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| Delaware                                                       |   | 38-0471180                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 1155 Perimeter Center West, Atlanta, Georgia                   |   | 30338                                |
| (Address of principal executive offices)                       |   | (Zip Code)                           |

| Title of Each Class |   | Name of Each Exchange on Which Registered |
|---------------------|--------|-------------------------------------------|
| None                |   | N/A                                       |

| Large accelerated filer  □ | Accelerated filer  □ | Non-accelerated filer  ý | Smaller reporting company □ |
|---------------------------------------|--------------------------------------|------------------------------------|-----------------------------------|

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|   | · | competition, including pricing pressures, aggressive marketing and the potential impact of competitors’ new unit openings on sales of Wendy’s® and Arby’s® restaurants; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | consumers’ perceptions of the relative quality, variety, affordability and value of the food products we offer; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | development costs, including real estate and construction costs; |
|--------|--------|------------------------------------------------------------------|

|   | · | changes in consumer tastes and preferences, including changes resulting from concerns over nutritional or safety aspects of beef, poultry, French fries or other foods or the effects of food-borne illnesses such as “mad cow disease” and avian influenza or “bird flu,” and changes in spending patterns and demographic trends, such as the extent to which consumers eat meals away from home; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | certain factors affecting our franchisees, including the business and financial viability of key franchisees, the timely payment of such franchisees’ obligations due to us or to national or local advertising organizations, and the ability of our franchisees to open new restaurants in accordance with their development commitments, including their ability to finance restaurant development and remodels; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | availability, location and terms of sites for restaurant development by us and our franchisees; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | delays in opening new restaurants or completing remodels of existing restaurants; |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | the timing and impact of acquisitions and dispositions of restaurants; |
|--------|--------|------------------------------------------------------------------------|

|   | · | our ability to successfully integrate acquired restaurant operations; |
|--------|--------|-----------------------------------------------------------------------|

|   | · | anticipated or unanticipated restaurant closures by us and our franchisees; |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | our ability to identify, attract and retain potential franchisees with sufficient experience and financial resources to develop and operate Wendy’s and Arby’s restaurants successfully; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | availability of qualified restaurant personnel to us and to our franchisees, and the ability to retain such personnel; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | our ability, if necessary, to secure alternative distribution of supplies of food, equipment and other products to Wendy’s and Arby’s restaurants at competitive rates and in adequate amounts, and the potential financial impact of any interruptions in such distribution; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes in commodity costs (including beef and chicken), labor, supply, fuel, utilities, distribution and other operating costs; |
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|   | · | availability and cost of insurance; |
|--------|--------|-------------------------------------|

|   | · | adverse weather conditions; |
|--------|--------|-----------------------------|

|   | · | availability, terms (including changes in interest rates) and deployment of capital; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | changes in legal or regulatory requirements, including franchising laws, accounting standards, payment card industry rules, overtime rules, minimum wage rates, government-mandated health benefits, tax legislation and menu-board labeling requirements; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the costs, uncertainties and other effects of legal, environmental and administrative proceedings; |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | the impact of general economic conditions and high unemployment rates on consumer spending, particularly in geographic regions that contain a high concentration of Wendy’s or Arby’s restaurants, and the effects of war or terrorist activities; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the effects of charges for impairment of goodwill or for the impairment of other long-lived assets due to deteriorating operating results; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | other risks and uncertainties affecting us and our subsidiaries referred to in this Form 10-K (see especially “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations”) and in our other current and periodic filings with the Securities and Exchange Commission. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                    | 2009  |   | 2008  |   | 2007  |
|-----------------------------------------|-------|--------|-------|--------|-------|
| Restaurants open at beginning of period | 6,630 |   | 6,645 |   | 6,673 |
| Restaurants opened during period        | 63    |   | 97    |   | 92    |
| Restaurants closed during period        | (152) |   | (112) |   | (120) |
| Restaurants open at end of period       | 6,541 |   | 6,630 |   | 6,645 |

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|                                    | 2009  |   | 2008  |   | 2007  |
|-----------------------------------------|-------|--------|-------|--------|-------|
| Restaurants open at beginning of period | 3,756 |   | 3,688 |   | 3,585 |
| Restaurants opened during period        | 59    |   | 127   |   | 148   |
| Restaurants closed during period        | (97)  |   | (59)  |   | (45)  |
| Restaurants open at end of period       | 3,718 |   | 3,756 |   | 3,688 |

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|   | · | consolidating redundant operations, including corporate functions; |
|--------|--------|--------------------------------------------------------------------|

|   | · | realizing targeted margin improvements at Company-owned Wendy’s restaurants; and |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | addressing differences in business cultures between Arby’s and Wendy’s, preserving employee morale and retaining key employees, maintaining focus on providing consistent, high quality customer service, meeting the operational and financial goals of the Company and maintaining the operational goals of each of the standalone brands. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | our ability to attract new franchisees; |
|--------------------|-----------------------------------------|

| ·   | the availability of site locations for new restaurants; |
|--------------------|---------------------------------------------------------|

| ·   | the ability of potential restaurant owners to obtain financing, which has become more difficult due to current market conditions and operating results; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the ability of restaurant owners to hire, train and retain qualified operating personnel; |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | construction and development costs of new restaurants, particularly in highly-competitive markets; |
|--------------------|----------------------------------------------------------------------------------------------------|

| ·   | the ability of restaurant owners to secure required governmental approvals and permits in a timely manner, or at all; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | adverse weather conditions. |
|--------------------|-----------------------------|

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|   | · | diversion of management attention to the integration of acquired restaurant operations; |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | increased operating expenses and the inability to achieve expected cost savings and operating efficiencies; |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | exposure to liabilities arising out of sellers’ prior operations of acquired restaurants; and |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | incurrence or assumption of debt to finance acquisitions or improvements and/or the assumption of long-term, non-cancelable leases. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | making it more difficult to meet payment and other obligations under the Senior Notes and other outstanding debt; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | · | resulting in an event of default if our subsidiaries fail to comply with the financial and other restrictive covenants contained in debt agreements, which event of default could result in all of our subsidiaries’ debt becoming immediately due and payable; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under the Credit Agreement; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | placing us at a competitive disadvantage compared to our competitors that are less leveraged. |
|--------|--------|-----------------------------------------------------------------------------------------------|

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|   | · | significant adverse changes in the business climate; |
|--------|--------|------------------------------------------------------|

|   | · | current period operating or cash flow losses combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with long-lived assets; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a current expectation that more-likely-than-not (e.g., a likelihood that is more than 50%) long-lived assets will be sold or otherwise disposed of significantly before the end of their previously estimated useful life; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a significant drop in the Wendy’s/Arby’s stock price. |
|--------|--------|-------------------------------------------------------------------|

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| ACTIVE FACILITIES                        |   | FACILITIES-LOCATION      |   | LAND TITLE |   | APPROXIMATE SQ. FT. OF FLOOR SPACE |
|------------------------------------------|--------|--------------------------|--------|------------|--------|------------------------------------|
| Corporate and Arby’s Headquarters  |   | Atlanta, GA              |   | Leased     |   | 184,251*                           |
| Wendy’s Corporate Headquarters     |   | Dublin, OH               |   | Owned      |   | 249,025**                          |
| Wendy’s Restaurants of Canada Inc. |   | Oakville, Ontario Canada |   | Leased     |   |   35,125                      |

|   | *ARCOP, the independent Arby’s purchasing cooperative, and the Arby’s Foundation, a not-for-profit charitable foundation in which ARG has non-controlling representation on the board of directors, sublease approximately 2,680 and 3,800 square feet, respectively, of this space from ARG. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ** QSCC, the independent Wendy’s purchasing cooperative in which Wendy’s has non-controlling representation on the board of directors, leases approximately 9,300 square feet of this space from Wendy’s.  This lease was entered into effective January 4, 2010. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 | Wendy’s | Arby’s                                                            |
|----------------------|---------------|-------------------------------------------------------------------------|
| State                | Company       | Franchise                                                               | Company | Franchise |
| Alabama              | —       |            96    |            70 |            33 |
| Alaska               | —       |            7     |            — |            9 |
| Arizona              | 46            |            54    |            — |            83 |
| Arkansas             | —       |            64    |            — |            44 |
| California           | 57            |            217   |            41 |            87 |
| Colorado             | 47            |            80    |            — |            63 |
| Connecticut          | 5             |            45    |            12 |            2 |
| Delaware             | —       |            15    |            — |            19 |
| Florida              | 187           |            299   |            92 |            86 |
| Georgia              | 55            |            239   |            89 |            59 |
| Hawaii               | 7             |            __    |            — |            8 |
| Idaho                | —       |            30    |            — |            22 |
| Illinois             | 97            |            92    |            5 | 139 |
| Indiana              | 5             |            172   |            99 | 83 |
| Iowa                 | —       |            45    |            — | 54 |
| Kansas               | 11            |            64    |            — | 51 |
| Kentucky             | 3             |            140   |            48 | 85 |
| Louisiana            | 55            |            73    |            — | 30 |
| Maine                | 5             |            15    |            — | 8 |
| Maryland             | —       |            114   |            17 | 31 |
| Massachusetts        | 71            |            22    |            — |            5 |
| Michigan             | 21            |            250   |            109 |            80 |
| Minnesota            | —       |            68    |            84 |            3 |
| Mississippi          | 8             |            87    |            3 |            22 |
| Missouri             | 29            |            56    |            4 |            78 |
| Montana              | —       |            17    |            — |            18 |
| Nebraska             | —       |            34    |            — |            50 |
| Nevada               | —       |            46    |            — |            31 |
| New Hampshire        | 4             |            21    |            — |            — |
| New Jersey           | 21            |            118   |            17 |            10 |
| New Mexico           | —       |            38    |            — |            30 |
| New York             | 65            |            155   |            — |            89 |
| North Carolina       | 40            |            215   |            60 |            79 |
| North Dakota         | —       |            9     |            — |            14 |
| Ohio                 | 77            |            350   |            104 |            182 |
| Oklahoma             | —       |            38    |            — |            95 |
| Oregon               | 19            |            33    |            21 |            16 |
| Pennsylvania         | 79            |            179   |            91 |            60 |
| Rhode Island         | 9             |            11    |            — |            — |
| South Carolina       | —       |            131   |            13 |            61 |
| South Dakota         | —       |            9     |            — |            15 |
| Tennessee            | —       |            180   |            53 |            60 |
| Texas                | 73            |            322   |            72 |            109 |
| Utah                 | 57            |            28    |            33 |            40 |
| Vermont              | —       |            5     |            — |            — |
| Virginia             | 53            |            162   |            2 |            107 |
| Washington           | 27            |            45    |            24 |            41 |
| West Virginia        | 22            |            51    |            1 |            35 |
| Wisconsin            | —       |            63    |            4 |            86 |
| Wyoming              | —       |            14    |            1 |            15 |
| District of Columbia | —       | 4                                                                       |            — |            — |
|                 |          |                                                                    |   |   |
| Domestic Subtotal    | 1,255         |            4,622 |            1,169 |            2,427 |

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|                   | Wendy’s                                                             | Arby’s                                                              |
|------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------|
| Country/Territory      | Company                                                                   | Franchise                                                                 | Company | Franchise |
| Aruba                  |            — |            3       |            — |            — |
| Bahamas                |            — |            8       |            — |            — |
| Canada                 |            136     |            235     |            — |            112 |
| Cayman Islands         |            — |            3       |            — |            — |
| Costa Rica             |            — |            5       |            — |            — |
| Dominican Republic     |            — |            4       |            — |            — |
| El Salvador            |            — |            14      |            — |            — |
| Guam                   |            — |            2       |            — |            — |
| Guatemala              |            — |            7       |            — |            — |
| Honduras               |            — |            29      |            — |            — |
| Indonesia              |            — |            25      |            — |            — |
| Jamaica                |            — |            2       |            — |            — |
| Malaysia               |            — |            8       |            — |            — |
| Mexico                 |            — |            24      |            — |            — |
| New Zealand            |            — |            15      |            — |            — |
| Panama                 |            — |            5       |            — |            — |
| Philippines            |            — |            30      |            — |            — |
| Puerto Rico            |            — |            66      |            — |            — |
| Singapore              |            — |            1       |            — |            — |
| Qatar                  |            — |            — |            — |            1 |
| Turkey                 |            — | —                                                                   |            — |            8 |
| United Arab Emirates   |            — | —                                                                   |            — |            1 |
| Venezuela              |            — |            40      |            — |            — |
| U. S. Virgin Islands   |            — |            2       |            — |            — |
| International Subtotal |            136     |            528     |            — |            122 |
| Grand Total            |            1,391   |            5,150   |            1,169 |            2,549 |

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| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
|--------------|----------------------------------------------------------------------------------------|

|   | · | Industry-wide declines in same-store sales of all segments of the restaurant industry, including quick service restaurants (“QSR”); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continued lack of general consumer confidence in the economy and the effect of decreases in many consumers’ discretionary income caused by factors such as (1) volatility in the financial markets and recessionary economic conditions, including high unemployment levels and (2) a significant decline in the real estate market, although that market has shown some improvement in recent months; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continued and increasingly aggressive price competition in the QSR industry, as evidenced by (1) value menus, which offer lower prices on some menu items, (2) the use of coupons and other price discounting and (3) combination meal concepts, which offer a complete meal at an aggregate price lower than the price of individual food and beverage items; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Competitive pressures due to extended hours of operation by many QSR competitors, including breakfast and late night hours; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

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|   | · | Competitive pressures from operators outside the QSR industry, such as the deli sections and in-store cafes of major grocery and other retail store chains, convenience stores and casual dining outlets offering take-out food; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased availability to consumers of product choices, including (1) healthy products driven by a greater consumer awareness of nutritional issues, (2) beverage programs which offer a wider selection of premium non-carbonated beverages, including coffee and tea products and (3) sandwiches with perceived higher levels of freshness, quality and customization; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Competitive pressures from an increasing number of franchise opportunities seeking to attract qualified franchisees. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | Decreasing commodity prices which have reduced our food costs in the second half of 2009; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | Federal, state and local legislative activity, such as minimum wage increases and mandated health and welfare benefits which is expected to continue to increase wages and related fringe benefits, including health care and other insurance costs; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Legal or regulatory activity related to nutritional content or menu labeling which results in increased operating costs. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | Other |
|--------|-------|

|   | · | A significant portion of both our Wendy’s and Arby’s restaurants are franchised and, as a result, we receive revenue in the form of royalties (which are generally based on a percentage of sales at franchised restaurants), rent and other fees from franchisees. Arby’s franchisee related accounts receivable and estimated reserves for uncollectibility have increased significantly, and may continue to increase, as a result of the deteriorating financial condition of some of our franchisees. The financial condition of a number of Arby’s franchisees resulted in a net decrease in the number of franchised restaurants in 2009 and also affects franchisees’ ability to make required contributions to national and local advertising programs; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Weakness in the overall credit markets, including availability in the lending markets typically used to finance new unit development and remodels. Tightened credit conditions and economic pressures have negatively impacted franchisees, including the ability of some franchisees to meet their commitments under development, rental and franchise license agreements. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Grow same-store sales at Wendy’s and Arby’s by introducing innovative new menu items, enhancing the customer experience with operational excellence and improving affordability with everyday value menu items; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continue to improve Wendy’s Company-owned restaurant margins; |
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|   | · | Expand our restaurant base in North America and accelerate our program to remodel restaurants; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | Invest in our international business to grow substantially in key markets outside of North America; and |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | Possibly acquire other restaurant companies. |
|--------|--------|----------------------------------------------|

|   | · | Same-Store Sales |
|--------|--------|------------------|

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|   | · | Restaurant Margin |
|--------|--------|-------------------|

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|                                                         |   | 2009          |    |   | 2008   |   |    | 2007   |   |
|--------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
|                                                         |   | Amount        |    |   | Change |   |    | Amount |   |   | Change |   |   | Amount |   |
|                                                         |   | (in millions) |    |
| Revenues:                                                    |   |          |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Sales                                                        |   | $             | 3,198.3 |   |   | $      | 1,536.0 |   |   | $ | 1,662.3 |   |   | $ | 548.9 |   |   | $ | 1,113.4 |   |
| Franchise revenues                                           |   |          | 382.5   |   |   |   | 222.0   |   |   |   | 160.5 |   |   |   | 73.5 |   |   |   | 87.0 |   |
|                                                         |   |          | 3,580.8 |   |   |   | 1,758.0 |   |   |   | 1,822.8 |   |   |   | 622.4 |   |   |   | 1,200.4 |   |
| Costs and expenses:                                          |   |          |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                                |   |          | 2,728.4 |   |   |   | 1,312.9 |   |   |   | 1,415.5 |   |   |   | 521.0 |   |   |   | 894.5 |   |
| General and administrative                                   |   |          | 442.7   |   |   |   | 229.5   |   |   |   | 213.2 |   |   |   | 76.4 |   |   |   | 136.8 |   |
| Depreciation and amortization                                |   |          | 188.5   |   |   |   | 103.5   |   |   |   | 85.0 |   |   |   | 28.1 |   |   |   | 56.9 |   |
| Goodwill impairment                                          |   |          | -       |   |   |   | (460.1  | )      |   |   | 460.1 |   |   |   | 460.1 |   |   |   | - |   |
| Impairment of other long-lived assets                        |   |          | 80.0    |   |   |   | 70.4    |   |   |   | 9.6 |   |   |   | 7.0 |   |   |   | 2.6 |   |
| Facilities relocation and restructuring                      |   |          | 8.0     |   |   |   | 4.8     |   |   |   | 3.2 |   |   |   | 2.5 |   |   |   | 0.7 |   |
| Other operating expense, net                                 |   |          | 3.2     |   |   |   | 2.5     |   |   |   | 0.7 |   |   |   | 0.5 |   |   |   | 0.2 |   |
|                                                         |   |          | 3,450.8 |   |   |   | 1,263.5 |   |   |   | 2,187.3 |   |   |   | 1,095.6 |   |   |   | 1,091.7 |   |
| Operating profit (loss)                                      |   |          | 130.0   |   |   |   | 494.5   |   |   |   | (364.5 | ) |   |   | (473.2 | ) |   |   | 108.7 |   |
| Interest expense                                             |   |          | (125.4  | )      |   |   | (58.5   | )      |   |   | (66.9 | ) |   |   | (7.7 | ) |   |   | (59.2 | ) |
| Other (expense) income, net                                  |   |          | (3.0    | )      |   |   | (6.2    | )      |   |   | 3.2 |   |   |   | (0.1 | ) |   |   | 3.3 |   |
| Income (loss) from continuing operations before income taxes |   |          | 1.6     |   |   |   | 429.8   |   |   |   | (428.2 | ) |   |   | (481.0 | ) |   |   | 52.8 |   |
| Benefit from (provision for) income taxes                    |   |          | 8.0     |   |   |   | (55.1   | )      |   |   | 63.1 |   |   |   | 83.1 |   |   |   | (20.0 | ) |
| Income (loss) from continuing operations                     |   |          | 9.6     |   |   |   | 374.7   |   |   |   | (365.1 | ) |   |   | (397.9 | ) |   |   | 32.8 |   |
| Income from discontinued operations, net of income taxes     |   |          | -       |   |   |   | -       |   |   |   | - |   |   |   | 0.1 |   |   |   | (0.1 | ) |
| Net income (loss)                                            |   | $             | 9.6     |   |   | $      | 374.7   |   |   | $ | (365.1 | ) |   | $ | (397.8 | ) |   | $ | 32.7 |   |

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| Restaurant Statistics:                                              |                                                                           |
|---------------------------------------------------------------------|--------------------------------------------------------------------------------|
| Wendy’s same-store sales (a):                                 | 2009                                                                           |   | Fourth Quarter 2008 |   |   |
| North America Company-owned restaurants                             | (1.7)%                                                                         |   | 3.6% |   |   |
| North America franchise restaurants                                 | (0.3)%                                                                         |   | 3.8% |   |   |
| North America systemwide                                            | (0.7)%                                                                         |   | 3.7% |   |   |
|                                                                |                                                                           |   |   |   |   |   |   |
|                                                                |                                                                           |   |   |
| Arby’s same-store sales:                                      | 2009                                                                           |   | 2008 |   | 2007 |   |   |
| North America Company-owned restaurants                             | (8.2)%                                                                         |   | (5.8)% |   | (1.3)% |   |   |
| North America franchised restaurants                                | (9.0)%                                                                         |   | (3.6)% |   | 1.1% |   |   |
| North America systemwide                                            | (8.8)%                                                                         |   | (4.3)% |   | 0.3% |   |   |
|                                                                |                                                                           |
| Restaurant Margin:                                                  |                                                                           |   |   |
|                                                                | 2009                                                                           |   | Fourth Quarter 2008 |   |   |
| Wendy’s (a)                                                   |             14.9%       |   | 11.7% |   |   |
|                                                                |                                                                           |   |   |   |   |
|                                                                |             2009        |   | 2008 |   |           2007 |   |
| Arby’s                                                        |              13.9% |   | 16.1% |   |          19.7% |   |
| Restaurant count:                                                   |  Company-owned                                                            |   |  Franchised |   |  Systemwide |
| Wendy’s restaurant count (a):                                 |                                                                           |   |   |   |   |
| Restaurant count at September 29, 2008                              | 1,404                                                                          |    | 5,221 |   | 6,625 |
| Opened since September 29, 2008                                     | 6                                                                              |   | 32 |   | 38 |
| Closed since September 29, 2008                                     | (5)                                                                       |   | (28) |   | (33) |
| Net purchased from (sold by) franchisees since September 29, 2008   | 1                                                                              |   | (1) |   | - |
| Restaurant count at December 28, 2008                               | 1,406                                                                          |   | 5,224 |   | 6,630 |
| Opened                                                              | 10                                                                             |   | 53 |   | 63 |
| Closed                                                              | (13)                                                                      |     | (139) |   | (152) |
| Net (sold to) purchased by franchisees                              | (12)                                                                      |     | 12 |   | - |
| Restaurant count at January 3, 2010                                 | 1,391                                                                          |   | 5,150 |   | 6,541 |
|                                                                |                                                                           |   |   |   |   |
| Arby’s restaurant count:                                      |                                                                           |   |   |   |   |
| Restaurant count at December 30, 2007                               | 1,106                                                                          |   | 2,582 |   | 3,688 |
| Opened                                                              | 40                                                                             |   | 87 |   | 127 |
| Closed                                                              |  (15)                                                                |   |   (44) |   | (59) |
| Net purchased from (sold by) franchisees                            | 45                                                                             |   | (45) |   | - |
| Restaurant count at December 28, 2008                               | 1,176                                                                          |   |    2,580 |   | 3,756 |
| Opened                                                              | 5                                                                              |   | 54 |   | 59 |
| Closed                                                              |  (23)                                                                |   |   (74) |   | (97) |
| Net purchased from (sold by) franchisees                            | 11                                                                             |   | (11) |   | - |
| Restaurant count at January 3, 2010                                 | 1,169                                                                          |   |    2,549 |   | 3,718 |
| Total Wendy’s/Arby’s restaurant count atJanuary 3, 2010 | 2,560                                                                          |   | 7,699 |   | 10,259 |

|                                | 2009                                                         |   | 2008                                                               |   | 2007                             |
|-------------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|----------------------------------|
|                                | (52 weeks)                                                   |   |                                                               |   |                             |
| Company-owned average unit volumes: | (in thousands)                                               |
| Wendy’s – North America | $      1,421.9                 |   | $       1,452.9                 |   | $    1,436.7 |
| Arby’s – North America  | $         896.7 |   | $          966.9 |   | $    1,016.0 |

|   | (a) | Wendy’s data for 2008, other than average unit volumes, is only for the period commencing with the September 29, 2008 merger date through the end of the fiscal year. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|          |   | Change        |    |
|---------------|--------|---------------|---------|
|          |   | 2009          |    |   | 2008 |   |
|          |   | (in millions) |    |
|          |   |          |    |
| Wendy’s |   | $             | 1,603.3 |   |   | $ | 530.8 |   |
| Arby’s  |   |          | (67.3   | ) |   |   | 18.1 |   |
|          |   | $             | 1,536.0 |   |   | $ | 548.9 |   |

|          |   | Change        |   |
|---------------|--------|---------------|--------|
|          |   | 2009          |   |   | 2008 |   |
|          |   | (in millions) |   |
|          |   |          |   |
| Wendy’s |   | $             | 228.2  |   |   | $ | 74.6 |   |
| Arby’s  |   |          | (6.2   | ) |   |   | (1.1 | ) |
|          |   | $             | 222.0  |   |   | $ | 73.5 |   |

|          | 2009   |      | 2008   |                                    | 2007      |
|---------------|--------|-----------|--------|-----------------------------------------|-----------|
|          | Amount | Change    |   | Amount                                  | Change    |   | Amount |
|          |   |      |   |                                    |      |   |   |
| Wendy’s | 14.9%  | N/A       |   |      11.7% (a) | N/A       |   | N/A |
| Arby’s  | 13.9%  | (2.2) ppt |   | 16.1%                                   | (3.6) ppt |   | 19.7% |
| Consolidated  | 14.6%  | (0.2) ppt |   | 14.7%                                   | (5.0) ppt |   | 19.7% |
|          |   |      |   |                                    |      |   |   |

|   | (a) The 2008 Wendy’s restaurant margin includes only the 2008 fourth quarter. |
|--------|-------------------------------------------------------------------------------------|

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|                                                  |   | Change        |   |
|-------------------------------------------------------|--------|---------------|--------|
|                                                  |   | 2009          |   |   | 2008 |   |
|                                                  |   | (in millions) |   |
|                                                  |   |          |   |   |   |   |
| Wendy’s Merger                                  |   | $             | 145.5  |   |   | $ | 79.5 |   |
| Wendy’s/Arby’s support services costs     |   |          | 34.1   |   |   |   | - |   |
| Wendy’s Co-op Agreement                         |   |          | 15.5   |   |   |   | - |   |
| Integration costs related to the Wendy’s Merger |   |          | 11.1   |   |   |   | 1.9 |   |
| Incentive compensation                                |   |          | 8.9    |   |   |   | (7.3 | ) |
| Provision for doubtful accounts                       |   |          | 6.5    |   |   |   | 0.5 |   |
| Management services agreement                         |   |          | 6.5    |   |   |   | (6.2 | ) |
| Salaries and wages                                    |   |          | (1.9   | ) |   |   | 4.5 |   |
| Other                                                 |   |          | 3.3    |   |   |   | 3.5 |   |
|                                                  |   | $             | 229.5  |   |   | $ | 76.4 |   |

|                                            |   | Change        |   |
|-------------------------------------------------|--------|---------------|--------|
|                                            |   | 2009          |   |   | 2008 |   |
|                                            |   | (in millions) |   |
|                                            |   |          |   |   |   |   |
| Wendy’s restaurants, primarily properties |   | $             | 104.2  |   |   | $ | 23.8 |   |
| Arby’s restaurants, primarily properties  |   |          | (5.0   | ) |   |   | 4.3 |   |
| Shared services center assets                   |   |          | 4.3    |   |   |   | - |   |
|                                            |   | $             | 103.5  |   |   | $ | 28.1 |   |

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|                                                                             |   | Change        |   |
|----------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                             |   | 2009          |   |   | 2008 |   |
|                                                                             |   | (in millions) |   |
|                                                                             |   |          |   |   |   |   |
| Arby’s restaurants, primarily properties at underperforming locations |   | $             | 48.5   |   |   | $ | 5.4 |   |
| Wendy’s restaurants, primarily properties at underperforming locations     |   |          | 21.9   |   |   |   | 1.6 |   |
|                                                                             |   | $             | 70.4   |   |   | $ | 7.0 |   |

|                     |   | Change        |   |
|--------------------------|--------|---------------|--------|
|                     |   | 2009          |   |   | 2008 |   |
|                     |   | (in millions) |   |
|                     |   |          |   |   |   |   |
| Senior Notes             |   | $             | 32.0   |   |   | $ | - |   |
| Wendy’s debt       |   |          | 31.6   |   |   |   | 10.7 |   |
| Financing cost           |   |          | 6.1    |   |   |   | 1.8 |   |
| Arby’s debt        |   |          | 1.1    |   |   |   | 3.3 |   |
| Senior secured term loan |   |          | (11.2  | )               |   |   | (9.2 | ) |
| Other                    |   |          | (1.1   | ) |   |   | 1.1 |   |
|                     |   | $             | 58.5   |   |   | $ | 7.7 |   |

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|                                                                                                                 |   | Change        |   |
|----------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                 |   | 2009          |   |   | 2008 |   |
|                                                                                                                 |   | (in millions) |   |
|                                                                                                                 |   |          |   |   |   |   |
| Federal and state benefit (provision) on variance in (loss) income from continuing operations before tax             |   | $             | (156.7 | ) |   | $ | 172.6 |   |
| Foreign tax credits net of tax on distribution of foreign earnings                                                   |   |          | (9.2   | ) |   |   | 9.2 |   |
| Recognition of tax benefit of state net operating losses as a result of dissolution of our captive insurance company |   |          | 9.6    |   |   |   | - |   |
| Goodwill impairment                                                                                                  |   |          | 99.7   |   |   |   | (99.7 | ) |
| Canadian tax rate changes                                                                                            |   |          | 2.0    |   |   |   | - |   |
| Other                                                                                                                |   |          | (0.5   | ) |   |   | 1.0 |   |
|                                                                                                                 |   | $             | (55.1  | ) |   | $ | 83.1 |   |

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|   | · | Our net income of $9.6 million; |
|--------|--------|---------------------------------|

|   | · | Depreciation and amortization of $188.5 million; |
|--------|--------|--------------------------------------------------|

|   | · | Impairment of other long-lived assets charges of $80.0 million; |
|--------|--------|-----------------------------------------------------------------|

|   | · | The write-off and amortization of deferred financing costs of $15.8 million; |
|--------|--------|------------------------------------------------------------------------------|

|   | · | Distributions received from our investment in a joint venture of $14.6 million; and |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | Changes in operating assets and liabilities which resulted in a net use of cash of $3.4 million primarily due to a $1.3 million increase in accounts payable, accrued expenses and other current liabilities, a $1.9 million decrease in inventories and a $1.1 million decrease in prepaid expenses and other current assets, all offset by a $7.7 million increase in accounts and notes receivable. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Proceeds of $607.5 million primarily from the issuance of the Senior Notes discussed below under “Long-term Debt”; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | Net repayments of other long-term debt of $209.5 million, including a prepayment of $132.5 million on our senior secured term loan; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Cash capital expenditures totaling $101.9 million, including the construction of new restaurants (approximately $18.1 million) and the remodeling of existing restaurants; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Deferred financing costs of $38.4 million; and |
|--------|--------|------------------------------------------------|

|   | · | Dividend payments of $115.0 million to Wendy’s/Arby’s. |
|--------|--------|--------------------------------------------------------------------|

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| ·   | Cash capital expenditures of approximately $165.0 million as discussed below in “Capital Expenditures”; |
|--------------------|---------------------------------------------------------------------------------------------------------------------|

| ·   | Potential dividends and fees, including $112.0 million of dividends already paid to Wendy’s/Arby’s in 2010; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | Scheduled debt principal repayments aggregating $16.2 million; |
|--------------------|----------------------------------------------------------------|

| ·   | Scheduled payments of $14.3 million pursuant to the Co-op Agreement; |
|--------------------|----------------------------------------------------------------------|

| ·   | Severance payments of approximately $5.5 million related to our facilities relocation and restructuring accruals; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| ·   | The costs of any potential business acquisitions or financing activities. |
|--------------------|---------------------------------------------------------------------------|

|   | · | The$412.2 million net increase in long-term debt is principally due to the issuance of $565.0 million principal amount of Senior Notes less the $132.5 million prepayment on our senior secured term loan; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Cash dividend payments of $115.0 million to Wendy’s/Arby’s; |
|--------|--------|-------------------------------------------------------------------------|

|   | · | Net income of $9.6 million; and |
|--------|--------|---------------------------------|

|   | · | The components of “Accumulated other comprehensive loss,” that are not included in the calculation of net income, of which $37.6 million principally reflects the currency translation adjustment for 2009. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Long-term Debt                                    |                                                                                                         |
|---------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
|                                              | As of January 3, 2010                                                                                        |
|                                              | (in millions)                                                                                                |
| 10.00% Senior Notes                               | $                 551.8 |
| Senior secured term loan                          | 251.5                                                                                                        |
| 6.20% senior notes                                | 204.3                                                                                                        |
| 6.25% senior notes                                | 193.6                                                                                                        |
| Sale-leaseback obligations, excluding interest    | 125.2                                                                                                        |
| Capitalized lease obligations, excluding interest | 89.9                                                                                                         |
| 7% Debentures                                     | 80.1                                                                                                         |
| Other                                             | 5.5                                                                                                          |
|                                              | $              1,501.9                 |

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|                                                |   | S&P        |   | Moody’s                          |
|-----------------------------------------------------|--------|----------------|--------|----------------------------------------|
| Corporate family/corporate credit                   |   |           |   |                                   |
|      Entity                |   | Not applicable |   | Wendy’s/Arby’s Restaurants |
|      Rating                |   | -              |   | B2                                     |
|      Outlook               |   | -              |   | Stable                                 |
|                                                |   |           |   |                                   |
| Wendy’s/Arby’s Restaurants Senior Notes |   | B+             |   | B2                                     |
|                                                |   |           |   |                                   |
| Wendy’s/Arby’s Restaurants Term Loan    |   | BB             |   | Ba2                                    |
|                                                |   |           |   |                                   |
| Wendy’s Notes                                 |   | B-             |   | Caa1                                   |

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|                              |   | Fiscal Years  |   |
|-----------------------------------|--------|---------------|--------|
|                              |   | 2010          |   |   |   | 2011-2012 |   |   |   | 2013-2014 |   |   | After 2014 |   |   | Total |   |
|                              |   | (in millions) |   |
| Long-term debt (a)                |   | $             | 108.8  |   |   | $ | 622.6 |   |   | $ | 367.2 |   |   | $ | 855.4 |   |   | $ | 1,954.0 |   |
| Sale-leaseback obligations (b)    |   |          | 14.7   |   |   |   | 30.1 |   |   |   | 29.5 |   |   |   | 152.2 |   |   |   | 226.5 |   |
| Capitalized lease obligations (b) |   |          | 17.7   |   |   |   | 27.1 |   |   |   | 24.2 |   |   |   | 110.4 |   |   |   | 179.4 |   |
| Operating leases (c)              |   |          | 145.1  |   |   |   | 259.3 |   |   |   | 225.8 |   |   |   | 1,125.2 |   |   |   | 1,755.4 |   |
| Purchase obligations (d)          |   |          | 51.5   |   |   |   | 62.0 |   |   |   | 60.1 |   |   |   | 106.6 |   |   |   | 280.2 |   |
| Other (e)                         |   |          | 19.8   |   |   |   | 1.3 |   |   |   | - |   |   |   | - |   |   |   | 21.1 |   |
| Total (f)                         |   | $             | 357.6  |   |   | $ | 1,002.4 |   |   | $ | 706.8 |   |   | $ | 2,349.8 |   |   | $ | 4,416.6 |   |

| (a) | Excludes sale-leaseback and capitalized lease obligations, which are shown separately in the table.  The table above includes interest of approximately $607.0 million.  We have estimated the interest on our variable-rate debt based on current base rates, the current interest rate margin and the amortization schedule in our Credit Agreement.  The table above also reflects the effect of interest rate swaps entered into in 2009 which lowered our interest rate on certain of our fixed-rate debt.  These amounts exclude the effects of the original issue discount on our Senior Notes and the fair value adjustments related to certain debt assumed in the Wendy’s Merger. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Excludes related sublease rental receipts of $9.4 million on sale-leaseback obligations and $3.5 million on capitalized lease obligations.  The table above includes interest of approximately $101.3 million for sale-leaseback obligations and $89.5 million for capitalized lease obligations. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Represents the present value of minimum lease cash payments.  Excludes related sublease rental receipts of $73.0 million. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Includes (1) $249.7 million remaining for beverage purchase requirements for Wendy’s and Arby’s restaurants, (2) $2.0 million for advertising commitments, (3) $18.6 million for capital expenditures and (4) $9.9 million of other purchase obligations. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)  | Represents (1) $15.5 million for funding related to the Wendy’s Co-op Agreement and (2) $5.6 million severance for Wendy’s personnel in connection with the Wendy’s Merger. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Excludes obligations for uncertain income tax positions of $20.3 million.  We are unable to predict when, and if, cash payments on any of this accrual will be required. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                               | As of January 3, 2010   |
|----------------------------------------------------|-------------------------|
|                                               | (in millions)           |
| Lease guarantees and contingent rent on leases (1) | $ 108.6                 |
| Loan guarantees (2)                                | $   25.8 |
| Letters of credit (3)                              | $   33.9 |

|   | (1) | Wendy’s is contingently liable for certain leases and other obligations primarily from Company-owned restaurant locations now operated by franchises amounting to $81.9 million as of January 3, 2010. These leases extend through 2030, including all existing extension or renewal option periods. In addition, Wendy’s is contingently liable for certain leases which have been assigned to unrelated third parties, who have indemnified Wendy’s against future liabilities arising under the leases of $12.2 million. These leases expire on various dates through 2022, including all existing extension or renewal option periods. RTM, one of our subsidiaries, guarantees the lease obligations of 10 RTM restaurants formerly operated by affiliates of RTM as of January 3, 2010 (the “Affiliate Lease Guarantees”). Certain former stockholders of RTM have indemnified us with respect to the Affiliate Lease Guarantees. In addition, RTM remains contingently liable for 12 leases for restaurants sold by RTM prior to the acquisition of RTM in 2005 if the respective purchasers do not make the required lease payments (collectively with the Affiliate Lease Guarantees, the “Lease Guarantees”). The Lease Guarantees, which extend through 2025, including all existing extension or renewal option periods could aggregate a maximum of approximately $14.5 million as of January 3, 2010. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Wendy’s provided loan guarantees to various lenders on behalf of franchisees under debt arrangements for new store development and equipment financing. Recourse on the majority of these loans is limited, generally to a percentage of the original loan amount or the current loan balance on individual franchisee loans or an aggregate minimum for the entire loan arrangement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Wendy’s/Arby’s Restaurants and Wendy’s have outstanding letters of credit of $33.6 million and $0.3 million, respectively, with various parties; however, our management does not expect any material loss to result from these letters of credit because we do not believe performance will be required. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Goodwill impairment: |
|--------|--------|----------------------|

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|   | · | Impairment of other long-lived assets: |
|--------|--------|----------------------------------------|

|   | · | Federal and state income tax uncertainties: |
|--------|--------|---------------------------------------------|

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|   | · | Allowance for doubtful accounts |
|--------|--------|---------------------------------|

|   | · | Accounting for leases |
|--------|--------|-----------------------|

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|                                                                 |   | Year End |   |
|----------------------------------------------------------------------|--------|----------|--------|
|                                                                 |   | 2009     |   |   | 2008 |   |
| Cash equivalents included in “Cash and cash equivalents” |   | $        | 237.7  |   |   | $ | 9.5 |   |
| Current restricted cash equivalents                                  |   |     | 1.1    |   |   |   | 20.8 |   |
| Non-current restricted cash equivalents                              |   |     | 5.4    |   |   |   | 6.5 |   |
| Non-current investments                                              |   |     | 102.1  |   |   |   | 96.5 |   |
|                                                                 |   | $        | 346.3  |   |   | $ | 133.3 |   |

|                                                |   |    |   |   |              |   |   | Carrying Value |   |
|-----------------------------------------------------|--------|---------|--------|--------|-------------------|--------|--------|----------------|--------|
| Type                                                |   | At Cost |   |   | At Fair Value (a) |   |   | Amount         |   |   | Percent |   |
| Cash equivalents                                    |   | $       | 237.7  |   |              | $      | 237.7  |           |   | $ | 237.7 |   |   |   | 68.6 | % |
| Current and non-current restricted cash equivalents |   |    | 6.5    |   |              |   | 6.5    |           |   |   | 6.5 |   |   |   | 1.9 | % |
| Other non-current investments accounted for at:     |   |    |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Equity                                              |   |    | 89.0   |   |              |   | 97.5   |           |   |   | 97.5 |   |   |   | 28.2 | % |
| Cost                                                |   |    | 4.6    |   |              |   | 6.0    |           |   |   | 4.6 |   |   |   | 1.3 | % |
|                                                |   | $       | 337.8  |   |              | $      | 347.7  |           |   | $ | 346.3 |   |   |   | 100.0 | % |

|   | (a) | There was no assurance at January 3, 2010 that we would have been able to sell certain of these investments at these amounts. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|                                                |   |    |   |   |              |   |   | Carrying Value |   |
|-----------------------------------------------------|--------|---------|--------|--------|-------------------|--------|--------|----------------|--------|
| Type                                                |   | At Cost |   |   | At Fair Value (a) |   |   | Amount         |   |   | Percent |   |
| Cash equivalents                                    |   | $       | 9.5    |   |              | $      | 9.5    |           |   | $ | 9.5 |   |   |   | 7.1 | % |
| Current and non-current restricted cash equivalents |   |    | 27.3   |   |              |   | 27.3   |           |   |   | 27.3 |   |   |   | 20.5 | % |
| Other non-current investments accounted for at:     |   |    |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Equity                                              |   |    | 88.0   |   |              |   | 90.0   |           |   |   | 90.0 |   |   |   | 67.5 | % |
| Cost                                                |   |    | 6.5    |   |              |   | 6.5    |           |   |   | 6.5 |   |   |   | 4.9 | % |
|                                                |   | $       | 131.3  |   |              | $      | 133.3  |           |   | $ | 133.3 |   |   |   | 100.0 | % |

|   | (a) | There was no assurance at December 28, 2008 that we would have been able to sell certain of these investments at these amounts. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                     |   | Year End 2009  |     |
|------------------------------------------------------------------------------------------|--------|----------------|----------|
|                                                                                     |   | Carrying Value |     |   | Interest Rate Risk |   |   | Equity Price Risk |   |   | Foreign Currency Risk |   |
| Cash equivalents                                                                         |   | $              | 237.7    |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Current and non-current restricted cash equivalents                                      |   |           | 6.5      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Interest Rate Swaps                                                                      |   |           | 1.6      |   |   |   | (5.6 | ) |   |   | - |   |   |   | - |   |
| Equity investment                                                                        |   |           | 97.5     |   |   |   | - |   |   |   | (9.8 | ) |   |   | (9.8 | ) |
| Cost investment                                                                          |   |           | 4.6      |   |   |   | (0.1 | ) |   |   | (0.8 | ) |   |   | - |   |
| Long-term debt, excluding capitalized lease and sale-leaseback obligations-variable rate |   |           | (251.5   | ) |   |   | (5.3 | ) |   |   | - |   |   |   | - |   |
| Long-term debt, excluding capitalized lease and sale-leaseback obligations-fixed rate    |   |           | (1,035.3 | ) |   |   | (36.6 | ) |   |   | - |   |   |   | - |   |

|                                                                                     |   | Year End 2008  |   |
|------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                     |   | Carrying Value |   |   | Interest Rate Risk |   |   | Equity Price Risk |   |   | Foreign Currency Risk |   |
| Cash equivalents                                                                         |   | $              | 9.5    |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Current and non-current restricted cash equivalents                                      |   |           | 27.3   |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Equity investments                                                                       |   |           | 90.0   |   |   |   | - |   |   |   | (9.0 | ) |   |   | (9.0 | ) |
| Cost investments                                                                         |   |           | 6.5    |   |   |   | - |   |   |   | 0.7 |   |   |   | - |   |
| Long-term debt, excluding capitalized lease and sale-leaseback obligations-variable rate |   |           | (385.0 | ) |   |   | (11.9 | ) |   |   | - |   |   |   | - |   |
| Long-term debt, excluding capitalized lease and sale-leaseback obligations-fixed rate    |   |           | (474.0 | ) |   |   | (60.6 | ) |   |   | - |   |   |   | - |   |

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INDEX 

|                                                                                                                    | Page |
|-------------------------------------------------------------------------------------------------------------------------|------|
| Glossary of Defined Terms                                                                                               | 53   |
| Report of Independent Registered Public Accounting Firm                                                                 | 55   |
| Consolidated Balance Sheets as of January 3, 2010 and December 28, 2008                                                 | 56   |
| Consolidated Statements of Operations for the years ended January 3, 2010, December 28, 2008 and December 30, 2007      | 57   |
| Consolidated Statements of Invested Equity for the years ended January 3, 2010, December 28, 2008 and December 30, 2007 | 58   |
| Consolidated Statements of Cash Flows for the years ended January 3, 2010, December 28, 2008 and December 30, 2007      | 59   |
| Notes to Consolidated Financial Statements                                                                              | 61   |
| (1)  Summary of Significant Accounting Policies                                                               | 61   |
| (2)  Acquisitions and Dispositions                                                                            | 66   |
| (3)  Balance Sheet Detail                                                                                     | 68   |
| (4)  Investments                                                                                              | 71   |
| (5)  Goodwill and Other Intangible Assets                                                                     | 72   |
| (6)  Long-Term Debt                                                                                           | 73   |
| (7)  Derivative Instruments                                                                                   | 76   |
| (8)  Fair Value of Financial Instruments                                                                      | 77   |
| (9)   Income Taxes                                                                                       | 78   |
| (10)  Share-Based Compensation                                                                                | 81   |
| (11)  Facilities Relocation and Restructuring                                                                 | 84   |
| (12)  Impairment of Other Long-Lived Assets                                                                   | 85   |
| (13)  Retirement Benefit Plans                                                                                | 86   |
| (14)  Lease Commitments                                                                                       | 87   |
| (15)  Guarantees and Other Commitments and Contingencies                                                      | 88   |
| (16)  Transactions with Related Parties                                                                       | 90   |
| (17)  Legal and Environmental Matters                                                                         | 92   |
| (18)  Advertising Costs and Funds                                                                             | 92   |
| (19)  Business Segments                                                                                       | 92   |
| (20)  Quarterly Financial Information (Unaudited)                                                             | 95   |
| (21)  Guarantor/Non-Guarantor                                                                                 | 97   |

Table of Contents

----

| Defined Term                           | Footnote Where Defined |
|----------------------------------------|------------------------|
| 401(k) Plans                           | (13)                   | Retirement Benefit Plans |
| Advertising Funds                      | (18)                   | Advertising Costs and Funds |
| AFA                                    | (6)                    | Long-Term Debt |
| Affiliate Lease Guarantees             | (15)                   | Guarantees and Other Commitments and Contingencies |
| Amended Revolver                       | (6)                    | Long-Term Debt |
| Amended Term Loan                      | (6)                    | Long-Term Debt |
| Arby's                                 | (1)                    | Summary of Significant Accounting Policies |
| ARG                                    | (1)                    | Summary of Significant Accounting Policies |
| As Adjusted                            | (2)                    | Acquisitions and Dispositions |
| Bakery                                 | (13)                   | Retirement Benefit Plans |
| Black-Scholes Model                    | (1)                    | Summary of Significant Accounting Policies |
| CAP                                    | (9)                    | Income Taxes |
| Capitalized Lease Obligations          | (6)                    | Long-Term Debt |
| Carrying Value Difference              | (1)                    | Summary of Significant Accounting Policies |
| Class A Options                        | (10)                   | Share-Based Compensation |
| Class B Options                        | (10)                   | Share-Based Compensation |
| Closing Date                           | (1)                    | Summary of Significant Accounting Policies |
| Company                                | (1)                    | Summary of Significant Accounting Policies |
| Company’s Derivative Instruments | (1)                    | Summary of Significant Accounting Policies |
| Contingent Rent                        | (1)                    | Summary of Significant Accounting Policies |
| Conversion                             | (10)                   | Share-Based Compensation |
| Co-op Agreement                        | (16)                   | Transactions with Related Parties |
| Cost Method                            | (1)                    | Summary of Significant Accounting Policies |
| Credit Agreement                       | (6)                    | Long-Term Debt |
| Debentures                             | (6)                    | Long-Term Debt |
| Equity Investment                      | (1)                    | Summary of Significant Accounting Policies |
| Equity Method                          | (1)                    | Summary of Significant Accounting Policies |
| Equity Plans                           | (10)                   | Share-Based Compensation |
| FASB                                   | (1)                    | Summary of Significant Accounting Policies |
| Foundation                             | (16)                   | Transactions with Related Parties |
| GAAP                                   | (1)                    | Summary of Significant Accounting Policies |
| Guarantors                             | (6)                    | Long-Term Debt |
| Indenture                              | (6)                    | Long-Term Debt |
| Interest Rate Swaps                    | (6)                    | Long-Term Debt |
| IRS                                    | (9)                    | Income Taxes |
| Lease Guarantees                       | (15)                   | Guarantees and Other Commitments and Contingencies |
| LIBOR                                  | (7)                    | Derivative Instruments |
| Other Than Temporary Losses            | (1)                    | Summary of Significant Accounting Policies |
| Package Options                        | (10)                   | Share-Based Compensation |
| Parent                                 | (21)                   | Guarantor/Non-Guarantor |
| QSCC                                   | (16)                   | Transactions with Related Parties |
| Rent Holiday                           | (1)                    | Summary of Significant Accounting Policies |
| Restricted Shares                      | (10)                   | Share-Based Compensation |
| RSAs                                   | (10)                   | Share-Based Compensation |
| RSUs                                   | (10)                   | Share-Based Compensation |
| RTM                                    | (11)                   | Facilities Relocation and Restructuring |
| RTM Acquisition                        | (15)                   | Guarantees and Other Commitments and Contingencies |
| Sale-Leaseback Obligations             | (6)                    | Long-Term Debt |
| Scioto                                 | (21)                   | Guarantor/Non-Guarantor |
| Senior Notes                           | (6)                    | Long-Term Debt |
| SERP                                   | (13)                   | Retirement Benefit Plans |
| Straight-Line Rent                     | (1)                    | Summary of Significant Accounting Policies |
| Syrup                                  | (15)                   | Guarantees and Other Commitments and Contingencies |
| Term Loan Swap Agreements              | (7)                    | Derivative Instruments |
| THI                                    | (1)                    | Summary of Significant Accounting Policies |
| TimWen                                 | (1)                    | Summary of Significant Accounting Policies |
| Triarc                                 | (1)                    | Summary of Significant Accounting Policies |
| Trustee                                | (6)                    | Long-Term Debt |
| Uncertain Tax Positions                | (1)                    | Summary of Significant Accounting Policies |
| Union Pension Fund                     | (13)                   | Retirement Benefit Plans |

Table of Contents

----

| We                                     | (1)  | Summary of Significant Accounting Policies |
|----------------------------------------|------|--------------------------------------------|
| Wendy’s                          | (1)  | Summary of Significant Accounting Policies |
| Wendy’s/Arby’s             | (1)  | Summary of Significant Accounting Policies |
| Wendy’s/Arby’s Restaurants | (1)  | Summary of Significant Accounting Policies |
| Wendy’s Merger                   | (1)  | Summary of Significant Accounting Policies |
| Wendy’s Plans                    | (10) | Share-Based Compensation                   |
| Wendy’s Pension Plans            | (13) | Retirement Benefit Plans                   |
| Wendy’s Revolver                 | (6)  | Long-Term Debt                             |

Table of Contents

----

REPORT 

Table of Contents

----

CONSOLIDATED 

|                                                                                                         |   | January 3, |      |   | December 28, |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------|-----------|--------|--------------|--------|
|                                                                                                         |   | 2010       |      |   | 2008         |   |
| ASSETS                                                                                                       |   |       |      |   |         |   |
| Current assets:                                                                                              |   |       |      |   |         |   |
| Cash and cash equivalents                                                                                    |   | $          | 538,864   |   |         | $      | 63,080 |   |
| Restricted cash equivalents                                                                                  |   |       | 1,114     |   |         |   | 20,792 |   |
| Accounts and notes receivable                                                                                |   |       | 87,607    |   |         |   | 91,347 |   |
| Inventories                                                                                                  |   |       | 23,024    |   |         |   | 24,647 |   |
| Prepaid expenses and other current assets                                                                    |   |       | 26,723    |   |         |   | 23,650 |   |
| Deferred income tax benefit                                                                                  |   |       | 47,556    |   |         |   | 28,337 |   |
| Advertising funds restricted assets                                                                          |   |       | 80,476    |   |         |   | 81,139 |   |
| Total current assets                                                                                         |   |       | 805,364   |   |         |   | 332,992 |   |
| Restricted cash equivalents                                                                                  |   |       | 5,352     |   |         |   | 6,462 |   |
| Investments                                                                                                  |   |       | 102,140   |   |         |   | 96,523 |   |
| Properties                                                                                                   |   |       | 1,607,858 |   |         |   | 1,754,920 |   |
| Goodwill                                                                                                     |   |       | 886,296   |   |         |   | 859,052 |   |
| Other intangible assets                                                                                      |   |       | 1,392,883 |   |         |   | 1,411,420 |   |
| Deferred costs and other assets                                                                              |   |       | 63,997    |   |         |   | 40,969 |   |
|                 Total assets |   | $          | 4,863,890 |   |         | $      | 4,502,338 |   |
|                                                                                                         |   |       |      |   |         |   |   |   |
| LIABILITIES AND INVESTED EQUITY                                                                              |   |       |      |   |         |   |   |   |
| Current liabilities:                                                                                         |   |       |      |   |         |   |   |   |
| Current portion of long-term debt                                                                            |   | $          | 16,178    |   |         | $      | 29,537 |   |
| Accounts payable                                                                                             |   |       | 95,839    |   |         |   | 135,245 |   |
| Accrued expenses and other current liabilities                                                               |   |       | 268,181   |   |         |   | 230,763 |   |
| Advertising funds restricted liabilities                                                                     |   |       | 80,476    |   |         |   | 81,139 |   |
| Total current liabilities                                                                                    |   |       | 460,674   |   |         |   | 476,684 |   |
| Long-term debt                                                                                               |   |       | 1,485,732 |   |         |   | 1,060,150 |   |
| Due to Wendy’s/Arby’s                                                                            |   |       | 42,915    |   |         |   | 11,785 |   |
| Deferred income                                                                                              |   |       | 13,195    |   |         |   | 16,860 |   |
| Deferred income taxes                                                                                        |   |       | 502,979   |   |         |   | 526,658 |   |
| Other liabilities                                                                                            |   |       | 160,488   |   |         |   | 155,426 |   |
| Commitments and contingencies                                                                                |   |       |      |   |         |   |   |   |
| Invested equity:                                                                                             |   |       |      |   |         |   |   |   |
| Member interest, $0.01 par value; 1,000 shares authorized, one share issued and outstanding                  |   |       | -         |   |         |   | - |   |
| Other capital                                                                                                |   |       | 2,854,775 |   |         |   | 2,958,921 |   |
| Accumulated deficit                                                                                          |   |       | (496,862  | )      |         |   | (506,511 | ) |
| Advances to Wendy’s/Arby’s                                                                       |   |       | (155,000  | )      |         |   | (155,000 | ) |
| Accumulated other comprehensive loss                                                                         |   |       | (5,006    | )      |         |   | (42,635 | ) |
| Total invested equity                                                                                        |   |       | 2,197,907 |   |         |   | 2,254,775 |   |
| Total liabilities and invested equity                                                                        |   | $          | 4,863,890 |   |         | $      | 4,502,338 |   |

Table of Contents

----

CONSOLIDATED 

|                                                         |   | Year Ended |      |
|--------------------------------------------------------------|--------|------------|-----------|
|                                                         |   | January 3, |      |   | December 28, |   |   | December 30, |   |
|                                                         |   | 2010       |      |   | 2008 |   |   | 2007 |   |
| Revenues:                                                    |   |       |      |   |   |   |   |   |   |
| Sales                                                        |   | $          | 3,198,348 |   |   | $ | 1,662,291 |   |   | $ | 1,113,436 |   |
| Franchise revenues                                           |   |       | 382,487   |   |   |   | 160,470 |   |   |   | 86,981 |   |
|                                                         |   |       | 3,580,835 |   |   |   | 1,822,761 |   |   |   | 1,200,417 |   |
| Costs and expenses:                                          |   |       |      |   |   |   |   |   |   |   |   |   |
| Cost of sales                                                |   |       | 2,728,480 |   |   |   | 1,415,530 |   |   |   | 894,450 |   |
| General and administrative                                   |   |       | 442,686   |   |   |   | 213,161 |   |   |   | 136,848 |   |
| Depreciation and amortization                                |   |       | 188,506   |   |   |   | 85,058 |   |   |   | 56,909 |   |
| Goodwill impairment                                          |   |       | -         |   |   |   | 460,075 |   |   |   | - |   |
| Impairment of other long-lived assets                        |   |       | 79,956    |   |   |   | 9,580 |   |   |   | 2,623 |   |
| Facilities relocation and restructuring                      |   |       | 8,016     |   |   |   | 3,221 |   |   |   | 652 |   |
| Other operating expense, net                                 |   |       | 3,239     |   |   |   | 652 |   |   |   | 263 |   |
|                                                         |   |       | 3,450,883 |   |   |   | 2,187,277 |   |   |   | 1,091,745 |   |
|                                                         |   |       |      |   |   |   |   |   |   |   |   |   |
| Operating profit (loss)                                      |   |       | 129,952   |   |   |   | (364,516 | ) |   |   | 108,672 |   |
|                                                         |   |       |      |   |   |   |   |   |   |   |   |   |
| Interest expense                                             |   |       | (125,392  | ) |   |   | (66,925 | ) |   |   | (59,224 | ) |
| Other (expense) income, net                                  |   |       | (2,973    | ) |   |   | 3,234 |   |   |   | 3,380 |   |
| Income (loss) from continuing operations before income taxes |   |       | 1,587     |   |   |   | (428,207 | ) |   |   | 52,828 |   |
| Benefit from (provision for) income taxes                    |   |       | 8,062     |   |   |   | 63,121 |   |   |   | (19,985 | ) |
| Income (loss) from continuing operations                     |   |       | 9,649     |   |   |   | (365,086 | ) |   |   | 32,843 |   |
| Loss from discontinued operations, net of income taxes       |   |       | -         |   |   |   | - |   |   |   | (149 | ) |
| Net income (loss)                                            |   | $          | 9,649     |   |   | $ | (365,086 | ) |   | $ | 32,694 |   |

Table of Contents

----

|   |  WENDY’S/ARBY’S RESTAURANTS, LLC AND SUBSIDIARIES |
|--------|--------------------------------------------------------------------|

CONSOLIDATED 

|                                                                       |                                                                             |                              |                               |                                                                                              | Accumulated Other Comprehensive Income                                                                   |                                                                        |
|----------------------------------------------------------------------------|----------------------------------------------------------------------------------|-----------------------------------|------------------------------------|---------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
|                                                                       | Member Interest                                                                  | Other Capital                     | Accumulated Deficit                | Advances to Wendy’s/Arby’s                                                            | Unrealized Gain (Loss) on Cash Flow Hedges                                                               | Currency Translation Adjustment                                             | Unrecognized Pension Loss | Total |
| Balance at December 31, 2006                                               | $             - | $ 326,681                         | $    (171,582) | $           -                              | $     1,543                                                                     | $            18 | $    (211) | $ 156,449 |
| Cumulative effect of change in accounting for uncertainty in income taxes  | -                                                                                | -                                 | (2,537)                            | -                                                                                                 | -                                                                                                        | -                                                                           | - | (2,537) |
| Comprehensive income:                                                      |                                                                             |                              |                               |                                                                                              |                                                                                                     |                                                                        |   |   |
| Net income                                                                 | -                                                                                | -                                 | 32,694                             | -                                                                                                 | -                                                                                                        | -                                                                           | - | 32,694 |
| Change in unrealized loss on cash flow hedges                              | -                                                                                | -                                 | -                                  | -                                                                                                 | (1,696)                                                                                                  | -                                                                           | - | (1,696) |
| Foreign currency translation adjustment                                    | -                                                                                | -                                 | -                                  | -                                                                                                 | -                                                                                                        | 671                                                                         | - | 671 |
| Recovery of unrecognized pension loss                                      | -                                                                                | -                                 | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | 27 | 27 |
| Comprehensive income                                                       |                                                                             |                              |                               | -                                                                                                 |                                                                                                     |                                                                        |   | 29,159 |
| Cash dividends to Parent                                                   | -                                                                                | (37,000)                          | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | - | (37,000) |
| Share-based compensation expense                                           | -                                                                                | 5,054                             | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | - | 5,054 |
| Balance at December 30, 2007                                               |             -        | 294,735                           |    (141,425)        |                 - |       (153)                                                                |            689       |           (184) |     153,662 |
| Wendy’s International Inc. merger consideration, net of tax benefits | -                                                                                | 2,509,813                         | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | - | 2,509,813 |
| Comprehensive loss:                                                        |                                                                             |                              |                               |                                                                                              |                                                                                                     |                                                                        |   |   |
| Net loss                                                                   | -                                                                                | -                                 | (365,086)                          | -                                                                                                 | -                                                                                                        | -                                                                           | - |     (365,086) |
| Change in unrealized loss on cash flow hedges                              | -                                                                                | -                                 | -                                  | -                                                                                                 | 153                                                                                                      | -                                                                           | - | 153 |
| Foreign currency translation adjustment                                    | -                                                                                | -                                 | -                                  | -                                                                                                 | -                                                                                                        | (43,002)                                                                    | - | (43,002) |
| Unrecognized pension loss                                                  | -                                                                                | -                                 | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | (138) | (138) |
|          Comprehensive loss   |                                                                             |                              |                               |                                                                                              |                                                                                                     |                                                                        |   | (408,073) |
| Advances to Parent                                                         | -                                                                                | -                                 | -                                  | (155,000)                                                                                         | -                                                                                                        | -                                                                           | - | (155,000) |
| Capital contributions from Parent                                          | -                                                                                | 150,177                           | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | - | 150,177 |
| Share-based compensation expense                                           | -                                                                                | 8,770                             | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | - | 8,770 |
| Other                                                                      | -                                                                                | (4,574)                           | -                                  | -                                                                                                 | -                                                                                                        | -                                                                           | - | (4,574) |
| Balance at December 28, 2008                                               |            -              |     2,958,921 |     (506,511)  |    (155,000)                                                                       |               -                    |     (42,313)                                            |           (322) |  2,254,775 |
| Comprehensive income:                                                      |                                                                             |                              |                               |                                                                                              |                                                                                                     |                                                                        |   |   |
| Net income                                                                 | -                                                                                | -                                 | 9,649                              | -                                                                                                 |               -                    | -                                                                           | - | 9,649 |
| Foreign currency translation adjustment                                    | -                                                                                | -                                 | -                                  | -                                                                                                 |               -                    | 37,617                                                                      | - | 37,617 |
|          Comprehensive income | -                                                                                | -                                 | -                                  | -                                                                                                 |               -                    | -                                                                           | - | 47,266 |
| Cash dividends to Parent                                                   | -                                                                                | (115,000)                         | -                                  | -                                                                                                 |               -                    | -                                                                           | - | (115,000) |
| Share-based compensation expense                                           | -                                                                                | 13,570                            | -                                  | -                                                                                                 |               -                    | -                                                                           | - | 13,570 |
| Other                                                                      | -                                                                                | (2,716)                           | -                                  | -                                                                                                 |               -                    | -                                                                           | 12 | (2,704) |
| Balance at January 3, 2010                                                 | $            -       | $ 2,854,775                       | $  (496,862)             | $  (155,000)                                                                            |       $           - | $      (4,696)                                | $          (310) | $ 2,197,907 |

Table of Contents

----

CONSOLIDATED 

|                                                                                                           |   | Year Ended |     |
|----------------------------------------------------------------------------------------------------------------|--------|------------|----------|
|                                                                                                           |   | January 3, |     |   | December 28, |   |   | December 30, |   |
|                                                                                                           |   | 2010       |     |   | 2008 |   |   | 2007 |   |
| Cash flows from continuing operating activities:                                                               |   |       |     |   |   |   |   |   |   |
| Net income (loss)                                                                                              |   | $          | 9,649    |   |   | $ | (365,086 | ) |   | $ | 32,694 |   |
| Adjustments to reconcile net income (loss)  to net cash provided by continuing operating activities: |   |       |     |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                  |   |       | 188,506  |   |   |   | 85,058 |   |   |   | 56,909 |   |
| Impairment of other long-lived assets                                                                          |   |       | 79,956   |   |   |   | 9,580 |   |   |   | 2,623 |   |
| Tax sharing payable to Wendy’s/Arby’s, net                                                         |   |       | 40,413   |   |   |   | - |   |   |   | - |   |
| Tax sharing payments to Wendy’s/Arby’s                                                             |   |       | (10,417  | ) |   |   | (17,000 | ) |   |   | - |   |
| Write-off and amortization of deferred financing costs                                                         |   |       | 15,796   |   |   |   | 3,753 |   |   |   | 1,999 |   |
| Distributions received from joint venture                                                                      |   |       | 14,583   |   |   |   | 2,864 |   |   |   | - |   |
| Share-based compensation provision                                                                             |   |       | 13,570   |   |   |   | 8,770 |   |   |   | 5,054 |   |
| Non-cash rent expense                                                                                          |   |       | 12,618   |   |   |   | 3,103 |   |   |   | 599 |   |
| Accretion of long-term debt                                                                                    |   |       | 10,400   |   |   |   | 2,452 |   |   |   | 179 |   |
| Provision for doubtful accounts                                                                                |   |       | 8,169    |   |   |   | 670 |   |   |   | 631 |   |
| Deferred income tax benefit, net                                                                               |   |       | (68,541  | ) |   |   | (62,723 | ) |   |   | (8,681 | ) |
| Other operating transactions with Wendy’s/Arby’s                                                   |   |       | 14,114   |   |   |   | 5,263 |   |   |   | 24,957 |   |
| Equity in earnings in joint venture                                                                            |   |       | (8,499   | ) |   |   | (1,974 | ) |   |   | - |   |
| Net recognition of vendor incentive                                                                            |   |       | (791     | ) |   |   | (6,459 | ) |   |   | (990 | ) |
| Goodwill impairment                                                                                            |   |       | -        |   |   |   | 460,075 |   |   |   | -  |   |
| Other, net                                                                                                     |   |       | 5,553    |   |   |   | 4,352 |   |   |   | (3,846 | ) |
| Changes in operating assets and liabilities:                                                                   |   |       |     |   |   |   |   |   |   |   |   |   |
| Accounts and notes receivable                                                                                  |   |       | (7,679   | ) |   |   | (1,367 | ) |   |   | (356 | ) |
| Inventories                                                                                                    |   |       | 1,879    |   |   |   | (140 | ) |   |   | (987 | ) |
| Prepaid expenses and other current assets                                                                      |   |       | 1,121    |   |   |   | 19,800 |   |   |   | (14,471 | ) |
| Accounts payable, accrued expenses, and other current liabilities                                              |   |       | 1,281    |   |   |   | (50,026 | ) |   |   | 12,618 |   |
| Net cash provided by continuing operating activities                                                           |   |       | 321,681  |   |   |   | 100,965 |   |   |   | 108,932 |   |
| Cash flows from continuing investing activities:                                                               |   |       |     |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                                                                           |   |       | (101,914 | ) |   |   | (105,924 | ) |   |   | (72,883 | ) |
| Proceeds from dispositions                                                                                     |   |       | 10,882   |   |   |   | 1,322 |   |   |   | 878 |   |
| Cost of acquisitions, less cash acquired                                                                       |   |       | (2,357   | ) |   |   | (9,622 | ) |   |   | (4,094 | ) |
| Increase in cash from merger with Wendy’s                                                                |   |       | -        |   |   |   | 199,785 |   |   |   | - |   |
| Other, net                                                                                                     |   |       | 192      |   |   |   | (129 | ) |   |   | 48 |   |
| Net cash (used in) provided by continuing investing activities                                                 |   |       | (93,197  | ) |   |   | 85,432 |   |   |   | (76,051 | ) |
| Cash flows from continuing financing activities:                                                               |   |       |     |   |   |   |   |   |   |   |   |   |
| Proceeds from long-term debt                                                                                   |   |       | 607,507  |   |   |   | 17,753 |   |   |   | 23,060 |   |
| Repayments of notes payable and long-term debt                                                                 |   |       | (209,482 | ) |   |   | (175,521 | ) |   |   | (14,292 | ) |
| Deferred financing costs                                                                                       |   |       | (38,399  | ) |   |   | - |   |   |   | (4,517 | ) |
| Capital contributions from Wendy’s/Arby’s                                                          |   |       | -        |   |   |   | 150,177 |   |   |   | - |   |
| Dividends to Wendy’s/Arby’s                                                                        |   |       | (115,000 | ) |   |   | - |   |   |   | (37,000 | ) |
| Advances to Wendy’s/Arby’s                                                                         |   |       | -        |   |   |   | (155,000 | ) |   |   | - |   |
| Other, net                                                                                                     |   |       | -        |   |   |   | (659 | ) |   |   | - |   |
| Net cash provided by (used in) continuing financing activities                                                 |   |       | 244,626  |   |   |   | (163,250 | ) |   |   | (32,749 | ) |
| Net cash provided by continuing operations before effect of exchange rate changes on cash                      |   |       | 473,110  |   |   |   | 23,147 |   |   |   | 132 |   |
| Effect of exchange rate changes on cash                                                                        |   |       | 2,725    |   |   |   | (4,123 | ) |   |   | -  |   |
| Net cash provided by continuing operations                                                                     |   |       | 475,835  |   |   |   | 19,024 |   |   |   | 132 |   |
| Net cash used in operating activities of discontinued operations                                               |   |       | (51      | ) |   |   | - |   |   |   | (285 | ) |
| Net increase (decrease) in cash and cash equivalents                                                           |   |       | 475,784  |   |   |   | 19,024 |   |   |   | (153 | ) |
| Cash and cash equivalents at beginning of year                                                                 |   |       | 63,080   |   |   |   | 44,056 |   |   |   | 44,209 |   |
| Cash and cash equivalents at end of year                                                                       |   | $          | 538,864  |   |   | $ | 63,080 |   |   | $ | 44,056 |   |

Table of Contents

----

|                                                                                                              |   | Year Ended |     |
|-------------------------------------------------------------------------------------------------------------------|--------|------------|----------|
|                                                                                                              |   | January 3, |     |   | December 28, |   |   | December 30, |   |
|                                                                                                              |   | 2010       |     |   | 2008 |   |   | 2007 |   |
|                                                                                                              |   |       |     |   |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                                                                |   |       |     |   |   |   |   |   |   |
| Cash paid during the year in continuing operations for:                                                           |   |       |     |   |   |   |   |   |   |
| Interest                                                                                                          |   | $          | 84,085   |   |   | $ | 60,446 |   |   | $ | 56,502 |   |
| Income taxes, net of refunds                                                                                      |   | $          | 9,529    |   |   | $ | 3,130 |   |   | $ | 4,151 |   |
| Supplemental schedule of non-cash investing and financing activities:                                             |   |       |     |   |   |   |   |   |   |   |   |   |
| Total capital expenditures                                                                                        |   | $          | 108,284  |   |   | $ | 114,354 |   |   | $ | 87,349 |   |
| Cash capital expenditures                                                                                         |   |       | (101,914 | ) |   |   | (105,924 | ) |   |   | (72,883 | ) |
| Non-cash capitalized lease and certain sales-leaseback obligations                                                |   | $          | 6,370    |   |   | $ | 8,430 |   |   | $ | 14,466 |   |
|                                                                                                              |   |       |     |   |   |   |   |   |   |   |   |   |
| Non-cash transactions:                                                                                            |   |       |     |   |   |   |   |   |   |   |   |   |
|         Value of equity consideration issued in merger with Wendy’s |   |       |     |   |   |   |   |   |   |   |   |   |
|      Common stock                                                                        |   | $          | -        |   |   | $ | 2,476,197 |   |   | $ | - |   |
|      Stock options                                                                       |   | $          | -        |   |   | $ | 18,296 |   |   | $ | - |   |
| Assumption of debt                                                                                                |   | $          | -        |   |   | $ | 553,438 |   |   | $ | - |   |

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(1)

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(2) 

| Value of shares of Wendy’s/Arby’s common stock issued in exchange for Wendy’s common shares |   | $      | 2,476,197 |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
| Value of Wendy’s stock options converted into Wendy’s/Arby’s options                        |   |   | 18,296    |   |
| Wendy’s Merger costs                                                                                    |   |   | 21,028    |   |
| Total merger consideration                                                                                    |   |   | 2,515,521 |   |
|                                                                                                          |   |   |      |   |
| Net book value of Wendy’s  assets acquired and liabilities assumed                            |   |   | 712,794   |   |
| Excess of merger consideration over net book value of Wendy’s assets acquired and liabilities assumed   |   |   | 1,802,727 |   |
| Changes to fair values of assets and liabilities and deferred income tax liability related to the merger:     |   |   |      |   |
| (Increase)/decrease in:                                                                                       |   |   |      |   |
| Current assets                                                                                                |   |   |      |   |
| Accounts and notes receivable                                                                                 |   |   | (694      | )      |
| Prepaid expenses and other current assets                                                                     |   |   | 985       |   |
| Investments                                                                                                   |   |   | (64,852   | )      |
| Properties                                                                                                    |   |   | (46,527   | )      |
| Other intangible assets                                                                                       |   |   |      |   |
| Trademark                                                                                                     |   |   | (900,109  | )      |
| Franchise agreements                                                                                          |   |   | (353,000  | )      |
| Favorable leases                                                                                              |   |   | (121,620  | )      |
| Computer software                                                                                             |   |   | 9,572     |   |
| Deferred costs and other assets                                                                               |   |   | (377      | )      |
| Increase/(decrease) in:                                                                                       |   |   |      |   |
| Accrued expenses and other current liabilities                                                                |   |   | 1,956     |   |
| Long-term debt, including current portion of $228                                                             |   |   | (56,337   | )      |
| Other liabilities                                                                                             |   |   | (31,378   | )      |
| Unfavorable leases                                                                                            |   |   | 70,762    |   |
| Deferred income tax liability                                                                                 |   |   | 557,995   |   |
| Total adjustments                                                                                             |   |   | (933,624  | )      |
| Total goodwill                                                                                                |   | $      | 869,103   |   |

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|                    |   | 2008                                 |      |   | 2007                                 |   |
|-------------------------|--------|--------------------------------------|-----------|--------|--------------------------------------|--------|
|                    |   |      As Reported |      |   |      As Adjusted |   |   |      As Reported |   |   |      As Adjusted |   |
| Revenues:               |   |                                 |      |   |                                 |   |   |   |   |   |   |   |
| Sales                   |   | $                                    | 1,662,291 |   |                                 | $      | 3,279,504 |   |   | $ | 1,113,436 |   |   | $ | 3,273,461 |   |
| Franchise revenues      |   |                                 | 160,470   |   |                                 |   | 383,137 |   |   |   | 86,981 |   |   |   | 374,604 |   |
| Total revenues          |   |                                 | 1,822,761 |   |                                 |   | 3,662,641 |   |   |   | 1,200,417 |   |   |   | 3,648,065 |   |
| Operating (loss) profit |   |                                 | (364,516  | )      |                                 |   | (343,719 | ) |   |   | 108,672 |   |   |   | 256,793 |   |
| Net (loss) income       |   |                                 | (365,086  | )      |                                 |   | (377,371 | ) |   |   | 32,694 |   |   |   | 104,602 |   |

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(3)

|             |   | Year End |    |
|------------------|--------|----------|---------|
|             |   | 2009     |    |   | 2008 |   |
| Cash             |   | $        | 301,191 |   |   | $ | 53,609 |   |
| Cash equivalents |   |     | 237,673 |   |   |   | 9,471 |   |
|             |   | $        | 538,864 |   |   | $ | 63,080 |   |

|                                                            |   | Year End |   |
|-----------------------------------------------------------------|--------|----------|--------|
| Current                                                         |   | 2009     |   |   | 2008 |   |
| Trust for termination costs for former Wendy’s executives |   | $        | 964    |   |   | $ | 20,641 |   |
| Other                                                           |   |     | 150    |   |   |   | 151 |   |
|                                                            |   | $        | 1,114  |   |   | $ | 20,792 |   |

|                            |   | Year End |   |
|---------------------------------|--------|----------|--------|
| Current                         |   | 2009     |   |   | 2008 |   |
| Accounts receivable:            |   |     |   |   |   |   |
| Franchisees                     |   | $        | 74,555 |   |   | $ | 68,895 |   |
| Other                           |   |     | 16,693 |   |   |   | 19,891 |   |
|                            |   |     | 91,248 |   |   |   | 88,786 |   |
| Notes receivable:               |   |     |   |   |   |   |   |   |
| Franchisees                     |   |     | 2,899  |   |   |   | 3,448 |   |
|                            |   |     | 94,147 |   |   |   | 92,234 |   |
| Allowance for doubtful accounts |   |     | (6,540 | ) |   |   | (887 | ) |
|                            |   | $        | 87,607 |   |   | $ | 91,347 |   |

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|                                                  |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|-------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Balance at beginning of year:                         |   |   |   |   |   |   |   |   |   |
| Current                                               |   | $      | 887    |   |   | $      | 166    |   |   | $ | 224 |   |
| Non-current                                           |   |   | 577    |   |   |   | 354    |   |   |   | - |   |
| Provision for doubtful accounts:                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Franchisees                                           |   |   | 8,342  |   |   |   | 783    |   |   |   | 277 |   |
| Other                                                 |   |   | (173   | )      |   |   | (113   | )      |   |   | 354 |   |
| Uncollectible accounts written off, net of recoveries |   |   | (1,754 | )      |   |   | 274    |   |   |   | (335 | ) |

| Current         |   |   | 6,540 |   |   |   | 887   |   |   |   | 166 |   |
|-----------------|--------|--------|-------|--------|--------|--------|-------|--------|--------|--------|-----|--------|
| Non-current (a) |   |   | 1,339 |   |   |   | 577   |   |   |   | 354 |   |
| Total           |   | $      | 7,879 |   |   | $      | 1,464 |   |   | $      | 520 |   |

|                                            |   | Year End |      |
|-------------------------------------------------|--------|----------|-----------|
|                                            |   | 2009     |      |   | 2008 |   |
| Owned:                                          |   |     |      |   |   |   |
| Land                                            |   | $        | 467,249   |   |   | $ | 460,588 |   |
| Buildings and improvements (a)                  |   |     | 411,671   |   |   |   | 682,018 |   |
| Office, restaurant and transportation equipment |   |     | 411,391   |   |   |   | 364,194 |   |
| Leasehold improvements (a)                      |   |     | 402,755   |   |   |   | 166,113 |   |
| Leased (b):                                     |   |     |      |   |   |   |   |   |
| Capitalized leases                              |   |     | 110,363   |   |   |   | 127,728 |   |
| Sale-leaseback assets                           |   |     | 134,648   |   |   |   | 146,385 |   |
|                                            |   |     | 1,938,077 |   |   |   | 1,947,026 |   |
| Accumulated depreciation and amortization       |   |     | (330,219  | ) |   |   | (192,106 | ) |
|                                            |   | $        | 1,607,858 |   |   | $ | 1,754,920 |   |

| (a) | The 2009 amounts reflect a reclassification of approximately $200,000 from Buildings and improvements to Leasehold improvements related to assets acquired in the Wendy’s Merger. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | These assets principally include buildings and improvements. |
|-----|--------------------------------------------------------------|

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|                                                |   | Year End |      |
|-----------------------------------------------------|--------|----------|-----------|
|                                                |   | 2009     |      |   | 2008 |   |
| Cash and cash equivalents                           |   | $        | 515,655   |   |   | $ | 19,853 |   |
| Accounts and notes receivable (including long-term) |   |     | 98,320    |   |   |   | 17,482 |   |
| Inventories                                         |   |     | 21,870    |   |   |   | 11,096 |   |
| Investments                                         |   |     | 4,664     |   |   |   | - |   |
| Properties                                          |   |     | 520,722   |   |   |   | 333,792 |   |
| Other intangible assets                             |   |     | 1,256,800 |   |   |   | 22,299 |   |
| Deferred costs and other assets                     |   |     | -         |   |   |   | 2,571 |   |
|                                                |   | $        | 2,418,031 |   |   | $ | 407,093 |   |

|                                      |   | Year End |    |
|-------------------------------------------|--------|----------|---------|
|                                      |   | 2009     |    |   | 2008 |   |
| Accrued compensation and related benefits |   | $        | 81,864  |   |   | $ | 64,447 |   |
| Insurance reserves                        |   |     | 54,924  |   |   |   | 66,858 |   |
| Accrued taxes                             |   |     | 40,952  |   |   |   | 49,138 |   |
| Accrued interest                          |   |     | 34,283  |   |   |   | 8,871 |   |
| Other                                     |   |     | 56,158  |   |   |   | 41,449 |   |
|                                      |   | $        | 268,181 |   |   | $ | 230,763 |   |

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|                                      |   | Carrying Value |    |
|-------------------------------------------|--------|----------------|---------|
|                                      |   | Year End 2009  |    |   | Year End 2008 |   |
| At equity:                                |   |           |    |   |   |   |
| Joint venture with THI                    |   | $              | 97,476  |   |   | $ | 89,771 |   |
|       Other |   |           | -       |   |   |   | 212 |   |
|                                      |   |           |    |   |   |   |   |   |
| At cost:                                  |   |           | 4,664   |   |   |   | 6,540 |   |
|                                      |   | $              | 102,140 |   |   | $ | 96,523 |   |

|                                                                           |   | 2009   |    |   | 2008   |   |
|--------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                           |   |   |    |   |   |   |
| Balance at beginning of period                                                 |   | $      | 89,771  |   |   | $      | 41,649 |   |
|     Purchase price adjustments                             |   |   | -       |   |   |   | 65,455 |   |
|                                                                           |   |   | 89,771  |   |   |   | 107,104 |   |
|                                                                           |   |   |    |   |   |   |   |   |
| Equity in net earnings for the period                                          |   |   | 11,334  |   |   |   | 2,630 |   |
| Amortization of purchase price adjustments                                     |   |   | (2,835  | )      |   |   | (656 | ) |
|                                                                           |   |   | 8,499   |   |   |   | 1,974 |   |
|                                                                           |   |   |    |   |   |   |   |   |
| Distributions                                                                  |   |   | (14,583 | )      |   |   | (2,864 | ) |
| Currency translation adjustment included in “Comprehensive Income” |   |   | 13,789  |   |   |   | (16,443 | ) |
| Balance at end of period                                                       |   | $      | 97,476  |   |   | $      | 89,771 |   |

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|                                     |   | January 3, 2010 |         |   | December 28, 2008 |   |
|------------------------------------------|--------|-----------------|--------------|--------|-------------------|--------|
|                                     |   | (Canadian)      |         |   | (Canadian)        |   |
| Balance sheet information:               |   |            |         |   |              |   |
|                                     |   |            |         |   |              |   |
| Properties                               |   | C$              |  83,078 |   |              | C$     |  87,292 |   |
| Cash and cash equivalents                |   |            | 75           |   |              |   | 5,063 |   |
| Accounts receivable                      |   |            | 4,989        |   |              |   | 3,339 |   |
| Other                                    |   |            | 3,150        |   |              |   | 3,142 |   |
|                                     |   | C$              | 91,292       |   |              | C$     |  98,836 |   |
|                                     |   |            |         |   |              |   |   |   |
| Accounts payable and accrued liabilities |   | C$              |  2,257  |   |              | C$     |  2,521 |   |
| Other liabilities                        |   |            | 9,081        |   |              |   | 10,893 |   |
| Partners’ equity                   |   |            | 79,954       |   |              |   | 85,422 |   |
|                                     |   | C$              |  91,292 |   |              | C$     |  98,836 |   |
|                                     |   |            |         |   |              |   |   |   |

|                                      |   | Year endedJanuary 3, 2010 |         |   | Quarter endedDecember 28, 2008 |   |
|-------------------------------------------|--------|---------------------------|--------------|--------|--------------------------------|--------|
|                                      |   | (Canadian)                |         |   | (Canadian)                     |   |
| Income statement information:             |   |                      |         |   |                           |   |
| Revenues                                  |   | C$                        |  38,471 |   |                           | C$     |  9,462 |   |
| Income before income taxes and net income |   |                      | 27,532       |   |                           |   | 6,325 |   |

 (5) 

|                                                  |   | 2009                            |     |   | 2008                             |   |
|-------------------------------------------------------|--------|---------------------------------|----------|--------|----------------------------------|--------|
|                                                  |   | Arby’s Restaurant Segment |     |   | Wendy’s Restaurant Segment |   |   | Total |   |   | Arby’s Restaurant Segment |   |   | Wendy’s Restaurant Segment |   |   | Total |   |
| Balance at beginning of year:                         |   |                            |     |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill                                              |   | $                               | 499,692  |   |                             | $      | 841,435 |   |   | $ | 1,341,127 |   |   | $ | 490,778 |   |   |  $ | - |   |   | $ | 490,778 |   |
| Accumulated impairment losses                         |   |                            | (482,075 | )      |                             |   | - |   |   |   | (482,075 | ) |   |   | (22,000 | ) |   |   | - |   |   |   | (22,000 | ) |
|                                                  |   |                            | 17,617   |   |                             |   | 841,435 |   |   |   | 859,052 |   |   |   | 468,778 |   |   |   | - |   |   |   | 468,778 |   |
| Changes in goodwill:                                  |   |                            |     |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Wendy’s Merger          |   |                            | -        |   |                             |   | 18,195 |   |   |   | 18,195 |   |   |   | - |   |   |   | 850,908 |   |   |   | 850,908 |   |
|     Other restaurant acquisitions |   |                            | -        |   |                             |   | - |   |   |   | - |   |   |   | 8,914 |   |   |   | - |   |   |   | 8,914 |   |
|     Impairment                    |   |                            | -        |   |                             |   | - |   |   |   | - |   |   |   | (460,075 | ) |   |   | - |   |   |   | (460,075 | ) |
|  Currency translation adjustment                 |   |                            | -        |   |                             |   | 9,049 |   |   |   | 9,049 |   |   |   | - |   |   |   | (9,473 | ) |   |   | (9,473 | ) |
| Balance at end of year:                               |   |                            |     |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill                                              |   |                            | 499,692  |   |                             |   | 868,679 |   |   |   | 1,368,371 |   |   |   | 499,692 |   |   |   | 841,435 |   |   |   | 1,341,127 |   |
| Accumulated impairment losses                         |   |                            | (482,075 | )      |                             |   | - |   |   |   | (482,075 | ) |   |   | (482,075 | ) |   |   | - |   |   |   | (482,075 | ) |
|                                                  |   | $                               | 17,617   |   |                             | $      | 868,679 |   |   | $ | 886,296 |   |   | $ | 17,617 |   |   | $ | 841,435 |   |   | $ | 859,052 |   |

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|                                         |   | Year End 2009 |      |   | Year End 2008            |   |
|----------------------------------------------|--------|---------------|-----------|--------|--------------------------|--------|
|                                         |   | Cost          |      |   | Accumulated Amortization |   |   | Net |   |   | Cost |   |   | Accumulated Amortization |   |   | Net |   |
| Non-amortizable                              |   |          |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wendy’s trademarks                     |   | $             | 903,000   |   |                     | $      | - |   |   | $ | 903,000 |   |   | $ | 900,389 |   |   | $ | - |   |   | $ | 900,389 |   |
| Amortizable                                  |   |          |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Franchise agreements                         |   |          | 352,630   |   |                     |   | 21,148 |   |   |   | 331,482 |   |   |   | 350,033 |   |   |   | 4,152 |   |   |   | 345,881 |   |
| Favorable leases                             |   |          | 144,683   |   |                     |   | 20,627 |   |   |   | 124,056 |   |   |   | 147,882 |   |   |   | 9,650 |   |   |   | 138,232 |   |
| Reacquired rights under franchise agreements |   |          | 17,348    |   |                     |   | 3,721 |   |   |   | 13,627 |   |   |   | 19,009 |   |   |   | 3,142 |   |   |   | 15,867 |   |
| Computer software                            |   |          | 32,150    |   |                     |   | 11,432 |   |   |   | 20,718 |   |   |   | 18,202 |   |   |   | 7,151 |   |   |   | 11,051 |   |
|                                         |   | $             | 1,449,811 |   |                     | $      | 56,928 |   |   | $ | 1,392,883 |   |   | $ | 1,435,515 |   |   | $ | 24,095 |   |   | $ | 1,411,420 |   |

| Aggregate amortization expense: |   |   |    |
|---------------------------------|--------|--------|---------|
| Actual for fiscal year (a):     |   | Total  |    |
| 2007                            |   | $      | 6,342   |   |
| 2008                            |   |   | 13,466  |   |
| 2009                            |   |   | 44,837  |   |
| Estimate for fiscal year:       |   |   |    |   |
| 2010                            |   | $      | 34,180  |   |
| 2011                            |   |   | 32,085  |   |
| 2012                            |   |   | 30,423  |   |
| 2013                            |   |   | 29,349  |   |
| 2014                            |   |   | 27,693  |   |
| Thereafter                      |   |   | 336,153 |   |

| (a) | Includes $7,674, $1,096 and $906 of impairment charges related to other intangible assets in 2009, 2008 and 2007, respectively which have been recorded as a reduction in the cost basis of the related intangible asset. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

(6)

|                                                                                    |   | Year End |      |
|-----------------------------------------------------------------------------------------|--------|----------|-----------|
|                                                                                    |   | 2009     |      |   | 2008 |   |
| 10.00% Senior Notes, due 2016 (a)                                                       |   | $        | 551,779   |   |   | $ | - |   |
| Senior secured term loan, average effective interest of 7.25% as of January 3, 2010 (b) |   |     | 251,488   |   |   |   | 385,030 |   |
| 6.20% senior notes, due in 2014 (c)                                                     |   |     | 204,303   |   |   |   | 199,111 |   |
| 6.25% senior notes, due in 2011 (c)                                                     |   |     | 193,618   |   |   |   | 188,933 |   |
| Sale-leaseback obligations due through 2029 (d)                                         |   |     | 125,176   |   |   |   | 123,829 |   |
| Capitalized lease obligations due through 2036 (e)                                      |   |     | 89,886    |   |   |   | 106,841 |   |
| 7% Debentures, due in 2025 (f)                                                          |   |     | 80,081    |   |   |   | 78,974 |   |
| Other                                                                                   |   |     | 5,579     |   |   |   | 6,969 |   |
|                                                                                    |   |     | 1,501,910 |   |   |   | 1,089,687 |   |
| Less amounts payable within one year                                                    |   |     | (16,178   | ) |   |   | (29,537 | ) |
|                                                                                    |   | $        | 1,485,732 |   |   | $ | 1,060,150 |   |

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| Fiscal Year |   | Amount |      |
|-------------|--------|--------|-----------|
| 2010        |   | $      | 16,178    |   |
| 2011        |   |   | 337,115   |   |
| 2012        |   |   | 135,236   |   |
| 2013        |   |   | 10,708    |   |
| 2014        |   |   | 236,063   |   |
| Thereafter  |   |   | 826,829   |   |
|        |   | $      | 1,562,129 |   |

| (a) | On June 23, 2009, Wendy’s/Arby’s Restaurants issued $565,000 principal amount of Senior Notes (the “Senior Notes”). The Senior Notes will mature on July 15, 2016 and accrue interest at 10.00% per annum, payable semi-annually on January 15 and July 15, the first payment of which was made on January 15, 2010. The Senior Notes were issued at 97.533% of the principal amount, representing a yield to maturity of 10.50% and resulting in net proceeds paid to us of $551,061. The $13,939 discount is being accreted and the related charge included in “Interest expense” until the Senior Notes mature. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by certain direct and indirect domestic subsidiaries of Wendy’s/Arby’s Restaurants (collectively, the “Guarantors”) (see Note 21 for additional information relating to such Guarantors).  Wendy’s/Arby’s Restaurants incurred approximately $21,599 in costs related to the issuance of the Senior Notes which are being amortized to “Interest expense” over the Senior Notes’ term utilizing the effective interest method. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Arby’s Credit Agreement was amended and restated as of March 11, 2009 and includes an amended senior secured term loan (the “Amended Term Loan”) and an amended senior secured revolving credit facility (the “Amended Revolver”).  As a result of an agreement entered into on March 17, 2009, the amount of the senior secured revolving credit facility increased from $100,000 to $170,000.  Also, Wendy’s and certain of its affiliates became co-obligors in addition to Arby’s and certain of its affiliates.  The Amended Term Loan is due July 2012 and the Amended Revolver expires in July 2011. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (c) | Wendy’s senior notes were reduced to fair value at the date of and in connection with the Wendy’s Merger based on outstanding principal of $225,000 and $200,000 and effective interest rates of 7.0% and 6.6% for the 6.20% senior notes and 6.25% senior notes, respectively. The fair value adjustment is being accreted and the related charge included in “Interest expense” until the notes mature.  The value of the Wendy’s senior notes is adjusted to reflect the fair value of interest rate swaps associated with this debt (the “Interest Rate Swaps”).  As of January 3, 2010, this adjustment increased the value of the 6.20% senior notes and the 6.25% senior notes by $682 and $907, respectively.  These notes are unsecured and are redeemable prior to maturity at our option. The Wendy’s senior notes contain covenants that restrict the incurrence of indebtedness secured by liens and sale-leaseback transactions. The Company was in compliance with these covenants as of January 3, 2010. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The sale-leaseback obligations (the “Sale-Leaseback Obligations”), which extend through 2029, relate to capitalized restaurant leased assets with an aggregate net book value of $102,583 as of January 3, 2010. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | The capitalized lease obligations (the “Capitalized Lease Obligations”), which extend through 2036, relate to Arby’s capitalized restaurant leased assets and software with aggregate net book values of $58,512 and $6,388 respectively, as of January 3, 2010 and Wendy’s capitalized leased buildings with aggregate net book value of $20,317. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Wendy’s 7% Debentures (the “Debentures”) are unsecured and were reduced to fair value at the date of and in connection with the Wendy’s Merger based on their outstanding principal of $100,000 and an effective interest rate of 8.6%. The fair value adjustment is being accreted and the related charge included in “Interest expense” until the Debentures mature.  These Debentures contain covenants that restrict the incurrence of indebtedness secured by liens and sale-leaseback transactions. The Company was in compliance with these covenants as of January 3, 2010. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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(7) 

|                                                                                      |   | 2008   |   |   | 2007   |   |
|-------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Net unrealized holding losses arising during the year                                     |   | $      | (1,529 | )      |   | $      | (826 | ) |
| Reclassifications of prior year unrealized holding gains (losses) into net income or loss |   |   | 1,780  |   |   |   | (1,951 | ) |
|                                                                                      |   |   | 251    |   |   |   | (2,777 | ) |
| Income tax (provision) benefit                                                            |   |   | (98    | )      |   |   | 1,081 |   |
|                                                                                      |   | $      | 153    |   |   | $      | (1,696 | ) |

|                       |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|----------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Interest expense (income): |   |   |   |   |   |   |   |   |   |
| Interest Rate Swaps        |   | $      | (2,865 | )      |   | $      | -      |   |   | $ | - |   |
| Term Loan Swap Agreements  |   |   | -      |   |   |   | 1,780  |   |   |   | (1,951 | ) |
|                       |   | $      | (2,865 | )      |   | $      | 1,780  |   |   | $ | (1,951 | ) |

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(8)

|                                                                                             |   | Year End        |      |
|--------------------------------------------------------------------------------------------------|--------|-----------------|-----------|
|                                                                                             |   | 2009            |      |   | 2008 |   |
|                                                                                             |   | Carrying Amount |      |   | Fair Value |   |   | Carrying Amount |   |   | Fair Value |   |
|                                                                                             |   |            |      |   |   |   |   |   |   |   |   |   |
| Financial assets:                                                                                |   |            |      |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents (a)                                                                    |   | $               | 538,864   |   |   | $ | 538,864 |   |   | $ | 63,080 |   |   | $ | 63,080 |   |
| Restricted cash equivalents (a):                                                                 |   |            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Current                                                                  |   |            | 1,114     |   |   |   | 1,114 |   |   |   | 20,792 |   |   |   | 20,792 |   |
|     Non-current                                                              |   |            | 5,352     |   |   |   | 5,352 |   |   |   | 6,462 |   |   |   | 6,462 |   |
| Non-current Cost Investment for which it is                                                      |   |            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     practicable to estimate fair value (b)                                   |   |            | 4,664     |   |   |   | 5,973 |   |   |   | 6,540 |   |   |   | 6,540 |   |
| Interest Rate Swaps (c)                                                                          |   |            | 1,589     |   |   |   | 1,589 |   |   |   | - |   |   |   | - |   |
| Financial liabilities:                                                                           |   |            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt, including current portion:                                                       |   |            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 10.00% Senior Notes (d)                                                                          |   |            | 551,779   |   |   |   | 610,200 |   |   |   | - |   |   |   | - |   |
| Senior secured term loan, weighted average effective interest of 7.25% as of January 3, 2010 (d) |   |            | 251,488   |   |   |   | 252,904 |   |   |   | 385,030 |   |   |   | 238,718 |   |
| 6.20% senior notes (d)                                                                           |   |            | 204,303   |   |   |   | 223,425 |   |   |   | 199,111 |   |   |   | 168,974 |   |
| 6.25% senior notes (d)                                                                           |   |            | 193,618   |   |   |   | 199,200 |   |   |   | 188,933 |   |   |   | 176,000 |   |
| Sale-leaseback obligations (e)                                                                   |   |            | 125,176   |   |   |   | 118,634 |   |   |   | 123,829 |   |   |   | 136,707 |   |
| Capitalized lease obligations (e)                                                                |   |            | 89,886    |   |   |   | 86,706 |   |   |   | 106,841 |   |   |   | 111,788 |   |
| 7% Debentures (d)                                                                                |   |            | 80,081    |   |   |   | 85,500 |   |   |   | 78,974 |   |   |   | 61,320 |   |
| Other                                                                                            |   |            | 5,579     |   |   |   | 5,543 |   |   |   | 6,969 |   |   |   | 7,329 |   |
| Total long-term debt, including current portion                                                  |   | $               | 1,501,910 |   |   | $ | 1,582,112 |   |   | $ | 1,089,687 |   |   | $ | 900,836 |   |
| Guarantees of:                                                                                   |   |            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Lease obligations for Arby’s restaurants not operated by the Company (f)                   |   | $               | 382       |   |   | $ | 382 |   |   | $ | 460 |   |   | $ | 460 |   |
| Wendy’s franchisee loans obligations (g)                                              |   | $               | 592       |   |   | $ | 592 |   |   | $ | 706 |   |   | $ | 706 |   |

| (a) | The carrying amounts approximated fair value due to the short-term maturities of the cash equivalents or restricted cash equivalents. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (b)  | This consists of an investment in a non-current cost investment.  The fair values of this investment were based on a statement of account received from the investment manager or investee which is principally based on quoted market or broker/dealer prices.  To the extent that some of the underlying investments do not have available quoted market or broker/dealer prices, the Company relies on valuations performed by the investment managers or investees in valuing those investments. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The fair values were estimated by the Company based on information provided by the bank counterparties that is model-driven and whose inputs are observable or whose significant value drivers are observable. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The fair values are based on quoted market prices. |
|-----|----------------------------------------------------|

| (e) | The fair values were determined by discounting the future scheduled principal payments using an interest rate assuming the same original issuance spread over a current Treasury bond yield for securities with similar durations. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)  | The fair value was assumed to reasonably approximate the carrying amount since the carrying amount represents the fair value as of the acquisition date of these lease obligations (2005) less subsequent amortization. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Wendy’s provided loan guarantees to various lenders on behalf of franchisees entering into pooled debt facility arrangements for new store development and equipment financing. Wendy’s has accrued a liability for the fair value of these guarantees, the calculation for which was based upon a weighed average risk percentage established at the inception of each program. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                            |   | January 3, |   |   | Fair Value Measurements |    |
|---------------------------------------------------------------------------------|--------|------------|--------|--------|-------------------------|---------|
|                                                                            |   | 2010       |   |   | Level 1                 |    |   | Level 2 |   |   | Level 3 |   |
|                                                                            |   |       |   |   |                    |    |   |   |   |   |   |   |
| Interest Rate Swaps (included in “Deferred costs and other assets”) |   | $     | 1,589  |   |                    | $  | - |   |   | $  | 1,589 |   |   | $  | - |   |
| Total                                                                           |   | $          | 1,589  |   |                    | $       | - |   |   | $ | 1,589 |   |   | $ | - |   |

|                    |   | January 3, |      |   | Fair Value Measurements |   |   |    |   |
|-------------------------|--------|------------|-----------|--------|-------------------------|--------|--------|---------|--------|
|                    |   | 2010       |      |   | Level 1                 |   |   | Level 2 |   |   | Level 3 |   |   | Total Losses |   |
|                    |   |       |      |   |                    |   |   |    |   |   |   |   |   |   |   |
| Properties              |   | $          | 1,607,858 |   |                    | $      | -      |    |   | $ | - |   |   | $ | 1,607,858 |   |   | $ | 72,282 |   |
| Other intangible assets |   |       | 1,392,883 |   |                    |   | -      |    |   |   | - |   |   |   | 1,392,883 |   |   |   | 7,674 |   |
| Total                   |   | $          | 3,000,741 |   |                    | $      | -      |    |   | $ | - |   |   | $ | 3,000,741 |   |   | $ | 79,956 |   |

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|     |   | 2009   |    |   | 2008   |   |     | 2007   |   |
|----------|--------|--------|---------|--------|--------|--------|----------|--------|--------|
| Domestic |   | $      | (12,718 | )      |   | $      | (430,634 | )      |   | $ | 52,864 |   |
| Foreign  |   |   | 14,305  |   |   |   | 2,427    |   |   |   | (36 | ) |
|     |   | $      | 1,587   |   |   | $      | (428,207 | )      |   | $ | 52,828 |   |

|                             |   | 2009   |    |   | 2008   |   |   | 2007   |   |
|----------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| U.S. Federal                     |   | $      | (46,062 | )      |   | $      | 5,427  |   |   | $ | (25,071 | ) |
| State                            |   |   | (8,328  | )      |   |   | (3,064 | )      |   |   | (3,208 | ) |
| Foreign                          |   |   | (6,089  | )      |   |   | (1,965 | )      |   |   | (387 | ) |
| Current tax (provision) benefit  |   |   | (60,479 | )      |   |   | 398    |   |   |   | (28,666 | ) |
| U.S. Federal                     |   |   | 46,919  |   |   |   | 54,299 |   |   |   | 6,815 |   |
| State                            |   |   | 18,626  |   |   |   | 8,221  |   |   |   | 1,866 |   |
| Foreign                          |   |   | 2,996   |   |   |   | 203    |   |   |   | - |   |
| Deferred tax benefit (provision) |   |   | 68,541  |   |   |   | 62,723 |   |   |   | 8,681 |   |
| Income tax benefit (provision)   |   | $      | 8,062   |   |   | $      | 63,121 |   |   | $ | (19,985 | ) |

|                                                    |   | Year End |     |
|---------------------------------------------------------|--------|----------|----------|
|                                                    |   | 2009     |     |   | 2008 |   |
| Deferred tax assets:                                    |   |     |     |   |   |   |
| Net operating/capital loss and tax credit carryforwards |   | $        | 122,327  |   |   | $ | 92,418 |   |
| Accrued compensation and related benefits               |   |     | 32,252   |   |   |   | 33,162 |   |
| Unfavorable leases                                      |   |     | 34,595   |   |   |   | 36,830 |   |
| Other                                                   |   |     | 67,681   |   |   |   | 55,651 |   |
| Valuation allowances                                    |   |     | (96,031  | ) |   |   | (83,537 | ) |
| Total deferred tax assets                               |   |     | 160,824  |   |   |   | 134,524 |   |
|                                                    |   |     |     |   |   |   |   |   |
| Deferred tax liabilities:                               |   |     |     |   |   |   |   |   |
| Intangible assets                                       |   |     | (471,816 | ) |   |   | (464,945 | ) |
| Owned and leased fixed assets and related obligations   |   |     | (104,707 | ) |   |   | (116,895 | ) |
|     Other                           |   |     | (39,724  | ) |   |   | (51,005 | ) |
| Total deferred tax liabilities                          |   |     | (616,247 | ) |   |   | (632,845 | ) |
|                                                    |   | $        | (455,423 | ) |   | $ | (498,321 | ) |

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|   1)   | As of January 3, 2010, A $223,690 capital loss principally resulting from Wendy’s sale of Fresh Enterprises, Inc. and Subsidiaries “Baja Fresh” in 2006.  U.S. Federal capital losses may be carried forward for five years and are subject to certain limitations as a result of the Wendy’s Merger.  As of January 3, 2010, we have provided a full valuation allowance on the $82,471 deferred tax asset related to this capital loss carryforward as we believe it is more likely than not that the capital loss carryforward will expire unused in 2011.  As of December 28, 2008 our deferred tax assets included capital loss carryforwards of $209,860, unrealized investment losses of $16,167 and the related full valuation allowance of $83,537 on the deferred tax asset.  The 2009 change in the deferred tax asset and related valuation allowance resulted from 2009 capital gains and losses. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   2)   | As of January 3, 2010, tax credits aggregating $15,963 principally consisting of foreign tax credits generated in 2008 and jobs credits from 2009, 2008 and 2007.  The tax credits may be carried forward for periods of 10 years or more. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   3)   | State net operating loss carryforwards are subject to various limitations including carryforward periods and begin expiring in 2010.  As of January 3, 2010, we have a deferred tax asset of $22,235 and a valuation allowance of $11,656 related to these assets.  As of December 28, 2008 our deferred tax asset for state net operating loss carryforwards was $1,098 and the related valuation allowance was $0.  Changes during 2009 in the state net operating loss carryforwards and related valuation allowances are principally the result of the recognition of an $18,152 deferred tax asset and an $8,523 valuation allowance for certain state net operating losses in connection with the fourth quarter 2009 dissolution of our captive insurance company as realization of these net operating losses is no longer remote.   |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                       |   | 2009   |   |   | 2008   |   |    | 2007   |   |
|--------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
| Income tax benefit (provision) computed at U.S. Federal statutory rate                     |   | $      | (555   | )      |   | $      | 149,872 |   |   | $ | (18,490 | ) |
| State income taxes, net of U.S. Federal income tax effect                                  |   |   | (2,935 | )      |   |   | 3,352   |   |   |   | (872 | ) |
| Previously unrecognized state net operating losses, net of related valuation allowance (a) |   |   | 9,629  |   |   |   | -       |   |   |   | - |   |
| Foreign tax credits, net of tax on Foreign earnings (b)                                    |   |   | -      |   |   |   | 9,241   |   |   |   | - |   |
| Impairment of non-deductible goodwill                                                      |   |   | -      |   |   |   | (99,696 | )      |   |   | - |   |
| Canadian tax rate changes                                                                  |   |   | 2,000  |   |   |   | -       |   |   |   | - |   |
| Jobs tax credits, net                                                                      |   |   | 3,792  |   |   |   | 1,805   |   |   |   | - |   |
| Valuation allowance additions                                                              |   |   | (581   | )      |   |   | -       |   |   |   |   - |   |
| Non-deductible expenses                                                                    |   |   | (792   | )      |   |   | (676    | )      |   |   | - |   |
| Adjustments related to prior year tax matters                                              |   |   | (3,279 | )      |   |   | (1,152  | )      |   |   | 1,145 |   |
| Tax charge related to entity simplification                                                |   |   | -      |   |   |   | -       |   |   |   | (1,056 | ) |
| Other, net                                                                                 |   |   | 783    |   |   |   | 375     |   |   |   | (712 | ) |
|                                                                                       |   | $      | 8,062  |   |   | $      | 63,121  |   |   | $ | (19,985 | ) |

|   (a) | In connection with the fourth quarter 2009 dissolution of our captive insurance company, the likelihood of realization of certain previously unrecognized state net operating losses is no longer remote.  Accordingly, a $18,152 deferred tax asset and related $8,523 partial valuation allowance was recognized. |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (b) | Includes previously unrecognized benefit in 2008 of foreign tax credits, net of foreign income and withholding taxes on $23,985 repatriation of foreign earnings. |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                             |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|--------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Beginning balance                                                                                |   | $      | 23,617 |   |   | $      | 5,846  |   |   | $ | 6,827 |   |
| Additions:                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|     Wendy’s unrecognized tax benefits at the Wendy’s Merger date |   |   | -      |   |   |   | 16,816 |   |   |   | -  |   |
|     Tax positions related to the current year                                |   |   | 613    |   |   |   | 996    |   |   |   | 387 |   |
|     Tax positions of prior years                                             |   |   | 1,651  |   |   |   | 2,357  |   |   |   | 18 |   |
| Reductions:                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|     Tax positions of prior years                                             |   |   | (2,383 | )      |   |   | (1,466 | )      |   |   | (976 | ) |
|     Settlements                                                              |   |   | (1,045 | )      |   |   | (372   | )      |   |   | (72 | ) |
|     Lapse of statute of limitations                                          |   |   | (2,139 | )      |   |   | (560   | )      |   |   | (338 | ) |
| Ending balance                                                                                   |   | $      | 20,314 |   |   | $      | 23,617 |   |   | $ | 5,846 |   |

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|                                              |   | Package Options |   |   | Common Stock Options            |    |
|---------------------------------------------------|--------|-----------------|--------|--------|---------------------------------|---------|
|                                              |   | Options         |   |   | Weighted Average Exercise Price |    |   | Aggregate Intrinsic Value |   |   | Options |   |   | Weighted Average Exercise Price |   |   | Aggregate Intrinsic Value |   |
| Outstanding at December 28, 2008                  |   |            | 43     |   |                            |  $ | 24.14 |   |   | $ | - |   |   |   | 24,459 |   |   |  $ | 7.27 |   |   | $ | 2,552 |   |
| Granted during 2009                               |   |            | -      |   |                            |    |   |   |   |   |   |   |   |   | 2,340 |   |   |   | 4.46 |   |   |   |   |   |
| Cancelled options reinstated                      |   |            | -      |   |                            |    |   |   |   |   |   |   |   |   | 374 |   |   |   | 3.87 |   |   |   |   |   |
| Exercised during 2009 (a)                         |   |            | -      |   |                            |    |   |   |   | $ | - |   |   |   | (524 | ) |   |   | 3.75 |   |   | $ | 784 |   |
| Forfeited during 2009                             |   |            | -      |   |                            |    | 24.14 |   |   |   |   |   |   |   | (4,996 | ) |   |   | 7.52 |   |   |   |   |   |
| Outstanding at January 3, 2010                    |   |            | 43     |   |                            |  $ | 24.14 |   |   | $ | - |   |   |   | 21,653 |   |   |  $ | 6.93 |   |   | $ | 2,501 |   |
| Vested or expected to vest at January 3, 2010 (b) |   |            | 43     |   |                            |  $ | 24.14 |   |   | $ | - |   |   |   | 20,699 |   |   |  $ | 6.98 |   |   | $ | 2,443 |   |
| Exercisable:                                      |   |            |   |   |                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January 3, 2010                                   |   |            | 43     |   |                            |  $ | 24.14 |   |   | $ | - |   |   |   | 11,053 |   |   |  $ | 7.95 |   |   | $ | 1,861 |   |

| (a) | The aggregate intrinsic value of Common Stock Options exercised in 2008 and 2007 was $4 and $2,550, respectively. The aggregate intrinsic value of Package Options exercised in 2007 was $216. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The weighted average remaining contractual terms for the Package Options and Common Stock Options that are vested or are expected to vest at January 3, 2010 are 2.1 years and 7.8 years, respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Common Stock Options |   | Class BOptions |
|--------|----------------------|--------|----------------|
| 2009   | 1.83                 |   | N/A            |
| 2008   | 2.13                 |   | 2.20           |
| 2007   | -                    |   | 4.51           |

|                          | 2009                 |   | 2008            |   | 2007                 |
|-------------------------------|----------------------|--------|-----------------|--------|----------------------|
|                          | Common Stock Options |   | Class B Options |   | Common Stock Options |   | Class B Options |   | Common Stock Options |   | Class B Options |
| Risk-free interest rate       | 2.46%                |   | N/A             |   | 2.11%                |   | 3.85% |   | - |   | 4.68% |
| Expected option life in years | 5.1                  |   | N/A             |   | 6.2                  |   | 7.4 |   | - |   | 7.4 |
| Expected volatility           | 49.6%                |   | N/A             |   | 47.3%                |   | 35.6% |   | - |   | 26.5% |
| Expected dividend yield       | 1.35%                |   | N/A             |   | 1.29%                |   | 2.65% |   | - |   | 2.38% |

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|                           |   | Common Stock |   |
|--------------------------------|--------|--------------|--------|
|                           |   | Shares       |   |   | Weighted Average Fair Value |   |
|                           |   |         |   |   |   |   |
| Nonvested at December 28, 2008 |   |         | 336    |   |   | $ | 9.14 |   |
| Granted during 2009            |   |         | 1,105  |   |   |   | 4.46 |   |
| Vested during 2009             |   |         | (148   | ) |   |   | 9.28 |   |
| Forfeited during 2009          |   |         | (12    | ) |   |   | 7.25 |   |
| Nonvested at January 3, 2010   |   |         | 1,281  |   |   | $ | 5.10 |   |

|                                                                                                                    |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Compensation expense related to Wendy’/Arby’s stock options                                                 |   | $      | 11,139 |   |   | $      | 7,523  |   |   | $ | 3,796 |   |
| Compensation expense related to Restricted Shares                                                                       |   |   | 2,431  |   |   |   | 1,247  |   |   |   | 1,258 |   |
| Compensation expense related to Restricted Shares that was not credited to “Stockholders’ Equity” (a) |   |   | 160    |   |   |   | -      |   |   |   | - |   |
| Less:  Income tax benefit                                                                                     |   |   | (4,969 | )      |   |   | (3,231 | )      |   |   | (1,971 | ) |
| Share-based compensation expense, net of income tax benefit                                                             |   | $      | 8,761  |   |   | $      | 5,539  |   |   | $ | 3,083 |   |

| (a) | This amount represents amounts paid to terminated employees in lieu of receiving vested Restricted Shares to which they were entitled. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

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(11)

|                              |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Wendy’s Restaurants segment |   | $      | 8,088  |   |   | $      | 3,101  |   |   | $ | - |   |
| Arby’s Restaurants segment  |   |   | (72    | )      |   |   | 120    |   |   |   | 652 |   |
|                              |   | $      | 8,016  |   |   | $      | 3,221  |   |   | $ | 652 |   |

|                                              |   | 2009                      |   |
|---------------------------------------------------|--------|---------------------------|--------|
|                                              |   | Balance December 28, 2008 |   |   | Provisions |   |   |   | Payments |   |   | Balance January 3, 2010 |   |   | Total Expected to be Incurred |   |   | Total Incurred to Date |   |
| Wendy’s  restaurant segment: |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash obligations:                                 |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Severance costs                                   |   | $                         | 3,101  |   |   | $ | 8,088 |   |   |   | $ | (5,559 | ) |   | $ | 5,630 |   |   | $ | 11,189 |   |   | $ | 11,189 |   |
| Total Wendy’s restaurant segment            |   |                      | 3,101  |   |   |   | 8,088 |   |   |   |   | (5,559 | ) |   |   | 5,630 |   |   |   | 11,189 |   |   |   | 11,189 |   |
|                                              |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arby’s restaurant segment:                  |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash obligations:                                 |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Employee relocation costs                         |   |                      | 72     |   |   |   | (72 | ) | (a) |   |   | - |   |   |   | - |   |   |   | 4,579 |   |   |   | 4,579 |   |
| Other                                             |   |                      | -      |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 7,471 |   |   |   | 7,471 |   |
|                                              |   |                      | 72     |   |   |   | (72 | ) |   |   |   | - |   |   |   | - |   |   |   | 12,050 |   |   |   | 12,050 |   |
|      Non-cash charges    |   |                      | -      |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 719 |   |   |   | 719 |   |
| Total Arby’s restaurant segment             |   |                      | 72     |   |   |   | (72 | ) |   |   |   | - |   |   |   | - |   |   |   | 12,769 |   |   |   | 12,769 |   |
|                                              |   | $                         | 3,173  |   |   | $ | 8,016 |   |   |   | $ | (5,559 | ) |   | $ | 5,630 |   |   | $ | 23,958 |   |   | $ | 23,958 |   |

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|                                                     |   | 2008                      |   |
|----------------------------------------------------------|--------|---------------------------|--------|
|                                                     |   | Balance December 30, 2007 |   |   | Provisions |   |   |   | Payments |   |   | Balance December 28,2008 |   |
| Wendy’s  restaurants  segment: |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Cash obligations:                                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Severance costs                                          |   | $                         | -      |   |   | $ | 3,101 |   |   |   | $ | - |   |   | $ | 3,101 |   |
| Total Wendy’s restaurants segment                  |   |                      | -      |   |   |   | 3,101 |   |   |   |   | - |   |   |   | 3,101 |   |
|                                                     |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Arby’s restaurants segment:                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash obligations:                                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Employee relocation costs                                |   |                      | 591    |   |   |   | 120 |   | (a) |   |   | (639 | ) |   |   | 72 |   |
| Total Arby’s restaurants segment                   |   |                      | 591    |   |   |   | 120 |   |   |   |   | (639 | ) |   |   | 72 |   |
|                                                     |   | $                         | 591    |   |   | $ | 3,221 |   |   |   | $ | (639 | ) |   | $ | 3,173 |   |

|                                           |   | 2007                      |   |
|------------------------------------------------|--------|---------------------------|--------|
|                                           |   | Balance December 31, 2006 |   |   | Provisions |   |   |   | Payments |   |   | Balance December 30, 2007 |   |
| Arby’s restaurants segment:              |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Cash obligations:                              |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Severance and retention incentive compensation |   | $                         | 340    |   |   | $ | 15 |   |   |   | $ | (355 | ) |   | $ | - |   |
| Employee relocation costs                      |   |                      | 134    |   |   |   | 637 |   |   |   |   | (180 | ) |   |   | 591 |   |
| Office relocation costs                        |   |                      | 45     |   |   |   | - |   |   |   |   | (45 | ) |   |   | - |   |
| Lease termination costs                        |   |                      | 302    |   |   |   | - |   |   |   |   | (302 | ) |   |   | - |   |
| Total Arby’s restaurants segment         |   | $                         | 821    |   |   | $ | 652 |   | (a) |   | $ | (882 | ) |   | $ | 591 |   |

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|                                        |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Arby’s restaurants segment:           |   |   |   |   |   |   |   |   |   |
| Impairment of Company-owned restaurants:    |   |   |   |   |   |   |   |   |   |
| Properties                                  |   | $      | 51,019 |   |   | $      | 6,906  |   |   | $ | 1,717 |   |
| Intangible assets                           |   |   | 5,494  |   |   |   | 1,096  |   |   |   | 906 |   |
|                                        |   |   | 56,513 |   |   |   | 8,002  |   |   |   | 2,623 |   |
| Wendy’s restaurants segment:          |   |   |   |   |   |   |   |   |   |   |   |   |
| Impairment of Company-owned restaurants:    |   |   |   |   |   |   |   |   |   |   |   |   |
|     Properties          |   |   | 21,263 |   |   |   | 1,578  |   |   |   | - |   |
| Intangible assets                           |   |   | 2,180  |   |   |   | -      |   |   |   | - |   |
|                                        |   |   | 23,443 |   |   |   | 1,578  |   |   |   | - |   |
|                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Total impairment of other long-lived assets |   | $      | 79,956 |   |   | $      | 9,580  |   |   | $ | 2,623 |   |

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|                 |   | 2009   |    |   | 2008   |   |   | 2007   |   |
|----------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Minimum rentals      |   | $      | 151,217 |   |   | $      | 94,069 |   |   | $ | 75,963 |   |
| Contingent rentals   |   |   | 12,364  |   |   |   | 4,989  |   |   |   | 2,711 |   |
|                 |   |   | 163,581 |   |   |   | 99,058 |   |   |   | 78,674 |   |
| Less sublease income |   |   | (20,089 | )      |   |   | (4,771 | )      |   |   | (9,131 | ) |
|                 |   | $      | 143,492 |   |   | $      | 94,287 |   |   | $ | 69,543 |   |

|                                                                          |   | Rental Payments            |     |   | Rental Receipts          |   |
|-------------------------------------------------------------------------------|--------|----------------------------|----------|--------|--------------------------|--------|
|                                                                          |   | Sale-Leaseback Obligations |     |   |  Capitalized Leases |   |   |  Operating Leases |   |   | Sale-Leaseback Obligations |   |   |  Capitalized Leases |   |   |  Operating Leases |   |   |  Owned Properties |   |
| Fiscal Year                                                                   |   |                       |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                          |   | $                          | 14,718   |   |                     | $      | 17,709 |   |   | $ | 153,930 |   |   | $ | 1,022 |   |   | $ | 345 |   |   | $ | 11,766 |   |   | $ | 7,200 |   |
| 2011                                                                          |   |                       | 14,687   |   |                     |   | 15,293 |   |   |   | 141,083 |   |   |   | 1,022 |   |   |   | 345 |   |   |   | 10,390 |   |   |   | 7,180 |   |
| 2012                                                                          |   |                       | 15,380   |   |                     |   | 11,755 |   |   |   | 132,182 |   |   |   | 1,022 |   |   |   | 345 |   |   |   | 9,208 |   |   |   | 7,118 |   |
| 2013                                                                          |   |                       | 14,767   |   |                     |   | 11,996 |   |   |   | 121,980 |   |   |   | 1,001 |   |   |   | 345 |   |   |   | 7,511 |   |   |   | 6,707 |   |
| 2014                                                                          |   |                       | 14,758   |   |                     |   | 12,177 |   |   |   | 113,032 |   |   |   | 964 |   |   |   | 345 |   |   |   | 6,361 |   |   |   | 6,456 |   |
| Thereafter                                                                    |   |                       | 152,185  |   |                     |   | 110,451 |   |   |   | 1,093,355 |   |   |   | 4,347 |   |   |   | 1,754 |   |   |   | 27,792 |   |   |   | 50,761 |   |
| Total  minimum payments                                             |   |                       | 226,495  |   |                     |   | 179,381 |   |   | $ | 1,755,562 |   |   | $ | 9,378 |   |   | $ | 3,479 |   |   | $ | 73,028 |   |   | $ | 85,422 |   |
| Less amounts representing interest, with interest rates of between 3% and 22% |   |                       | (101,319 | )      |                     |   | (89,495 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Present value of minimum sale leaseback and capitalized lease payments        |   | $                          | 125,176  |   |                     | $      | 89,886 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                            |   | 2009   |   |   | 2008   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Land                                            |   | $      | 26,325 |   |   | $      | 25,617 |   |
| Buildings and improvements                      |   |   | 58,450 |   |   |   | 55,285 |   |
| Office, restaurant and transportation equipment |   |   | 4,437  |   |   |   | 4,551 |   |
|                                            |   |   | 89,212 |   |   |   | 85,453 |   |
| Accumulated depreciation                        |   |   | (9,885 | )      |   |   | (2,469 | ) |
|                                            |   | $      | 79,327 |   |   | $      | 82,984 |   |

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|                                                                                                   |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|--------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Wendy’s/Arby’s cost allocation to restaurant segments (a)                                  |   | $      | 34,085  |   |   | $      | -       |   |   | $ | - |   |
| Advances to Wendy’s/Arby’s (b)                                                             |   |   | -       |   |   |   | 155,000 |   |   |   | - |   |
| Capital contributions from Wendy’s/Arby’s (b)                                              |   |   | -       |   |   |   | 150,177 |   |   |   | - |   |
| Other transactions with Wendy’s/Arby’s:                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
|        Share-based compensation (c)                                 |   |   | 13,570  |   |   |   | 8,770   |   |   |   | 5,054 |   |
|        Payments for Federal and state income tax (d)                |   |   | 10,417  |   |   |   | 17,000  |   |   |   | - |   |
|        Expense (net credit) under management service agreements (e) |   |   | 5,017   |   |   |   | (1,504  | )      |   |   | 4,772 |   |
| Charitable contributions to the Dave Thomas Foundation for Adoption (f)                                |   |   | -       |   |   |   | 1,000   |   |   |   | - |   |
| Charitable contributions to the Arby’s Foundation, Inc. (g)                                      |   |   | 500     |   |   |   | 500     |   |   |   | 575 |   |
| Dividends paid to Wendy’s/Arby’s (h)                                                       |   |   | 115,000 |   |   |   | -       |   |   |   | 37,000 |   |
| Senior Notes fees (i)                                                                                  |   |   | 5,368   |   |   |   | -       |   |   |   |   - |   |
| Wendy’s Co-op Agreement (j)                                                                      |   |   | 15,500  |   |   |   | -       |   |   |   | - |   |
| Transactions with RTM selling shareholders (k)                                                         |   |   | -       |   |   |   | -       |   |   |   | (1,600 | ) |
| Subleases with ARCOP and The Arby’s Foundation Inc. (l)                                          |   |   | 213     |   |   |   | 227     |   |   |   | 223 |   |
| Revolving credit facility with AFA Service Corporation (m)                                             |   |   | 5,089   |   |   |   | -       |   |   |   | - |   |

|   (a)  | For the first quarter of 2009, Wendy’s/Arby’s charged the restaurant segments $34,085 for support services.  Prior to that date, the restaurant segments had directly incurred such costs.  In the opinion of management, such allocation was reasonable.  These costs are included in “General and administrative.”  During 2009, we settled $20,526 of such support center costs in cash through our intercompany account with Wendy’s/Arby’s. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (b)  | During the fourth quarter of 2008, the Company advanced an aggregate of $155,000 to Wendy’s/Arby’s; Wendy’s/Arby’s used such advances principally to fund $150,177 of capital contributions to Arby’s.  Arby’s used a portion of these capital contributions to prepay the Amended Term Loan in an aggregate principal amount of $143,200.  These advances by the Company do not bear interest and Wendy’s/Arby’s does not currently have intent to repay such advances.  Accordingly, the $155,000 of advances were reflected as a reduction of “Invested Equity.” |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (c)  | The Company provides share based compensation with respect to Wendy’s/Arby’s common stock to certain employees. Such compensation cost is allocated by Wendy’s/Arby’s to the Company and is correspondingly recorded as capital contributions from Wendy’s/Arby’s. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (d)  | The Company makes payments to Wendy’s/Arby’s under a tax sharing agreement, as discussed in more detail in Note 9, which are settled in cash with Wendy’s/Arby’s.   |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (e)  | The Company receives certain management services, including legal, accounting, tax, insurance, financial and other management services from Wendy’s/Arby’s. In connection with the RTM Acquisition, ARG entered into a management services agreement with Wendy’s/Arby’s effective July 25, 2005 that provides for an initial annual fixed fee of $4,500 plus annual cost of living adjustments beginning January 1, 2006.  Such fees are included in “General and administrative.” Amounts incurred under such service arrangements, and other incidental amounts, are settled through the Company’s intercompany account with Wendy’s/Arby’s. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (f)  | In 2008, the Company pledged $1,000 to be paid in equal annual installments over a five year period to be donated to the Dave Thomas Foundation for Adoption, a related party. Payments of $200 were made in 2009 and 2008. The amount pledged was recorded in “General and administrative” in 2008. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (g)  | During 2009 and 2008 the Company paid $500 of expenses on behalf of The Arby’s Foundation, Inc. (the “Foundation”) a not-for-profit charitable foundation in which the Company has non-controlling representation on the board of directors, primarily utilizing funds reimbursed to it by one of the beverage companies used by Arby’s as provided by their contract. In 2007 the Company made charitable contributions of $575 to the Foundation.  All such amounts are included in “General and administrative.”  The Company did not make any charitable contributions to the Foundation in 2009 or 2008. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (h)  | The Company pays periodic cash dividends to Wendy’s/Arby’s which were charged to “Invested Equity.” |
|------------------|-----------------------------------------------------------------------------------------------------------------------------|

|   (i)   | Approximately $5,368 in fees for corporate finance advisory services were paid to a management company which was formed by directors of Wendy’s/Arby’s including its Chairman of the Board of Directors, who is its former Chief Executive Officer, its Vice Chairman of the Board of Directors, who is its former President and Chief Operating Officer, and another director, who is also its former Vice Chairman of the Board of Directors, in connection with the issuance of the Senior Notes. |
|------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   (j)  | During the 2009 fourth quarter, Wendy’s and its franchisees entered into a purchasing co-op relationship agreement (the “Co-op Agreement”) to establish a new Wendy’s purchasing co-op, Quality Supply Chain Co-op, Inc. (“QSCC”). QSCC now manages food and related product purchases and distribution services for the Wendy’s system in the United States and Canada.  Through QSCC, Wendy’s and Wendy’s franchisees purchase food, proprietary paper and operating supplies under national contracts with pricing based upon total system volume. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k)  | During 2007 the Company paid $1,600 to settle a post-closing purchase price adjustment provided for in the agreement and plan of merger pursuant to which the Company acquired RTM. The sellers of RTM included certain current officers of a subsidiary of the Company and a former director of the Company.  The Company reflected such payment as an increase in “Goodwill.”   |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l)  | ARCOP, the independent Arby’s purchasing cooperative, and the Foundation subleased approximately 2,680 and 3,800 square feet, respectively, of the corporate headquarters office space from ARG in 2009 and 2008. In 2007, ARCOP subleased approximately 2,680 square feet and the Foundation subleased approximately 5,000 square feet of office space from ARG. The Company has received $106, $111, and $106 of sublease income from ARCOP in 2009, 2008, and 2007, respectively, and $107, $116, and $117 of sublease income from the Foundation in 2009, 2008, and 2007, respectively. |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m)  | On December 31, 2009, AFA entered into a revolving loan agreement with ARG.  This agreement, which provided for ARG to make revolving loans of up to $5,500 to AFA, was amended on February 25, 2010 to provide for revolving loans of up to $14,500. Under the terms of this agreement, outstanding amounts are due through April 4, 2011 and bear interest at 7.5%.  As of January 3, 2010, the outstanding balance under this agreement was $5,089. |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                           |   | 2009   |    |   | 2008   |   |
|------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Cash and cash equivalents                      |   | $      | 21,856  |   |   | $      | 29,270 |   |
| Accounts and notes receivable                  |   |   | 42,195  |   |   |   | 39,976 |   |
| Other assets                                   |   |   | 16,425  |   |   |   | 11,893 |   |
| Total assets                                   |   | $      | 80,476  |   |   | $      | 81,139 |   |
|                                           |   |   |    |   |   |   |   |   |
| Accounts payable                               |   | $      | 52,514  |   |   | $      | 32,220 |   |
| Accrued expenses and other current liabilities |   |   | 41,906  |   |   |   | 54,457 |   |
| Member’s deficit                         |   |   | (13,944 | )      |   |   | (5,538 | ) |
| Total liabilities and deficit                  |   | $      | 80,476  |   |   | $      | 81,139 |   |

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|                                                  |   | Wendy’s |      |   | Arby’s |   |      |      |   |   |   |   |
|-------------------------------------------------------|--------|---------------|-----------|--------|--------------|--------|-----------|-----------|--------|--------|--------|--------|
| 2009                                                  |   | restaurants   |      |   | restaurants  |   |      | Corporate |   |   | Total  |   |
| Revenues:                                             |   |          |      |   |         |   |      |      |   |   |   |   |
| Sales                                                 |   | $             | 2,134,242 |   |         | $      | 1,064,106 |      |   | $      | -      |   |   | $ | 3,198,348 |   |
| Franchise revenues                                    |   |          | 302,853   |   |         |   | 79,634    |      |   |   | -      |   |   |   | 382,487 |   |
|                                                  |   |          | 2,437,095 |   |         |   | 1,143,740 |      |   |   | -      |   |   |   | 3,580,835 |   |
| Depreciation and amortization                         |   |          | 128,048   |   |         |   | 56,188    |      |   |   | 4,270  |   |   |   | 188,506 |   |
| Operating profit (loss)                               |   | $             | 167,753   |   |         | $      | (29,248   | )         |   | $      | (8,553 | )      |   |   | 129,952 |   |
| Interest expense                                      |   |          |      |   |         |   |      |      |   |   |   |   |   |   | (125,392 | ) |
| Other expense, net                                    |   |          |      |   |         |   |      |      |   |   |   |   |   |   | (2,973 | ) |
| Income from continuing operations before income taxes |   |          |      |   |         |   |      |      |   |   |   |   |   | $ | 1,587 |   |

|                                                |   | Wendy’s |    |   | Arby’s |   |      |   |   |
|-----------------------------------------------------|--------|---------------|---------|--------|--------------|--------|-----------|--------|--------|
| 2008                                                |   | restaurants   |    |   | restaurants  |   |      | Total  |   |
| Revenues:                                           |   |          |    |   |         |   |      |   |   |
| Sales                                               |   | $             | 530,843 |   |         | $      | 1,131,448 |   |   | $ | 1,662,291 |   |
| Franchise revenues                                  |   |          | 74,588  |   |         |   | 85,882    |   |   |   | 160,470 |   |
|                                                |   |          | 605,431 |   |         |   | 1,217,330 |   |   |   | 1,822,761 |   |
| Depreciation and amortization                       |   |          | 23,852  |   |         |   | 61,206    |   |   |   | 85,058 |   |
| Operating profit (loss)                             |   | $             | 30,788  |   |         | $      | (395,304  | )      |   |   | (364,516 | ) |
| Interest expense                                    |   |          |    |   |         |   |      |   |   |   | (66,925 | ) |
| Other income, net                                   |   |          |    |   |         |   |      |   |   |   | 3,234 |   |
| Loss from continuing operations before income taxes |   |          |    |   |         |   |      |   |   | $ | (428,207 | ) |

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|         |   | Wendy’s |      |   | Arby’s |   |    |      |   |   |         |   |   |   |        |
|--------------|--------|---------------|-----------|--------|--------------|--------|---------|-----------|--------|--------|--------------|--------|--------|--------|-------------|
| 2009         |   | restaurants   |      |   | restaurants  |   |    | Corporate |   |   | Eliminations |   |   | Total  |        |
|         |   |          |      |   |         |   |    |      |   |   |         |   |   |   |        |
| Total assets |   | $             | 3,996,371 |   |         | $      | 562,192 |      |   | $      | 2,596,814    |   |   | $      | (2,291,487) |   |   | $ | 4,863,890 |   |

|         |   | Wendy’s |      |   | Arby’s |   |    |      |   |   |         |   |   |   |   |
|--------------|--------|---------------|-----------|--------|--------------|--------|---------|-----------|--------|--------|--------------|--------|--------|--------|--------|
| 2008         |   | restaurants   |      |   | restaurants  |   |    | Corporate |   |   | Eliminations |   |   | Total  |   |
|         |   |          |      |   |         |   |    |      |   |   |         |   |   |   |   |
| Total assets |   | $             | 3,845,490 |   |         | $      | 656,848 |      |   | $      | -            |   |   | $      | -      |   |   | $ | 4,502,338 |   |

|                  |   | Wendy’s |    |   | Arby’s |   |   |      |   |   |         |   |   |   |   |
|-----------------------|--------|---------------|---------|--------|--------------|--------|--------|-----------|--------|--------|--------------|--------|--------|--------|--------|
| 2009                  |   | restaurants   |    |   | restaurants  |   |   | Corporate |   |   | Eliminations |   |   | Total  |   |
|                  |   |          |    |   |         |   |   |      |   |   |         |   |   |   |   |
| Long term investments |   | $             | 102,140 |   |         | $      | -      |      |   | $      | -            |   |   | $      | -      |   |   | $ | 102,140 |   |

|                  |   | Wendy’s |   |   | Arby’s |   |   |      |   |   |         |   |   |   |   |
|-----------------------|--------|---------------|--------|--------|--------------|--------|--------|-----------|--------|--------|--------------|--------|--------|--------|--------|
| 2008                  |   | restaurants   |   |   | restaurants  |   |   | Corporate |   |   | Eliminations |   |   | Total  |   |
|                  |   |          |   |   |         |   |   |      |   |   |         |   |   |   |   |
| Long term investments |   | $             | 96,523 |   |         | $      | -      |      |   | $      | -            |   |   | $      | -      |   |   | $ | 96,523 |   |

|                      |   | Wendy’s |   |   | Arby’s |   |   |          |   |   |   |   |
|---------------------------|--------|---------------|--------|--------|--------------|--------|--------|---------------|--------|--------|--------|--------|
|                      |   | restaurants   |   |   | restaurants  |   |   | Corporate (a) |   |   | Total  |   |
| 2009                      |   |          |   |   |         |   |   |          |   |   |   |   |
| Cash capital expenditures |   | $             | 55,155 |   |         | $      | 29,646 |          |   | $      | 17,113 |   |   | $ | 101,914 |   |
|                      |   |          |   |   |         |   |   |          |   |   |   |   |   |   |   |   |
| 2008                      |   |          |   |   |         |   |   |          |   |   |   |   |   |   |   |   |
| Cash capital expenditures |   | $             | 33,650 |   |         | $      | 72,274 |          |   | $      | -      |   |   | $ | 105,924 |   |

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|                      |   | U.S.   |      |   | Canada |   |    | Other International |   |   | Total  |   |
|---------------------------|--------|--------|-----------|--------|--------|--------|---------|---------------------|--------|--------|--------|--------|
| 2009                      |   |   |      |   |   |   |    |                |   |   |   |   |
| Revenues:                 |   |   |      |   |   |   |    |                |   |   |   |   |
| Wendy’s restaurants |   | $      | 2,190,003 |   |   | $      | 233,359 |                |   | $      | 13,733 |   |   | $ | 2,437,095 |   |
| Arby’s restaurants  |   |   | 1,140,860 |   |   |   | 2,725   |                |   |   | 155    |   |   |   | 1,143,740 |   |
| Consolidated revenue      |   | $      | 3,330,863 |   |   | $      | 236,084 |                |   | $      | 13,888 |   |   | $ | 3,580,835 |   |
|                      |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Long-lived assets:        |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Wendy’s restaurants |   | $      | 1,114,057 |   |   | $      | 63,393  |                |   | $      | 32     |   |   | $ | 1,177,482 |   |
| Arby’s restaurants  |   |   | 419,748   |   |   |   | 7       |                |   |   | -      |   |   |   | 419,755 |   |
| General corporate         |   |   | 10,621    |   |   |   | -       |                |   |   | -      |   |   |   | 10,621 |   |
| Consolidated Assets       |   | $      | 1,544,426 |   |   | $      | 63,400  |                |   | $      | 32     |   |   | $ | 1,607,858 |   |
|                      |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| 2008                      |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Revenues:                 |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Wendy’s restaurants |   | $      | 548,792   |   |   | $      | 53,201  |                |   | $      | 3,438  |   |   | $ | 605,431 |   |
| Arby’s restaurants  |   |   | 1,213,774 |   |   |   | 3,419   |                |   |   | 137    |   |   |   | 1,217,330 |   |
| Consolidated revenue      |   | $      | 1,762,566 |   |   | $      | 56,620  |                |   | $      | 3,575  |   |   | $ | 1,822,761 |   |
|                      |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Long-lived assets:        |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Wendy’s restaurants |   | $      | 1,216,736 |   |   | $      | 42,378  |                |   | $      | 53     |   |   | $ | 1,259,167 |   |
| Arby’s restaurants  |   |   | 495,743   |   |   |   | 10      |                |   |   | -      |   |   |   | 495,753 |   |
| Consolidated Assets       |   | $      | 1,712,479 |   |   | $      | 42,388  |                |   | $      | 53     |   |   | $ | 1,754,920 |   |
|                      |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| 2007                      |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Revenues:                 |   |   |      |   |   |   |    |                |   |   |   |   |   |   |   |   |
| Arby’s restaurants  |   | $      | 1,196,706 |   |   | $      | 3,574   |                |   | $      | 137    |   |   | $ | 1,200,417 |   |

(20) 

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|                    | 2009 Quarter Ended                                                                                                    |
|-------------------------|-----------------------------------------------------------------------------------------------------------------------|
|                    | March 29 (a)                                                                                                          |   | June 28 (a) |   | September 27 (a) |   | January 3, 2010 (a) |
|                    |                                                                                                                  |   |   |   |   |   |   |
| Revenues                | $                  863,984       |   | $               912,687 |   | $                        903,221 |   | $                              900,943 |
| Cost of sales           | 675,942                                                                                                               |   | 686,462 |   | 684,071 |   | 682,005 |
| Operating profit (loss) | 17,978                                                                                                                |   | 68,865 |   | 58,532 |   | (15,423) |
| Net (loss) income       | (6,080)                                                                                                               |   | 24,255 |   | 14,220 |   | (22,746) |
|                    |                                                                                                                  |   |   |   |   |   |   |
|                    |                                                                                                                  |
|                    | 2008 Quarter Ended                                                                                                    |
|                    | March 30 (b)                                                                                                          |   | June 29 (b) |   | September 28 (b) |   | December 28 (b) |
|                    |                                                                                                                  |   |   |   |   |   |   |
| Revenues                | $                   302,854 |   | $               313,014 |   | $                        310,371 |   | $                              896,522 |
| Cost of sales           | 233,445                                                                                                               |   | 244,992 |   | 239,880 |   | 697,213 |
| Operating profit (loss) | 17,349                                                                                                                |   | 17,264 |   | 23,731 |   | (422,860) |
| Net income (loss)       |              2,199                                   |   | 2,111 |   | 6,369 |   | (375,765) |

|   | (a) | The operating profit (loss) was materially affected by impairment of other long-lived assets of $6,880, $6,524, $15,528, and $51,024 for the first, second, third and fourth quarters of 2009, respectively.  The impact of the impairment of other long-lived assets on net (loss) income for the first, second, third and fourth quarters, was $4,266, $4,045, $9,627 and $31,635, respectively, after income tax benefits of $2,614, $2,479, $5,901 and $19,389, respectively. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The operating profit (loss) was materially affected by goodwill impairment of $460,075 for the fourth quarter of 2008. The effect on net (loss) income for the fourth quarter of the goodwill impairment was $391,735, after an income tax benefit of $68,340. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                         |   |   |      |   | Guarantor    |   |      | Non-guarantor |   |   |         |   |   |   |       |
|--------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------------|--------|-----------|---------------|--------|--------|--------------|--------|--------|--------|------------|
|                                                                                                         |   | Parent |      |   | Subsidiaries |   |      | Subsidiaries  |   |   | Eliminations |   |   | Total  |       |
| ASSETS                                                                                                       |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |
| Current assets:                                                                                              |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |
| Cash and cash equivalents                                                                                    |   | $      | 237,608   |   |         | $      | 268,761   |          |   | $      | 32,495       |   |   | $      | -          |   |   | $ | 538,864 |   |
| Restricted cash equivalents                                                                                  |   |   | -         |   |         |   | 1,114     |          |   |   | -            |   |   |   | -          |   |   |   | 1,114 |   |
| Accounts and notes receivable                                                                                |   |   | 29        |   |         |   | 84,291    |          |   |   | 3,287        |   |   |   | -          |   |   |   | 87,607 |   |
| Inventories                                                                                                  |   |   | -         |   |         |   | 21,870    |          |   |   | 1,154        |   |   |   | -          |   |   |   | 23,024 |   |
| Prepaid expenses and other current assets                                                                    |   |   | 4,917     |   |         |   | 21,207    |          |   |   | 599          |   |   |   | -          |   |   |   | 26,723 |   |
| Deferred income tax benefit                                                                                  |   |   | 14,160    |   |         |   | 33,204    |          |   |   | 192          |   |   |   | -          |   |   |   | 47,556 |   |
| Advertising funds restricted assets                                                                          |   |   | -         |   |         |   | -         |          |   |   | 80,476       |   |   |   | -          |   |   |   | 80,476 |   |
| Total current assets                                                                                         |   |   | 256,714   |   |         |   | 430,447   |          |   |   | 118,203      |   |   |   | -          |   |   |   | 805,364 |   |
| Due from affiliates                                                                                          |   |   | 45,415    |   |         |   | -         |          |   |   | 15,188       |   |   |   | (60,603    | ) |   |   | - |   |
| Restricted cash equivalents                                                                                  |   |   | -         |   |         |   | 5,352     |          |   |   | -            |   |   |   | -          |   |   |   | 5,352 |   |
| Investments                                                                                                  |   |   | -         |   |         |   | 4,664     |          |   |   | 97,476       |   |   |   | -          |   |   |   | 102,140 |   |
| Properties                                                                                                   |   |   | 10,621    |   |         |   | 1,533,663 |          |   |   | 63,574       |   |   |   | -          |   |   |   | 1,607,858 |   |
| Goodwill                                                                                           |   |   | -         |   |         |   | 841,156   |          |   |   | 45,140       |   |   |   | -          |   |   |   | 886,296 |   |
| Other intangible assets                                                                                      |   |   | 18,026    |   |         |   | 1,346,725 |          |   |   | 28,132       |   |   |   | -          |   |   |   | 1,392,883 |   |
| Deferred income tax benefit                                                                                  |   |   | 79,325    |   |         |   | -         |          |   |   | 92           |   |   |   | (79,417    | ) |   |   | - |   |
| Net investment in subsidiaries                                                                               |   |   | 2,371,674 |   |         |   | 236,447   |          |   |   | -            |   |   |   | (2,608,121 | ) |   |   | - |   |
| Deferred costs and other assets                                                                              |   |   | 19,966    |   |         |   | 43,345    |          |   |   | 686          |   |   |   | -          |   |   |   | 63,997 |   |
|                 Total assets |   | $      | 2,801,741 |   |         | $      | 4,441,799 |          |   | $      | 368,491      |   |   | $      | (2,748,141 | )    |   | $ | 4,863,890 |   |
|                                                                                                         |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |   |   |   |
| LIABILITIES AND INVESTED EQUITY                                                                              |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |
| Current liabilities:                                                                                         |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |   |   |   |
| Current portion of long-term debt                                                                            |   | $      | 216       |   |         | $      | 15,761    |          |   | $      | 201          |   |   | $      | -          |   |   | $ | 16,178 |   |
| Accounts payable                                                                                             |   |   | 5,665     |   |         |   | 83,762    |          |   |   | 6,412        |   |   |   | -          |   |   |   | 95,839 |   |
| Accrued expenses and other current liabilities                                                               |   |   | 40,459    |   |         |   | 217,281   |          |   |   | 10,441       |   |   |   | -          |   |   |   | 268,181 |   |
| Advertising funds restricted liabilities                                                                     |   |   | -         |   |         |   | -         |          |   |   | 80,476       |   |   |   | -          |   |   |   | 80,476 |   |
| Total current liabilities                                                                                    |   |   | 46,340    |   |         |   | 316,804   |          |   |   | 97,530       |   |   |   | -          |   |   |   | 460,674 |   |
| Long-term debt                                                                                               |   |   | 552,146   |   |         |   | 930,776   |          |   |   | 2,810        |   |   |   | -          |   |   |   | 1,485,732 |   |
| Due to affiliates                                                                                            |   |   | -         |   |         |   | 103,518   |          |   |   | -            |   |   |   | (60,603    | ) |   |   | 42,915 |   |
| Deferred income                                                                                              |   |   | -         |   |         |   | 12,494    |          |   |   | 701          |   |   |   | -          |   |   |   | 13,195 |   |
| Deferred income taxes                                                                                        |   |   | -         |   |         |   | 561,237   |          |   |   | 21,159       |   |   |   | (79,417    | ) |   |   | 502,979 |   |
| Other liabilities                                                                                            |   |   | 5,348     |   |         |   | 145,296   |          |   |   | 9,844        |   |   |   | -          |   |   |   | 160,488 |   |
| Invested equity:                                                                                             |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |   |   |   |
| Member interest, $0.01 par value; 1,000 shares authorized, one share issued and outstanding                  |   |   | -         |   |         |   | -         |          |   |   | -            |   |   |   | -          |   |   |   | - |   |
| Other capital                                                                                                |   |   | 2,854,775 |   |         |   | 3,091,081 |          |   |   | 210,230      |   |   |   | (3,301,311 | ) |   |   | 2,854,775 |   |
| (Accumulated deficit) retained earnings                                                                      |   |   | (496,862  | )      |         |   | (559,401  | )             |   |   | 30,913       |   |   |   | 528,488    |   |   |   | (496,862 | ) |
| Advances to Wendy’s/Arby’s                                                                       |   |   | (155,000  | )      |         |   | (155,000  | )             |   |   | -            |   |   |   | 155,000    |   |   |   | (155,000 | ) |
| Accumulated other comprehensive (loss) income                                                                |   |   | (5,006    | )      |         |   | (5,006    | )             |   |   | (4,696       | )      |   |   | 9,702      |   |   |   | (5,006 | ) |
| Total invested equity                                                                                        |   |   | 2,197,907 |   |         |   | 2,371,674 |          |   |   | 236,447      |   |   |   | (2,608,121 | ) |   |   | 2,197,907 |   |
| Total liabilities and invested equity                                                                        |   | $      | 2,801,741 |   |         | $      | 4,441,799 |          |   | $      | 368,491      |   |   | $      | (2,748,141 | )     |   | $ | 4,863,890 |   |

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|                                                                                                         |   |   |      |   | Guarantor    |   |      | Non-guarantor |   |   |         |   |   |   |       |
|--------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------------|--------|-----------|---------------|--------|--------|--------------|--------|--------|--------|------------|
|                                                                                                         |   | Parent |      |   | Subsidiaries |   |      | Subsidiaries  |   |   | Eliminations |   |   | Total  |       |
| ASSETS                                                                                                       |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |
| Current assets:                                                                                              |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |
| Cash and cash equivalents                                                                                    |   | $      | -         |   |         | $      | 54,527    |          |   | $      | 8,553        |   |   | $      | -          |   |   | $ | 63,080 |   |
| Restricted cash equivalents                                                                                  |   |   | -         |   |         |   | 20,792    |          |   |   | -            |   |   |   | -          |   |   |   | 20,792 |   |
| Accounts and notes receivable                                                                                |   |   | -         |   |         |   | 88,439    |          |   |   | 2,908        |   |   |   | -          |   |   |   | 91,347 |   |
| Inventories                                                                                                  |   |   | -         |   |         |   | 23,632    |          |   |   | 1,015        |   |   |   | -          |   |   |   | 24,647 |   |
| Prepaid expenses and other current assets                                                                    |   |   | -         |   |         |   | 22,931    |          |   |   | 719          |   |   |   | -          |   |   |   | 23,650 |   |
| Deferred income tax benefit                                                                                  |   |   | -         |   |         |   | 28,337    |          |   |   | -            |   |   |   | -          |   |   |   | 28,337 |   |
| Advertising funds restricted assets                                                                          |   |   | -         |   |         |   | -         |          |   |   | 81,139       |   |   |   | -          |   |   |   | 81,139 |   |
| Total current assets                                                                                         |   |   | -         |   |         |   | 238,658   |          |   |   | 94,334       |   |   |   | -          |   |   |   | 332,992 |   |
| Due from affiliates                                                                                          |   |   | -         |   |         |   | -         |          |   |   | 16,286       |   |   |   | (16,286    | ) |   |   | - |   |
| Restricted cash equivalents                                                                                  |   |   | -         |   |         |   | 6,462     |          |   |   | -            |   |   |   | -          |   |   |   | 6,462 |   |
| Investments                                                                                                  |   |   | -         |   |         |   | 6,751     |          |   |   | 89,772       |   |   |   | -          |   |   |   | 96,523 |   |
| Properties                                                                                                   |   |   | -         |   |         |   | 1,705,204 |          |   |   | 49,716       |   |   |   | -          |   |   |   | 1,754,920 |   |
| Goodwill                                                                                           |   |   | -         |   |         |   | 807,052   |          |   |   | 52,000       |   |   |   | -          |   |   |   | 859,052 |   |
| Other intangible assets                                                                                      |   |   | -         |   |         |   | 1,336,666 |          |   |   | 74,754       |   |   |   | -          |   |   |   | 1,411,420 |   |
| Net investment in subsidiaries                                                                               |   |   | 2,254,775 |   |         |   | 238,400   |          |   |   | -            |   |   |   | (2,493,175 | ) |   |   | - |   |
| Deferred costs and other assets                                                                              |   |   | -         |   |         |   | 40,488    |          |   |   | 481          |   |   |   | -          |   |   |   | 40,969 |   |
|                 Total assets |   | $      | 2,254,775 |   |         | $      | 4,379,681 |          |   | $      | 377,343      |   |   | $      | (2,509,461 | ) |   | $ | 4,502,338 |   |
|                                                                                                         |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |   |   |   |
| LIABILITIES AND INVESTED EQUITY                                                                              |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |
| Current liabilities:                                                                                         |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |   |   |   |
| Current portion of long-term debt                                                                            |   | $      | -         |   |         | $      | 29,349    |          |   | $      | 188          |   |   | $      | -          |   |   | $ | 29,537 |   |
| Accounts payable                                                                                             |   |   | -         |   |         |   | 128,394   |          |   |   | 6,851        |   |   |   | -          |   |   |   | 135,245 |   |
| Accrued expenses and other current liabilities                                                               |   |   | -         |   |         |   | 219,900   |          |   |   | 10,863       |   |   |   | -          |   |   |   | 230,763 |   |
| Advertising funds restricted liabilities                                                                     |   |   | -         |   |         |   | -         |          |   |   | 81,139       |   |   |   | -          |   |   |   | 81,139 |   |
| Total current liabilities                                                                                    |   |   | -         |   |         |   | 377,643   |          |   |   | 99,041       |   |   |   | -          |   |   |   | 476,684 |   |
| Long-term debt                                                                                               |   |   | -         |   |         |   | 1,058,120 |          |   |   | 2,030        |   |   |   | -          |   |   |   | 1,060,150 |   |
| Due to affiliates                                                                                            |   |   | -         |   |         |   | 28,071    |          |   |   | -            |   |   |   | (16,286    | ) |   |   | 11,785 |   |
| Deferred income                                                                                              |   |   | -         |   |         |   | 16,128    |          |   |   | 732          |   |   |   | -          |   |   |   | 16,860 |   |
| Deferred income taxes                                                                                        |   |   | -         |   |         |   | 494,256   |          |   |   | 32,402       |   |   |   | -          |   |   |   | 526,658 |   |
| Other liabilities                                                                                            |   |   | -         |   |         |   | 150,688   |          |   |   | 4,738        |   |   |   | -          |   |   |   | 155,426 |   |
| Invested equity:                                                                                             |   |   |      |   |         |   |      |          |   |   |         |   |   |   |       |   |   |   |   |   |
| Member interest, $0.01 par value; 1,000 shares authorized, one share issued and outstanding                  |   |   | -         |   |         |   | -         |          |   |   | -            |   |   |   | -          |   |   |   | - |   |
| Other capital                                                                                                |   |   | 2,958,921 |   |         |   | 2,958,921 |          |   |   | 266,013      |   |   |   | (3,224,934 | ) |   |   | 2,958,921 |   |
| (Accumulated deficit) retained earnings                                                                      |   |   | (506,511  | )      |         |   | (506,511  | )             |   |   | 14,700       |   |   |   | 491,811    |   |   |   | (506,511 | ) |
| Advances to Wendy’s/Arby’s                                                                       |   |   | (155,000  | )      |         |   | (155,000  | )             |   |   | -            |   |   |   | 155,000    |   |   |   | (155,000 | ) |
| Accumulated other comprehensive (loss) income                                                                |   |   | (42,635   | )      |         |   | (42,635   | )             |   |   | (42,313      | )      |   |   | 84,948     |   |   |   | (42,635 | ) |
| Total invested equity                                                                                        |   |   | 2,254,775 |   |         |   | 2,254,775 |          |   |   | 238,400      |   |   |   | (2,493,175 | ) |   |   | 2,254,775 |   |
| Total liabilities and invested equity                                                                        |   | $      | 2,254,775 |   |         | $      | 4,379,681 |          |   | $      | 377,343      |   |   | $      | (2,509,461 | ) |   | $ | 4,502,338 |   |

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|                                      |   |   |    |   | Guarantor    |   |      | Non-guarantor |   |   |         |   |   |   |   |
|-------------------------------------------|--------|--------|---------|--------|--------------|--------|-----------|---------------|--------|--------|--------------|--------|--------|--------|--------|
|                                      |   | Parent |    |   | Subsidiaries |   |      | Subsidiaries  |   |   | Eliminations |   |   | Total  |   |
| Revenues:                                 |   |   |    |   |         |   |      |          |   |   |         |   |   |   |   |
| Sales                                     |   | $      | -       |   |         | $      | 2,982,887 |          |   | $      | 215,461      |   |   | $      | -      |   |   | $ | 3,198,348 |   |
| Franchise revenues                        |   |   | -       |   |         |   | 361,716   |          |   |   | 20,771       |   |   |   |   |   |   |   | 382,487 |   |
|                                      |   |   | -       |   |         |   | 3,344,603 |          |   |   | 236,232      |   |   |   | -      |   |   |   | 3,580,835 |   |
| Costs and expenses:                       |   |   |    |   |         |   |      |          |   |   |         |   |   |   |   |   |   |   |   |   |
| Cost of sales                             |   |   | -       |   |         |   | 2,538,821 |          |   |   | 189,659      |   |   |   | -      |   |   |   | 2,728,480 |   |
| General and administrative                |   |   | -       |   |         |   | 433,115   |          |   |   | 9,571        |   |   |   | -      |   |   |   | 442,686 |   |
| Depreciation and amortization             |   |   | 4,270   |   |         |   | 174,001   |          |   |   | 10,235       |   |   |   | -      |   |   |   | 188,506 |   |
| Impairment of other long-lived assets     |   |   | -       |   |         |   | 79,956    |          |   |   | -            |   |   |   | -      |   |   |   | 79,956 |   |
| Facilities relocation and restructuring   |   |   | 4,282   |   |         |   | 3,331     |          |   |   | 403          |   |   |   | -      |   |   |   | 8,016 |   |
| Other operating expense (income), net     |   |   | -       |   |         |   | 10,987    |          |   |   | (7,748       | )      |   |   |   |   |   |   | 3,239 |   |
|                                      |   |   | 8,552   |   |         |   | 3,240,211 |          |   |   | 202,120      |   |   |   | -      |   |   |   | 3,450,883 |   |
| Operating (loss) profit                   |   |   | (8,552  | )      |         |   | 104,392   |          |   |   | 34,112       |   |   |   | -      |   |   |   | 129,952 |   |
| Interest expense                          |   |   | (32,064 | )      |         |   | (93,193   | )             |   |   | (135         | )      |   |   | -      |   |   |   | (125,392 | ) |
| Other income (expense), net               |   |   | 23      |   |         |   | 12,040    |          |   |   | (15,036      | )      |   |   | -      |   |   |   | (2,973 | ) |
| Equity in (loss) income of subsidiaries   |   |   | (52,890 | )      |         |   | 16,213    |          |   |   | -            |   |   |   | 36,677 |   |   |   | - |   |
| (Loss) income before income taxes         |   |   | (93,483 | )      |         |   | 39,452    |          |   |   | 18,941       |   |   |   | 36,677 |   |   |   | 1,587 |   |
| Benefit from (provision for) income taxes |   |   | 103,132 |   |         |   | (92,342   | )             |   |   | (2,728       | )      |   |   | -      |   |   |   | 8,062 |   |
| Net income (loss)                         |   | $      | 9,649   |   |         | $      | (52,890   | )             |   | $      | 16,213       |   |   | $      | 36,677 |   |   | $ | 9,649 |   |

|                                      |   |   |     |   | Guarantor    |   |      | Non-guarantor |   |   |         |   |   |   |    |
|-------------------------------------------|--------|--------|----------|--------|--------------|--------|-----------|---------------|--------|--------|--------------|--------|--------|--------|---------|
|                                      |   | Parent |     |   | Subsidiaries |   |      | Subsidiaries  |   |   | Eliminations |   |   | Total  |    |
| Revenues:                                 |   |   |     |   |         |   |      |          |   |   |         |   |   |   |    |
| Sales                                     |   | $      | -        |   |         | $      | 1,612,915 |          |   | $      | 49,376       |   |   | $      | -       |   |   | $ | 1,662,291 |   |
| Franchise revenues                        |   |   | -        |   |         |   | 153,143   |          |   |   | 7,327        |   |   |   | -       |   |   |   | 160,470 |   |
|                                      |   |   | -        |   |         |   | 1,766,058 |          |   |   | 56,703       |   |   |   | -       |   |   |   | 1,822,761 |   |
| Costs and expenses:                       |   |   |     |   |         |   |      |          |   |   |         |   |   |   |    |   |   |   |   |   |
| Cost of sales                             |   |   | -        |   |         |   | 1,369,927 |          |   |   | 45,603       |   |   |   | -       |   |   |   | 1,415,530 |   |
| General and administrative                |   |   | -        |   |         |   | 210,777   |          |   |   | 2,384        |   |   |   | -       |   |   |   | 213,161 |   |
| Depreciation and amortization             |   |   | -        |   |         |   | 82,979    |          |   |   | 2,079        |   |   |   | -       |   |   |   | 85,058 |   |
| Goodwill impairment                       |   |   | -        |   |         |   | 460,075   |          |   |   | -            |   |   |   | -       |   |   |   | 460,075 |   |
| Impairment of other long-lived assets     |   |   | -        |   |         |   | 9,580     |          |   |   | -            |   |   |   | -       |   |   |   | 9,580 |   |
| Facilities relocation and restructuring   |   |   | -        |   |         |   | 3,221     |          |   |   | -            |   |   |   | -       |   |   |   | 3,221 |   |
| Other operating expense (income), net     |   |   | -        |   |         |   | 2,455     |          |   |   | (1,803       | )      |   |   | -       |   |   |   | 652 |   |
|                                      |   |   | -        |   |         |   | 2,139,014 |          |   |   | 48,263       |   |   |   | -       |   |   |   | 2,187,277 |   |
| Operating (loss) profit                   |   |   | -        |   |         |   | (372,956  | )             |   |   | 8,440        |   |   |   | -       |   |   |   | (364,516 | ) |
| Interest expense                          |   |   | -        |   |         |   | (66,839   | )             |   |   | (86          | )      |   |   | -       |   |   |   | (66,925 | ) |
| Other income (expense), net               |   |   | -        |   |         |   | 6,809     |          |   |   | (3,575       | )      |   |   | -       |   |   |   | 3,234 |   |
| Equity in (loss) income of subsidiaries   |   |   | (365,086 | )      |         |   | 2,962     |          |   |   | -            |   |   |   | 362,164 |   |   |   | - |   |
| (Loss) income before income taxes         |   |   | (365,086 | )      |         |   | (430,024  | )             |   |   | 4,779        |   |   |   | 362,164 |   |   |   | (428,207 | ) |
| Benefit from (provision for) income taxes |   |   | -        |   |         |   | 64,938    |          |   |   | (1,817       | )      |   |   | -       |   |   |   | 63,121 |   |
| Net (loss) income                         |   | $      | (365,086 | )      |         | $      | (365,086  | )             |   | $      | 2,962        |   |   | $      | 362,164 |   |   | $ | (365,086 | ) |

Table of Contents

----

|                                                         |   |   |   |   | Guarantor    |   |      | Non-guarantor |   |   |         |   |   |   |    |
|--------------------------------------------------------------|--------|--------|--------|--------|--------------|--------|-----------|---------------|--------|--------|--------------|--------|--------|--------|---------|
|                                                         |   | Parent |   |   | Subsidiaries |   |      | Subsidiaries  |   |   | Eliminations |   |   | Total  |    |
| Revenues:                                                    |   |   |   |   |         |   |      |          |   |   |         |   |   |   |    |
| Sales                                                        |   | $      | -      |   |         | $      | 1,113,436 |          |   | $      | -            |   |   | $      | -       |   |   | $ | 1,113,436 |   |
| Franchise revenues                                           |   |   | -      |   |         |   | 83,407    |          |   |   | 3,574        |   |   |   | -       |   |   |   | 86,981 |   |
|                                                         |   |   | -      |   |         |   | 1,196,843 |          |   |   | 3,574        |   |   |   | -       |   |   |   | 1,200,417 |   |
| Costs and expenses:                                          |   |   |   |   |         |   |      |          |   |   |         |   |   |   |    |   |   |   |   |   |
| Cost of sales                                                |   |   | -      |   |         |   | 892,821   |          |   |   | 1,629        |   |   |   | -       |   |   |   | 894,450 |   |
| General and administrative                                   |   |   | -      |   |         |   | 135,743   |          |   |   | 1,105        |   |   |   | -       |   |   |   | 136,848 |   |
| Depreciation and amortization                                |   |   | -      |   |         |   | 56,904    |          |   |   | 5            |   |   |   | -       |   |   |   | 56,909 |   |
| Impairment of other long-lived assets                        |   |   | -      |   |         |   | 2,623     |          |   |   | -            |   |   |   | -       |   |   |   | 2,623 |   |
| Facilities relocation and restructuring                      |   |   | -      |   |         |   | 652       |          |   |   | -            |   |   |   | -       |   |   |   | 652 |   |
| Other operating expense, net                                 |   |   | -      |   |         |   | 263       |          |   |   | -            |   |   |   | -       |   |   |   | 263 |   |
|                                                         |   |   | -      |   |         |   | 1,089,006 |          |   |   | 2,739        |   |   |   | -       |   |   |   | 1,091,745 |   |
| Operating profit                                             |   |   | -      |   |         |   | 107,837   |          |   |   | 835          |   |   |   | -       |   |   |   | 108,672 |   |
| Interest expense                                             |   |   | -      |   |         |   | (59,223   | )             |   |   | (1           | )      |   |   | -       |   |   |   | (59,224 | ) |
| Other income, net                                            |   |   | -      |   |         |   | 3,317     |          |   |   | 63           |   |   |   | -       |   |   |   | 3,380 |   |
| Equity in income (loss) of subsidiaries                      |   |   | 32,694 |   |         |   | (87       | )             |   |   | -            |   |   |   | (32,607 | ) |   |   | - |   |
| Income (loss) from continuing operations before income taxes |   |   | 32,694 |   |         |   | 51,844    |          |   |   | 897          |   |   |   | (32,607 | ) |   |   | 52,828 |   |
| Provision for income taxes                                   |   |   | -      |   |         |   | (19,001   | )             |   |   | (984         | )      |   |   | -       |   |   |   | (19,985 | ) |
| Income (loss) from continuing operations                     |   |   | 32,694 |   |         |   | 32,843    |          |   |   | (87          | )      |   |   | (32,607 | ) |   |   | 32,843 |   |
| Loss from discontinued operations, net of income taxes       |   |   | -      |   |         |   | (149      | )             |   |   | -            |   |   |   | -       |   |   |   | (149 | ) |
| Net income (loss)                                            |   | $      | 32,694 |   |         | $      | 32,694    |          |   | $      | (87          | )      |   | $      | (32,607 | ) |   | $ | 32,694 |   |

Table of Contents

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|                                                                                                |   |   |     |   | Guarantor    |   |     | Non-guarantor |   |    |         |   |   |   |    |
|-----------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------------|--------|----------|---------------|--------|---------|--------------|--------|--------|--------|---------|
|                                                                                                |   | Parent |     |   | Subsidiaries |   |     | Subsidiaries  |   |    | Eliminations |   |   | Total  |    |
| Cash flows from continuing operating activities:                                                    |   |   |     |   |         |   |     |          |   |    |         |   |   |   |    |
| Net income (loss)                                                                                   |   | $      | 9,649    |   |         | $      | (52,890  | )             |   |  $ | 16,213       |   |   | $      | 36,677  |   |   | $ | 9,649 |   |
| Adjustments to reconcile net income (loss) to net cash provided by continuing operating activities: |   |   |     |   |         |   |     |          |   |    |         |   |   |   |    |   |   |   |   |   |
| Equity in loss (income) from continuing operations of subsidiaries                                  |   |   | 52,890   |   |         |   | (16,213  | )             |   |    | -            |   |   |   | (36,677 | ) |   |   | - |   |
| Depreciation and amortization                                                                       |   |   | 4,270    |   |         |   | 174,001  |          |   |    | 10,235       |   |   |   | -       |   |   |   | 188,506 |   |
| Impairment of other long-lived assets                                                               |   |   | -        |   |         |   | 79,956   |          |   |    | -            |   |   |   | -       |   |   |   | 79,956 |   |
| Tax sharing (receivable) payable to Wendy’s/Arby’s, net                                 |   |   | (9,648   | )      |         |   | 50,061   |          |   |    | -            |   |   |   | -       |   |   |   | 40,413 |   |
| Tax sharing payments to Wendy’s/Arby’s                                                  |   |   | -        |   |         |   | (10,417  | )             |   |    | -            |   |   |   | -       |   |   |   | (10,417 | ) |
| Write-off and amortization of deferred financing costs                                              |   |   | 1,632    |   |         |   | 14,164   |          |   |    | -            |   |   |   | -       |   |   |   | 15,796 |   |
| Distributions received from joint venture                                                           |   |   | -        |   |         |   | -        |          |   |    | 14,583       |   |   |   | -       |   |   |   | 14,583 |   |
| Share-based compensation provision                                                                  |   |   | 3,550    |   |         |   | 10,020   |          |   |    | -            |   |   |   | -       |   |   |   | 13,570 |   |
| Non-cash rent expense                                                                               |   |   | -        |   |         |   | 12,618   |          |   |    | -            |   |   |   | -       |   |   |   | 12,618 |   |
| Accretion of long-term debt                                                                         |   |   | 718      |   |         |   | 9,682    |          |   |    | -            |   |   |   | -       |   |   |   | 10,400 |   |
| Provision for doubtful accounts                                                                     |   |   | -        |   |         |   | 8,279    |          |   |    | (110         | )      |   |   | -       |   |   |   | 8,169 |   |
| Deferred income tax (benefit) provision, net                                                        |   |   | (94,686  | )      |         |   | 28,906   |          |   |    | (2,761       | )      |   |   | -       |   |   |   | (68,541 | ) |
| Other operating transactions with affiliates                                                        |   |   | (33,506  | )      |         |   | 48,279   |          |   |    | (659         | )      |   |   | -       |   |   |   | 14,114 |   |
| Equity in earnings in joint venture                                                                 |   |   | -        |   |         |   | -        |          |   |    | (8,499       | )      |   |   | -       |   |   |   | (8,499 | ) |
| Net recognition of vendor incentive                                                                 |   |   | -        |   |         |   | (791     | )             |   |    | -            |   |   |   | -       |   |   |   | (791 | ) |
| Other, net                                                                                          |   |   | (559     | )      |         |   | 11,429   |          |   |    | (5,317       | )      |   |   | -       |   |   |   | 5,553 |   |
| Changes in operating assets and liabilities:                                                        |   |   |     |   |         |   |     |          |   |    |         |   |   |   |    |   |   |   |   |   |
| Accounts and notes receivable                                                                       |   |   | (29      | )      |         |   | (7,770   | )             |   |    | 120          |   |   |   | -       |   |   |   | (7,679 | ) |
| Inventories                                                                                         |   |   | -        |   |         |   | 1,859    |          |   |    | 20           |   |   |   | -       |   |   |   | 1,879 |   |
| Prepaid expenses and other current assets                                                           |   |   | (4,917   | )      |         |   | 5,306    |          |   |    | 732          |   |   |   | -       |   |   |   | 1,121 |   |
| Accounts payable, accrued expenses and other current liabilities                                    |   |   | 43,095   |   |         |   | (42,353  | )             |   |    | 539          |   |   |   | -       |   |   |   | 1,281 |   |
| Net cash (used in) provided by continuing operating activities                                      |   |   | (27,541  | )      |         |   | 324,126  |          |   |    | 25,096       |   |   |   | -       |   |   |   | 321,681 |   |
| Cash flows from continuing investing activities:                                                    |   |   |     |   |         |   |     |          |   |    |         |   |   |   |    |   |   |   |   |   |
| Capital expenditures                                                                                |   |   | (17,113  | )      |         |   | (80,458  | )             |   |    | (4,343       | )      |   |   | -       |   |   |   | (101,914 | ) |
| Proceeds from dispositions                                                                          |   |   | -        |   |         |   | 10,472   |          |   |    | 410          |   |   |   | -       |   |   |   | 10,882 |   |
| Cost of acquisitions, less cash acquired                                                            |   |   | -        |   |         |   | (2,357   | )             |   |    | -            |   |   |   | -       |   |   |   | (2,357 | ) |
| Other, net                                                                                          |   |   | -        |   |         |   | 192      |          |   |    | -            |   |   |   | -       |   |   |   | 192 |   |
| Net cash used in continuing investing activities                                                    |   |   | (17,113  | )      |         |   | (72,151  | )             |   |    | (3,933       | )      |   |   | -       |   |   |   | (93,197 | ) |
| Cash flows from continuing financing activities:                                                    |   |   |     |   |         |   |     |          |   |    |         |   |   |   |    |   |   |   |   |   |
| Proceeds from long-term debt                                                                        |   |   | 551,061  |   |         |   | 56,160   |          |   |    | 286          |   |   |   | -       |   |   |   | 607,507 |   |
| Repayments of notes payable and long-term debt                                                      |   |   | (52      | )      |         |   | (209,198 | )             |   |    | (232         | )      |   |   | -       |   |   |   | (209,482 | ) |
| Deferred financing costs                                                                            |   |   | (21,247  | )      |         |   | (17,152  | )             |   |    | -            |   |   |   | -       |   |   |   | (38,399 | ) |
| Capital contributions to affiliates                                                                 |   |   | (132,500 | )      |         |   | 132,500  |          |   |    | -            |   |   |   | -       |   |   |   | - |   |
| Dividends paid to Wendy’s/Arby’s                                                        |   |   | (115,000 | )      |         |   | -        |          |   |    | -            |   |   |   | -       |   |   |   | (115,000 | ) |
| Net cash provided by (used in) continuing financing activities                                      |   |   | 282,262  |   |         |   | (37,690  | )             |   |    | 54           |   |   |   | -       |   |   |   | 244,626 |   |
| Net cash provided by continuing operations                                                          |   |   | 237,608  |   |         |   | 214,285  |          |   |    | 21,217       |   |   |   | -       |   |   |   | 473,110 |   |
| Effect of exchange rate changes on cash                                                             |   |   | -        |   |         |   |     |          |   |    | 2,725        |   |   |   | -       |   |   |   | 2,725 |   |
| Net cash provided by continuing operations                                                          |   |   | 237,608  |   |         |   | 214,285  |          |   |    | 23,942       |   |   |   |    |   |   |   | 475,835 |   |
| Net cash used in operating activities of discontinued operations                                    |   |   | -        |   |         |   | (51      | )             |   |    | -            |   |   |   | -       |   |   |   | (51 | ) |
| Net increase in cash and cash equivalents                                                           |   |   | 237,608  |   |         |   | 214,234  |          |   |    | 23,942       |   |   |   | -       |   |   |   | 475,784 |   |
| Cash and cash equivalents at beginning of year                                                      |   |   | -        |   |         |   | 54,527   |          |   |    | 8,553        |   |   |   | -       |   |   |   | 63,080 |   |
| Cash and cash equivalents at end of year                                                            |   | $      | 237,608  |   |         | $      | 268,761  |          |   | $       | 32,495       |   |   | $      | -       |   |   | $ | 538,864 |   |

Table of Contents

----

|                                                                                                |   |   |     |   | Guarantor    |   |     | Non-guarantor |   |   |         |   |   |   |     |
|-----------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------------|--------|----------|---------------|--------|--------|--------------|--------|--------|--------|----------|
|                                                                                                |   | Parent |     |   | Subsidiaries |   |     | Subsidiaries  |   |   | Eliminations |   |   | Total  |     |
| Cash flows from continuing operating activities:                                                    |   |   |     |   |         |   |     |          |   |   |         |   |   |   |     |
| Net (loss) income                                                                                   |   | $      | (365,086 | )      |         | $      | (365,086 | )             |   | $      | 2,962        |   |   | $      | 362,124  |   |   | $ | (365,086 | ) |
| Adjustments to reconcile net (loss) income to net cash provided by continuing operating activities: |   |   |     |   |         |   |     |          |   |   |         |   |   |   |     |   |   |   |   |   |
| Equity in loss (income) from continuing operations of subsidiaries                                  |   |   | 365,086  |   |         |   | (2,962   | )             |   |   | -            |   |   |   | (362,124 | ) |   |   | - |   |
| Depreciation and amortization                                                                       |   |   | -        |   |         |   | 82,979   |          |   |   | 2,079        |   |   |   | -        |   |   |   | 85,058 |   |
| Impairment of other long-lived assets                                                               |   |   | -        |   |         |   | 9,580    |          |   |   | -            |   |   |   | -        |   |   |   | 9,580 |   |
| Tax sharing payments to Wendy’s/Arby’s                                                  |   |   | -        |   |         |   | (17,000  | )             |   |   | -            |   |   |   | -        |   |   |   | (17,000 | ) |
| Write-off and amortization of deferred financing costs                                              |   |   | -        |   |         |   | 3,753    |          |   |   | -            |   |   |   | -        |   |   |   | 3,753 |   |
| Distributions received from joint venture                                                           |   |   | -        |   |         |   | -        |          |   |   | 2,864        |   |   |   | -        |   |   |   | 2,864 |   |
| Share-based compensation provision                                                                  |   |   | -        |   |         |   | 8,770    |          |   |   | -            |   |   |   | -        |   |   |   | 8,770 |   |
| Non-cash rent expense                                                                               |   |   | -        |   |         |   | 3,103    |          |   |   | -            |   |   |   | -        |   |   |   | 3,103 |   |
| Accretion of long-term debt                                                                         |   |   | -        |   |         |   | 2,452    |          |   |   | -            |   |   |   | -        |   |   |   | 2,452 |   |
| Provision for doubtful accounts                                                                     |   |   | -        |   |         |   | 556      |          |   |   | 114          |   |   |   | -        |   |   |   | 670 |   |
| Deferred income tax benefit, net                                                                    |   |   | -        |   |         |   | (62,519  | )             |   |   | (204         | )      |   |   | -        |   |   |   | (62,723 | ) |
| Other operating transactions with affiliates                                                        |   |   | -        |   |         |   | 10,859   |          |   |   | (5,596       | )      |   |   | -        |   |   |   | 5,263 |   |
| Equity in earnings in joint venture                                                                 |   |   | -        |   |         |   | -        |          |   |   | (1,974       | )      |   |   | -        |   |   |   | (1,974 | ) |
| Net recognition of vendor incentive                                                                 |   |   | -        |   |         |   | (6,459   | )             |   |   | -            |   |   |   | -        |   |   |   | (6,459 | ) |
| Goodwill impairment                                                                                 |   |   | -        |   |         |   | 460,075  |          |   |   | -            |   |   |   | -        |   |   |   | 460,075 |   |
| Other, net                                                                                          |   |   | -        |   |         |   | 17,163   |          |   |   | (12,811      | )      |   |   | -        |   |   |   | 4,352 |   |
| Changes in operating assets and liabilities:                                                        |   |   |     |   |         |   |     |          |   |   |         |   |   |   |     |   |   |   |   |   |
| Accounts and notes receivable                                                                       |   |   | -        |   |         |   | (2,670   | )             |   |   | 1,303        |   |   |   | -        |   |   |   | (1,367 | ) |
| Inventories                                                                                         |   |   | -        |   |         |   | (70      | )             |   |   | (70          | )      |   |   | -        |   |   |   | (140 | ) |
| Prepaid expenses and other current assets                                                           |   |   | -        |   |         |   | 14,135   |          |   |   | 5,665        |   |   |   | -        |   |   |   | 19,800 |   |
| Accounts payable, accrued expenses and other current liabilities                                    |   |   | -        |   |         |   | (40,780  | )             |   |   | (9,246       | )      |   |   | -        |   |   |   | (50,026 | ) |
| Net cash provided by (used in) continuing operating activities                                      |   |   | -        |   |         |   | 115,879  |          |   |   | (14,914      | )      |   |   | -        |   |   |   | 100,965 |   |
| Cash flows from continuing investing activities:                                                    |   |   |     |   |         |   |     |          |   |   |         |   |   |   |     |   |   |   |   |   |
| Capital expenditures                                                                                |   |   | -        |   |         |   | (102,904 | )             |   |   | (3,020       | )      |   |   | -        |   |   |   | (105,924 | ) |
| Proceeds from dispositions                                                                          |   |   | -        |   |         |   | 1,322    |          |   |   | -            |   |   |   | -        |   |   |   | 1,322 |   |
| Cost of acquisitions, less cash acquired                                                            |   |   | -        |   |         |   | (9,622   | )             |   |   | -            |   |   |   | -        |   |   |   | (9,622 | ) |
| Increase in cash from the Wendy’s merger                                                      |   |   | -        |   |         |   | 171,421  |          |   |   | 28,364       |   |   |   | -        |   |   |   | 199,785 |   |
| Other, net                                                                                          |   |   | -        |   |         |   | (129     | )             |   |   | -            |   |   |   | -        |   |   |   | (129 | ) |
| Net cash provided by continuing investing activities                                                |   |   | -        |   |         |   | 60,088   |          |   |   | 25,344       |   |   |   | -        |   |   |   | 85,432 |   |
| Cash flows from continuing financing activities:                                                    |   |   |     |   |         |   |     |          |   |   |         |   |   |   |     |   |   |   |   |   |
| Proceeds from long-term debt                                                                        |   |   | -        |   |         |   | 17,753   |          |   |   | -            |   |   |   | -        |   |   |   | 17,753 |   |
| Repayments of notes payable and long-term debt                                                      |   |   | -        |   |         |   | (175,521 | )             |   |   | -            |   |   |   | -        |   |   |   | (175,521 | ) |
| Capital contributions from Wendy’s/Arby’s                                               |   |   | -        |   |         |   | 150,177  |          |   |   | -            |   |   |   | -        |   |   |   | 150,177 |   |
| Advances to Wendy’s/Arby’s                                                              |   |   | -        |   |         |   | (155,000 | )             |   |   | -            |   |   |   | -        |   |   |   | (155,000 | ) |
| Other, net                                                                                          |   |   | -        |   |         |   | (659     | )             |   |   | -            |   |   |   | -        |   |   |   | (659 | ) |
| Net cash used in continuing financing activities                                                    |   |   | -        |   |         |   | (163,250 | )             |   |   | -            |   |   |   | -        |   |   |   | (163,250 | ) |
| Net cash provided by continuing operations before effect of exchange rate changes on cash           |   |   | -        |   |         |   | 12,717   |          |   |   | 10,430       |   |   |   | -        |   |   |   | 23,147 |   |
| Effect of exchange rate changes on cash                                                             |   |   | -        |   |         |   | -        |          |   |   | (4,123       | )      |   |   | -        |   |   |   | (4,123 | ) |
| Net increase in cash and cash equivalents                                                           |   |   | -        |   |         |   | 12,717   |          |   |   | 6,307        |   |   |   | -        |   |   |   | 19,024 |   |
| Cash and cash equivalents at beginning of year                                                      |   |   | -        |   |         |   | 41,810   |          |   |   | 2,246        |   |   |   | -        |   |   |   | 44,056 |   |
| Cash and cash equivalents at end of year                                                            |   | $      | -        |   |         | $      | 54,527   |          |   | $      | 8,553        |   |   | $      | -        |   |   | $ | 63,080 |   |

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|                                                                                                |   |    |    |   |   | Guarantor    |   |    | Non-guarantor |   |   |         |   |   |   |    |
|-----------------------------------------------------------------------------------------------------|--------|---------|---------|--------|--------|--------------|--------|---------|---------------|--------|--------|--------------|--------|--------|--------|---------|
|                                                                                                |   | Parent  |    |   |   | Subsidiaries |   |    | Subsidiaries  |   |   | Eliminations |   |   | Total  |    |
| Cash flows from continuing operating activities:                                                    |   |    |    |   |   |         |   |    |          |   |   |         |   |   |   |    |
| Net income (loss)                                                                                   |   | $       | 32,694  |   |   |         | $      | 32,694  |          |   | $      | (87          | )      |   | $      | (32,607 | ) |   | $ | 32,694 |   |
| Adjustments to reconcile net income (loss) to net cash provided by continuing operating activities: |   |    |    |   |   |         |   |    |          |   |   |         |   |   |   |    |   |   |   |   |   |
| Equity in (income) loss from continuing operations of subsidiaries                                  |   |    | (32,694 | )      |   |         |   | 87      |          |   |   | -            |   |   |   | 32,607  |   |   |   | - |   |
| Depreciation and amortization                                                                       |   |    | -       |   |   |         |   | 56,904  |          |   |   | 5            |   |   |   | -       |   |   |   | 56,909 |   |
| Impairment of other long-lived assets                                                               |   |    | -       |   |   |         |   | 2,623   |          |   |   | -            |   |   |   | -       |   |   |   | 2,623 |   |
| Amortization of deferred financing costs                                                            |   |    | -       |   |   |         |   | 1,999   |          |   |   | -            |   |   |   | -       |   |   |   | 1,999 |   |
| Share-based compensation provision                                                                  |   |    | -       |   |   |         |   | 5,054   |          |   |   | -            |   |   |   | -       |   |   |   | 5,054 |   |
| Non-cash rent expense                                                                               |   |    | -       |   |   |         |   | 599     |          |   |   | -            |   |   |   | -       |   |   |   | 599 |   |
| Accretion of long-term debt                                                                         |   |    | -       |   |   |         |   | 179     |          |   |   | -            |   |   |   | -       |   |   |   | 179 |   |
| Provision for doubtful accounts                                                                     |   |    | -       |   |   |         |   | 631     |          |   |   | -            |   |   |   | -       |   |   |   | 631 |   |
| Deferred income tax benefit, net                                                                    |   |    | -       |   |   |         |   | (8,681  | )             |   |   | -            |   |   |   | -       |   |   |   | (8,681 | ) |
| Other operating transactions with affiliates                                                        |   |    | -       |   |   |         |   | 26,252  |          |   |   | (1,295       | )      |   |   | -       |   |   |   | 24,957 |   |
| Net recognition of vendor incentive                                                                 |   |    | -       |   |   |         |   | (990    | )             |   |   | -            |   |   |   | -       |   |   |   | (990 | ) |
| Other, net                                                                                          |   |    | -       |   |   |         |   | (4,412  | )             |   |   | 566          |   |   |   | -       |   |   |   | (3,846 | ) |
| Changes in operating assets and liabilities:                                                        |   |    |    |   |   |         |   |    |          |   |   |         |   |   |   |    |   |   |   |   |   |
| Accounts and notes receivable                                                                       |   |    | -       |   |   |         |   | (242    | )             |   |   | (114         | )      |   |   | -       |   |   |   | (356 | ) |
| Inventories                                                                                         |   |    | -       |   |   |         |   | (987    | )             |   |   | -            |   |   |   | -       |   |   |   | (987 | ) |
| Prepaid expenses and other current assets                                                           |   |    | -       |   |   |         |   | (14,471 | )             |   |   | -            |   |   |   | -       |   |   |   | (14,471 | ) |
| Accounts payable, accrued expenses and other current liabilities                                    |   |    | -       |   |   |         |   | 11,144  |          |   |   | 1,474        |   |   |   | -       |   |   |   | 12,618 |   |
| Net cash provided by continuing operating activities                                                |   |    | -       |   |   |         |   | 108,383 |          |   |   | 549          |   |   |   | -       |   |   |   | 108,932 |   |
| Cash flows from continuing investing activities:                                                    |   |    |    |   |   |         |   |    |          |   |   |         |   |   |   |    |   |   |   |   |   |
| Capital expenditures                                                                                |   |    | -       |   |   |         |   | (72,702 | )             |   |   | (181         | )      |   |   | -       |   |   |   | (72,883 | ) |
| Proceeds from dispositions                                                                          |   |    | -       |   |   |         |   | 878     |          |   |   | -            |   |   |   | -       |   |   |   | 878 |   |
| Cost of acquisitions, less cash acquired                                                            |   |    | -       |   |   |         |   | (4,094  | )             |   |   | -            |   |   |   | -       |   |   |   | (4,094 | ) |
| Other, net                                                                                          |   |    | -       |   |   |         |   | 48      |          |   |   | -            |   |   |   | -       |   |   |   | 48 |   |
| Net cash used in continuing investing activities                                                    |   |    | -       |   |   |         |   | (75,870 | )             |   |   | (181         | )      |   |   | -       |   |   |   | (76,051 | ) |
| Cash flows from continuing financing activities:                                                    |   |    |    |   |   |         |   |    |          |   |   |         |   |   |   |    |   |   |   |   |   |
| Proceeds from long-term debt                                                                        |   |    | -       |   |   |         |   | 23,060  |          |   |   | -            |   |   |   | -       |   |   |   | 23,060 |   |
| Repayments of notes payable and long-term debt                                                      |   |    | -       |   |   |         |   | (14,292 | )             |   |   | -            |   |   |   | -       |   |   |   | (14,292 | ) |
| Deferred financing costs                                                                            |   |    | -       |   |   |         |   | (4,517  | )             |   |   | -            |   |   |   | -       |   |   |   | (4,517 | ) |
| Dividends to Wendy’s/Arby’s                                                             |   |    | -       |   |   |         |   | (37,000 | )             |   |   | -            |   |   |   | -       |   |   |   | (37,000 | ) |
| Net cash used in continuing financing activities                                                    |   |    | -       |   |   |         |   | (32,749 | )             |   |   | -            |   |   |   | -       |   |   |   | (32,749 | ) |
| Net cash (used in) provided by continuing operations                                                |   |    | -       |   |   |         |   | (236    | )             |   |   | 368          |   |   |   | -       |   |   |   | 132 |   |
| Net cash used in discontinued operations                                                            |   |    | -       |   |   |         |   | (285    | )             |   |   | -            |   |   |   | -       |   |   |   | (285 | ) |
| Net (decrease) increase in cash and cash equivalents                                                |   |    | -       |   |   |         |   | (521    | )             |   |   | 368          |   |   |   | -       |   |   |   | (153 | ) |
| Cash and cash equivalents at beginning of year                                                      |   |    | -       |   |   |         |   | 42,331  |          |   |   | 1,878        |   |   |   | -       |   |   |   | 44,209 |   |
| Cash and cash equivalents at end of year                                                            |   |  $ | -       |   |   |         | $      | 41,810  |          |   | $      | 2,246        |   |   | $      | -       |   |   | $ | 44,056 |   |

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| EXHIBIT NO. | DESCRIPTION                                                                                                                                                                                                                                                                                                                                                 |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                        |
| 2.1         | Agreement and Plan of Merger, dated as of April 23, 2008, by and among Triarc Companies, Inc., Green Merger Sub Inc. and Wendy’s International, Inc., incorporated herein by reference to Exhibit 2.1 to Triarc’s Current Report on Form 8-K dated April 29, 2008 (SEC file no. 001-02207).                                                     |
| 2.2         | Side Letter Agreement, dated August 14, 2008, by and among Triarc Companies, Inc., Green Merger Sub, Inc. and Wendy’s International, Inc., incorporated herein by reference to Exhibit 2.3 to Triarc’s Registration Statement on Form S-4, Amendment No.3, filed on August 15, 2008 (Reg. no. 333-151336).                                      |
| 3.1         | Certificate of Formation of Wendy’s/Arby’s Restaurants, LLC, as amended to date, incorporated by reference to Exhibit 3.1 to Wendy’s/Arby’s Restaurants’ Registration Statement on Form S-4 filed on August 28, 2009 (Reg. no. 333-161613).                                                                                   |
| 3.2         | Third Amended and Restated Limited Liability Company Operating Agreement of Wendy’s/Arby’s Restaurants, LLC, incorporated by reference to Exhibit 3.2 to Wendy’s/Arby’s Restaurants’ Registration Statement on Form S-4 filed on August 28, 2009 (Reg. no. 333-161613).                                                       |
| 4.1         | Indenture between Wendy’s International, Inc. and Bank One, National Association, pertaining to 6.25% Senior Notes due November 15, 2011 and 6.20% Senior Notes due June 15, 2014, incorporated herein by reference to Exhibit 4(i) of the Wendy’s International, Inc. Form 10-K for the year ended December 30, 2001 (SEC file no. 001-08116). |
| 4.2         | Indenture, dated as of June 23, 2009, among Wendy’s/Arby’s Restaurants, LLC, the guarantors named therein and U.S. Bank National Association, as Trustee, incorporated herein by reference to Exhibit 4.1 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended June 28, 2009 (SEC file no. 001-02207).                   |
| 4.3         | Registration Rights Agreement, dated as of June 23, 2009, among Wendy’s/Arby’s Restaurants, LLC, the guarantors named therein and the initial purchasers named therein, incorporated herein by reference to Exhibit 4.2 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended June 28, 2009 (SEC file no. 001-02207).     |
| 4.4         | Supplemental Indenture, dated as of July 8, 2009, among Wendy’s/Arby’s Restaurants, LLC, the guarantors named therein and U.S. Bank National Association, as Trustee, incorporated herein by reference to Exhibit 4.3 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended June 28, 2009 (SEC file no. 001-02207).       |
| 4.5         | Form of Exchange Note, incorporated by reference to Exhibit A of Exhibit 4.1 to Wendy’s/Arby’s Restaurants’ Registration Statement on Form S-4 filed on August 28, 2009 (Reg. no. 333-161613).                                                                                                                                            |
| 4.6         | Supplemental Indenture, dated as of December 21, 2009, among Wendy’s/Arby’s Restaurants, LLC, the guarantors named therein and U.S. Bank National Association, as Trustee.*                                                                                                                                                                     |
| 10.1        | Triarc Companies, Inc. Amended and Restated 1997 Equity Participation Plan, incorporated herein by reference to Exhibit 10.2 to Triarc’s Current Report on Form 8-K dated May 19, 2005 (SEC file no. 001-02207).**                                                                                                                                    |
| 10.2        | Form of Non-Incentive Stock Option Agreement under the Triarc Companies, Inc. Amended and Restated 1997 Equity Participation Plan, incorporated herein by reference to Exhibit 10.6 to Triarc’s Current Report on Form 8-K dated March 16, 1998 (SEC file no. 001-02207).**                                                                           |

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| 10.3  | Triarc Companies, Inc. Amended and Restated 1998 Equity Participation Plan, incorporated herein by reference to Exhibit 10.3 to Triarc’s Current Report on Form 8-K dated May 19, 2005 (SEC file no. 001-02207).**                                                                                                                                                                                      |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4  | Form of Non-Incentive Stock Option Agreement under the Triarc Companies, Inc. Amended and Restated 1998 Equity Participation Plan, incorporated herein by reference to Exhibit 10.2 to Triarc’s Current Report on Form 8-K dated May 13, 1998 (SEC file no. 001-02207).**                                                                                                           |
| 10.5  | Wendy’s/Arby’s Group, Inc. Amended and Restated 2002 Equity Participation Plan, as amended, incorporated herein by reference to Exhibit 10.5 to Wendy’s/Arby’s Group’s Form 10-K for the year ended December 28, 2008 (SEC file no. 001-02207).**                                                                                                                               |
| 10.6  | Form of Non-Incentive Stock Option Agreement under the Wendy’s/Arby’s Group, Inc. Amended and Restated 2002 Equity Participation Plan, as amended, incorporated herein by reference to Exhibit 99.6 to Wendy’s/Arby’s Group’s Current Report on Form 8-K dated December 22, 2008 (SEC file no. 001-02207).**                                                               |
| 10.7  | Form of Restricted Stock Agreement under the Wendy’s/Arby’s Group, Inc. Amended and Restated 2002 Equity Participation Plan, as amended, incorporated herein by reference to Exhibit 10.7 to Wendy’s/Arby’s Group’s Form 10-K for the year ended December 28, 2008 (SEC file no. 001-02207).**                                                                                  |
| 10.8  | Form of Non-Employee Director Restricted Stock Award Agreement under the Wendy’s/Arby’s Group, Inc. Amended and Restated 2002 Equity Participation Plan, incorporated herein by reference to Exhibit 10.7 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended June 28, 2009 (SEC file no. 001-02207).**                                                                   |
| 10.9  | Form of Non-Incentive Stock Option Agreement under the Wendy’s/Arby’s Group, Inc. Amended and Restated 2002 Equity Participation Plan, as amended, incorporated herein by reference to Exhibit 10.1 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended September 27, 2009 (SEC file no. 001-02207).**                                                                    |
| 10.10 | Form of Restricted Share Unit Award Agreement under the Wendy’s Arby’s Group, Inc. Amended and Restated 2002 Equity Participation Plan, as amended, incorporated herein by reference to Exhibit 10.2 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended September 27, 2009 (SEC file no. 001-02207).                                                           |
| 10.11 | 1999 Executive Bonus Plan, incorporated herein by reference to Exhibit A to Triarc’s 1999 Proxy Statement (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                   |
| 10.12 | Amendment to the Triarc Companies, Inc. 1999 Executive Bonus Plan, dated as of June 22, 2004, incorporated herein by reference to Exhibit 10.1 to Triarc’s Current Report on Form 8-K dated June 1, 2005 (SEC file no. 001-02207).**                                                                                                                                                                    |
| 10.13 | Amendment to the Triarc Companies, Inc. 1999 Executive Bonus Plan effective as of March 26, 2007, incorporated herein by reference to Exhibit 10.2 to Triarc’s Current Report on Form 8-K dated June 6, 2007 (SEC file no. 001-02207).**                                                                                                                                                                |
| 10.14 | Wendy’s International, Inc. 2003 Stock Incentive Plan, incorporated herein by reference to Exhibit 10(f) of the Wendy’s International, Inc. Form 10-Q for the quarter ended April 2, 2006 (SEC file no. 001-08116).**                                                                                                                                                                             |
| 10.15 | Amendments to the Wendy’s International, Inc. 2003 Stock Incentive Plan, incorporated herein by reference to Exhibit 10.12 to Wendy’s/Arby’s Group’s Form 10-K for the year ended December 28, 2008 (SEC file no. 001-02207).**                                                                                                                                                       |
| 10.16 | Wendy’s International, Inc. 2007 Stock Incentive Plan, incorporated herein by reference to Annex C to the Wendy’s International, Inc. Definitive 2007 Proxy Statement, dated March 12, 2007 (SEC file no. 001-08116).**                                                                                                                                                                           |
| 10.17 | First Amendment to the Wendy’s International, Inc. 2007 Stock Incentive Plan, incorporated herein by reference to Exhibit 10(d) of the Wendy’s International, Inc. Form 10-Q for the quarter ended September 30, 2007 (SEC file no. 001-08116).**                                                                                                                                                 |
| 10.18 | Amendments to the Wendy’s International, Inc. 2007 Stock Incentive Plan, incorporated herein by reference to Exhibit 10.15 to Wendy’s/Arby’s Group’s Form 10-K for the year ended December 28, 2008 (SEC file no. 001-02207).**                                                                                                                                                       |
| 10.19 | Form of Stock Option Award Letter for U.S. Grantees under the Wendy’s International, Inc. 2007 Stock Incentive Plan, incorporated herein by reference to Exhibit 10.3 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended September 27, 2009 (SEC file no. 001-02207).**                                                                                                        |
| 10.20 | Form of Stock Unit Award Agreement under the Wendy’s International, Inc. 2007 Stock Incentive Plan, incorporated herein by reference to Exhibit 10.4 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended September 27, 2009 (SEC file no. 001-02207).**                                                                                                                         |
| 10.21 | Form of letter amending non-qualified stock options granted under the Wendy’s International, Inc. 2007 Stock Incentive Plan on May 1, 2007 and May 1, 2008 to certain former directors of Wendy’s International, Inc. incorporated herein by reference to Exhibit 10.5 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended September 27, 2009 (SEC file no. 001-02207).** |
| 10.22 | Wendy’s International, Inc. Supplemental Executive Retirement Plan, incorporated herein by reference to Exhibit 10(f) of the Wendy’s International, Inc. Form 10-K for the year ended December 29, 2002 (SEC file no. 001-08116).**                                                                                                                                                          |
| 10.23 | First Amendment to the Wendy’s International, Inc. Supplemental Executive Retirement Plan, incorporated herein by reference to Exhibit 10(f) of the Wendy’s International, Inc. Form 10-K for the year ended December 31, 2006 (SEC file no. 001-08116).**                                                                                                                                   |
| 10.24 | Amended and Restated Wendy’s International, Inc. Supplemental Executive Retirement Plan No. 2, incorporated herein by reference to Exhibit 10.24 to Wendy’s/Arby’s Group’s Form 10-K for the year ended January 3, 2010 (SEC file no. 001-02207). **                                                                                                                                  |

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| 10.25 | Amended and Restated Wendy’s International, Inc. Supplemental Executive Retirement Plan No. 3, incorporated herein by reference to Exhibit 10.25 to Wendy’s/Arby’s Group’s Form 10-K for the year ended January 3, 2010 (SEC file no. 001-02207). **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.26 | Wendy’s/Arby’s Group, Inc. 2009 Directors’ Deferred Compensation Plan, effective as of May 28, 2009, incorporated herein by reference to Exhibit 10.6 to Wendy’s/Arby’s Group’s Form 10-Q for the quarter ended June 28, 2009 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.27 | Amended and Restated Credit Agreement, dated as of July 25, 2005, amended and restated as of March 11, 2009, among Wendy’s International, Inc., Wendy’s International Holdings, LLC, Arby’s Restaurant Group, Inc., Arby’s Restaurant Holdings, LLC, Triarc Restaurant Holdings, LLC, the Lenders and Issuers party thereto, Citicorp North America, Inc., as administrative agent and collateral agent, Bank of America, N.A. and Credit Suisse, Cayman Islands Branch, as co-syndication agents, Wachovia Bank, National Association, SunTrust Bank and GE Capital Franchise Finance Corporation, as co-documentation agents, Citigroup Global Markets Inc., Banc of America Securities LLC and Credit Suisse, Cayman Islands Branch, as joint lead arrangers and joint book-running managers, incorporated herein by reference to Exhibit 10.1 to Wendy’s/Arby’s Group’s Current Report on Form 8-K filed on March 12, 2009 (SEC file no. 001-02207). |
| 10.28 | Amended and Restated Pledge and Security Agreement dated March 11, 2009, by and between Wendy’s International, Inc., Wendy’s International Holdings, LLC, Arby’s Restaurant Group, Inc., and Arby’s Restaurant Holdings, LLC, and Citicorp North America, Inc., as collateral agent incorporated herein by reference to Exhibit 10.2 to Wendy’s/Arby’s Group’s Current Report on Form 8-K filed on March 12, 2009 (SEC file no. 001-02207).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.29 | Amendment No. 1 to Amended and Restated Credit Agreement and Amended and Restated Pledge and Security Agreement, dated as of June 10, 2009, incorporated herein by reference to Exhibit 10.1 to Wendy’s/Arby’s Group’s Current Report on Form 8-K dated June 10, 2009 (SEC file no. 001-02207).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.30 | Form of Increase Joinder dated as of March 17, 2009 among Arby’s Restaurant Group, Inc., Wendy’s International Holdings, Inc., Arby’s Restaurant Holdings, LLC, Wendy’s International, Inc., Citicorp North America, Inc., The Huntington National Bank, Fifth Third Bank, Wells Fargo Bank, National Association and Bank of America, N.A., incorporated herein by reference to Exhibit 10.1 to Wendy’s/Arby’s Group’s Current Report on Form 8-K filed on March 20, 2009 (SEC file no. 001-02207).                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.31 | Assignment of Rights Agreement between Wendy’s International, Inc. and Mr. R. David Thomas, incorporated herein by reference to Exhibit 10(c) of the Wendy’s International, Inc. Form 10-K for the year ended December 31, 2000 (SEC file no. 001-08116).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.32 | Letter Agreement dated as of December 28, 2007, between Triarc Companies, Inc. and Nelson Peltz., incorporated herein by reference to Exhibit 10.2 to Triarc’s Current Report on Form 8-K dated January 4, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.33 | Separation Agreement, dated as of April 30, 2007, between Triarc Companies, Inc. and Peter W. May, incorporated herein by reference to Exhibit 10.4 to Triarc’s Current Report on Form 8-K dated April 30, 2007 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.34 | Letter Agreement dated as of December 28, 2007, between Triarc Companies, Inc. and Peter W. May, incorporated herein by reference to Exhibit 10.3 to Triarc’s Current Report on Form 8-K dated January 4, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.35 | Agreement dated June 10, 2009 between Wendy’s/Arby’s Group, Inc. and Trian Fund Management, L.P., incorporated herein by reference to Exhibit 10.1 to Wendy’s/Arby’s Group’s Current Report on Form 8-K dated June 11, 2009 (SEC file no. 001-02207).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.36 | Consulting and Employment Agreement dated July 25, 2008 between Triarc Companies, Inc. and J. David Karam, incorporated herein by reference to Exhibit 99.1 to Triarc’s Current Report on Form 8-K dated July 25, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.37 | Amended and Restated Letter Agreement dated as of December 18, 2008 between Sharron Barton and Wendy’s/Arby’s Group, Inc., incorporated herein by reference to Exhibit 99.2 to Wendy’s/Arby’s Group’s Current Report on Form 8-K filed on December 22, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.38 | Amended and Restated Letter Agreement dated as of December 18, 2008 between Nils H. Okeson and Wendy’s/Arby’s Group, Inc., incorporated herein by reference to Exhibit 99.3 to Wendy’s/Arby’s Group’s Current Report on Form 8-K filed on December 22, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.39 | Amended and Restated Letter Agreement dated as of December 18, 2008 between Stephen E. Hare and Wendy’s/Arby’s Group, Inc., incorporated herein by reference to Exhibit 99.4 to Wendy’s/Arby’s Group’s Current Report on Form 8-K filed on December 22, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.40 | Amended and Restated Letter Agreement dated as of December 18, 2008 between Roland C. Smith and Wendy’s/Arby’s Group, Inc., incorporated herein by reference to Exhibit 99.5 to Wendy’s/Arby’s Group’s Current Report on Form 8-K filed on December 28, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.41 | Form of Indemnification Agreement, between Wendy’s/Arby’s Group, Inc. and certain officers, directors, and employees thereof, incorporated herein by reference to Exhibit 10.47 to Wendy’s/Arby’s Group’s Annual Report on Form 10-K for the fiscal year ended December 28, 2008 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.42 | Form of Indemnification Agreement between Arby’s Restaurant Group, Inc. and certain directors, officers and employees thereof, incorporated herein by reference to Exhibit 10.40 to Triarc’s Annual Report on Form 10-K for the fiscal year ended December 30, 2007 (SEC file no. 001-02207).**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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| 10.43 | Form of Indemnification Agreement for officers and employees of Wendy’s International, Inc. and its subsidiaries, incorporated herein by reference to Exhibit 10 of the Wendy’s International, Inc. Current Report on Form 8-K filed July 12, 2005 (SEC file no. 001-08116).**                                  |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.44 | Form of First Amendment to Indemnification Agreement between Wendy’s International, Inc. and its directors and certain officers and employees, incorporated herein by reference to Exhibit 10(b) of the Wendy’s International, Inc. Form 10-Q for the quarter ended June 29, 2008 (SEC file no. 001-08116).**   |
| 10.45 | Tax Sharing Agreement, dated as of May 26, 2009, among Wendy’s/Arby’s Group, Inc. and certain of its subsidiaries party thereto, incorporated by reference to Exhibit 10.40 to Wendy’s/Arby’s Restaurants’ Registration Statement on Form S-4 filed on August 28, 2009 (Reg. no. 333-161613). |
| 31.1  | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                    |
| 31.2  | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                    |
| 32.1  | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished as an exhibit to this Form 10-K.*                                                                                                                                             |
| 99.1  | Audited Financial Statements of TimWen Partnership*                                                                                                                                                                                                                                                                         |

|    * |  Filed herewith. |
|----------------|-----------------------|

|   **  |  Identifies a management contract or compensatory plan or arrangement. |
|-----------------|-----------------------------------------------------------------------------|

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|                  | WENDY’S/ARBY’S RESTAURANTS, LLC(Registrant)                                                                                                                                                                            |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Dated: March 19, 2010 |  By:  /s/ Roland C. Smith                                |
|                  | Roland C. Smith                                                                                                                                                                                                                    |
|                  | President and Chief Executive Officer                                                                                                                                                                                              |

| Signature                                       | Titles                                                         |
|-------------------------------------------------|----------------------------------------------------------------|
|  /s/ Roland C. Smith                       | President, Chief Executive Officer, and Manager                |
| (Roland C. Smith)                               | (Principal Executive Officer)                                  |
|  /s/ Stephen E. Hare                       | Senior Vice President and Chief Financial Officer, and Manager |
| (Stephen E. Hare)                               | (Principal Financial Officer)                                  |
|  /s/ Steven B. Graham                      | Senior Vice President and Chief Accounting Officer             |
| (Steven B. Graham)                              | (Principal Accounting Officer)                                 |
|  /s/ Nils H. Okeson                        | Manager                                                        |
| (Nils H. Okeson) /s/ Joseph A. Levato      | Manager                                                        |
| (Joseph A. Levato) /s/ David E. Schwab II  | Manager                                                        |
| (David E. Schwab II) /s/ Raymond S. Troubh | Manager                                                        |
| (Raymond S. Troubh)                             |                                                           |
|  /s/ Jack G. Wasserman                     | Manager                                                        |
| (Jack G. Wasserman)                             |                                                           |

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