       |   |              |   |   |   |
| Related party rental expense                   |   |            |       |   |              |   |   |   |
| TDL                                            |   | $               | 241,257    |   |              | $      | 236,256 |   |
|                                           |   |            |       |   |              |   |   |   |
| Amounts included in accounts payable           |   |            |       |   |              |   |   |   |
| TDL                                            |   | $               | 522,733    |   |              | $      | 852,726 |   |
| WROC                                           |   |            | -          |   |              |   | 173,478 |   |
|                                           |   | $               | 522,733    |   |              | $      | 1,026,204 |   |

----

|   |
|--------|

|   |
|--------|

| 6   | Deferred lease inducements |
|---------------|----------------------------|

|                       |   | January 3, 2010 |      |   | December 28, 2008       |   |
|----------------------------|--------|-----------------|-----------|--------|-------------------------|--------|
|                       |   | Cost            |      |   | Accumulatedamortization |   |   | Net |   |   | Net |   |
|                       |   |            |      |   |                    |   |   |   |   |   |   |   |
| Deferred lease inducements |   | $               | 6,679,525 |   |                    | $      | 2,718,489 |   |   | $ | 3,961,036 |   |   | $ | 4,254,108 |   |

| 7   | Leases |
|---------------|--------|

|                |   |   |        |
|---------------------|--------|--------|-------------|
| 2010                |   | $      | 7,346,000   |   |
| 2011                |   |   | 7,212,000   |   |
| 2012                |   |   | 6,559,000   |   |
| 2013                |   |   | 7,117,000   |   |
| 2014                |   |   | 6,826,000   |   |
| 2015 and thereafter |   |   | 80,579,000  |   |
|                |   | $      | 115,639,000 |   |

| 8   | Financial instruments |
|---------------|-----------------------|

| 9   | Commitments and contingencies |
|---------------|-------------------------------|

----