Exhibit 99.1

VRONA & VAN SCHUYLER, CPAS, PLLC

CERTIFIED PUBLIC ACCOUNTANTS

WENDCHARLES I, LLC

FINANCIAL STATEMENTS

DECEMBER 26, 2010 AND DECEMBER 27, 2009



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VRONA & VAN SCHUYLER,
CPAS, PLLC

CERTIFIED PUBLIC ACCOUNTANTS

ADMIN@VRONAVANSCHUYLERCPA.COM

WWW.VRONAVANSCHUYLERCPA.COM



|                                                                                   |  |  |  |                                                                                                
|---------------------------------------------------------------------------------- |  |  |  | -----------------------------------------------------------------------------------------------
|240 LONG BEACH ROAD ISLAND PARK, NY 11558-1541 TEL: 516-670-9479 FAX: 516-670-9477 |  |  |  | 240 WEST 35TH ST. STE 300
NEW YORK, NY 10001 - 2506 TEL: 212 - 868 - 3750 FAX: 212 - 868 -
3727

INDEPENDENT ACCOUNTANTS REVIEW REPORT

The Members

Wendcharles I, LLC

27 Central Avenue

Cortland, New York 13045

We have reviewed the accompanying statement of assets, liabilities and members capital-income tax basis of Wendcharles I, LLC as of
December 26, 2010 and December 27, 2009 and the related statements of revenues and expenses-income tax basis, members capital-income tax basis and cash flows-income tax basis for years then ended. A review includes primarily applying
analytical procedures to managements financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as
a whole. Accordingly, we do not express such an opinion.

Management is responsible for the preparation and fair presentation of the financial
statements in accordance with the income tax basis for accounting and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.

Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting and Review Services issued by the American
Institute of Certified Public Accountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our
procedures provides a reasonable basis for our report.

Based on our review, we are not aware of any material modifications that should be
made to the accompanying financial statements in order for them to be in conformity with the income tax basis of accounting, as described in Note 1.



LOGOCERTIFIED PUBLIC ACCOUNTANTS


January 21, 2011



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VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS



Wendcharles I, LLC

Statement of Assets, Liabilities and Members Capital-Income Tax Basis

December 26, 2010 and December 27, 2009



|                                                                                                   |  |      |           |  |      |   |           | 
|-------------------------------------------------------------------------------------------------- |  | ---- | --------- |  | ---- | - | --------- | 
|                                                                                                   |  | 2010 |           |  | 2009 |  
|ASSETS                                                                                             |  |      |           |  |      |   |           | 
|Current assets:                                                                                    |  |      |           |  |      |   |           | 
|Cash (Note 1I)                                                                                     |  | $    | 381,703   |  |      | $ | 261,195   | 
|Inventories  (Note 1C)                                                                            |  |      | 84,183    |  |      |   | 92,614    | 
|Prepaid expenses and other current assets                                                          |  |      | 1,812     |  |      |   | 0         | 
|                                                                                                   |  |      |           |  |      |   |           | 
|Total current assets                                                                               |  |      | 467,698   |  |      |   | 353,809   | 
|                                                                                                   |  |      |           |  |      |   |           | 
|Property and equipment  (Notes 1D and 2)                                                          |  |      | 1,108,376 |  |      |   | 1,279,826 | 
|                                                                                                   |  |      |           |  |      |   |           | 
|Other assets:                                                                                      |  |      |           |  |      |   |           | 
|Goodwill, net of accumulated amortization of $306,489 in 2010 and $175,137 in 2009  (Note 1E)     |  |      | 2,320,570 |  |      |   | 2,451,922 | 
|Deferred costs, net of accumulated amortization of $36,878 in 2010 and $21,074 in 2009  (Note 1F) |  |      | 66,536    |  |      |   | 82,340    | 
|Deposits                                                                                           |  |      | 16,765    |  |      |   | 16,765    | 
|                                                                                                   |  |      |           |  |      |   |           | 
|Total other assets                                                                                 |  |      | 2,403,871 |  |      |   | 2,551,027 | 
|                                                                                                   |  |      |           |  |      |   |           | 
|TOTAL ASSETS                                                                                       |  | $    | 3,979,945 |  |      | $ | 4,184,662 | 
|                                                                                                   |  |      |           |  |      |   |           | 
|LIABILITIES AND MEMBERS CAPITAL                                                                   |  |      |           |  |      |   |           | 
|Current liabilities:                                                                               |  |      |           |  |      |   |           | 
|Current maturities of long-term debt  (Note 3)                                                    |  | $    | 122,507   |  |      | $ | 94,973    | 
|Accounts payable and accrued expenses                                                              |  |      | 945,265   |  |      |   | 1,143,122 | 
|                                                                                                   |  |      |           |  |      |   |           | 
|Total current liabilities                                                                          |  |      | 1,067,772 |  |      |   | 1,238,095 | 
|Long-term debt, less current maturities  (Note 3)                                                 |  |      | 1,712,760 |  |      |   | 1,599,951 | 
|                                                                                                   |  |      |           |  |      |   |           | 
|Total liabilities                                                                                  |  |      | 2,780,532 |  |      |   | 2,838,046 | 
|Commitments and contingencies  (Notes 3, 4, 5 and 6)                                              |  |      |          |  |      |   |          | 
|Members capital  (Notes 1A, 5 and 6B)                                                            |  |      | 1,199,413 |  |      |   | 1,346,616 | 
|                                                                                                   |  |      |           |  |      |   |           | 
|TOTAL LIABILITIES AND MEMBERS CAPITAL                                                             |  | $    | 3,979,945 |  |      | $ | 4,184,662 | 
|                                                                                                   |  |      |           |  |      |   |           | 

See accountants review report and notes to the financial statements.



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VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS



Wendcharles I, LLC

Statement of Revenues and Expenses-Income Tax Basis

For the Years Ended December 26, 2010 and December 27, 2009



|                                                          |  |      |            |   |      |   |            |  
|--------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | -
|                                                          |  | 2010 |            |   | 2009 |  
|Sales                                                     |  | $    | 13,378,747 |   |      | $ | 13,015,200 |  
|Cost of sales                                             |  |      | 4,094,186  |   |      |   | 3,902,709  |  
|                                                          |  |      |            |   |      |   |            |  
|Gross profit                                              |  |      | 9,284,561  |   |      |   | 9,112,491  |  
|                                                          |  |      |            |   |      |   |            |  
|Labor expenses                                            |  |      | 4,688,198  |   |      |   | 4,642,622  |  
|Store operating and occupancy expenses                    |  |      | 2,901,803  |   |      |   | 2,782,709  |  
|General and administrative expenses                       |  |      | 678,493    |   |      |   | 619,303    |  
|Advertising expenses  (Note 4A)                          |  |      | 631,966    |   |      |   | 598,878    |  
|Royalty expense  (Note 4A)                               |  |      | 535,150    |   |      |   | 520,609    |  
|Depreciation and amortization  (Notes 1D, 1E, and 1F)    |  |      | 572,821    |   |      |   | 860,258    |  
|Interest expense  (Note 3)                               |  |      | 58,359     |   |      |   | 52,149     |  
|                                                          |  |      |            |   |      |   |            |  
|Total operating expenses                                  |  |      | 10,066,790 |   |      |   | 10,076,528 |  
|                                                          |  |      |            |   |      |   |            |  
|Operating income (loss)                                   |  |      | (782,229   | ) |      |   | (964,037   | )
|Gain (loss) on sale (disposal) of assets                  |  |      | (8,047     | ) |      |   | (65,086    | )
|Interest income                                           |  |      | 0          |   |      |   | 84         |  
|Workers compensation refund                              |  |      | 670,000    |   |      |   | 650,000    |  
|Other income                                              |  |      | 156,843    |   |      |   | 12,307     |  
|                                                          |  |      |            |   |      |   |            |  
|Excess (deficiency) of revenues over expenses  (Note 1G) |  | $    | 36,567     |   |      | $ | (366,732   | )
|                                                          |  |      |            |   |      |   |            |  

See accountants review report and notes to the financial statements.



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VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS



Wendcharles I, LLC

Statement of Members Capital-Income Tax Basis

For the Years Ended December 26, 2010 and December 27, 2009



|                                                                |  |   |           |  
|--------------------------------------------------------------- |  | - | --------- | -
|Members capital, December 28, 2008                             |  | $ | 1,883,348 |  
|Excess (deficiency) of revenues over expenses December 27, 2009 |  |   | (366,732  | )
|Distributions paid to members                                   |  |   | (168,000  | )
|Redemption of members interest                                 |  |   | (2,000    | )
|                                                                |  |   |           |  
|Members Capital, December 27, 2009                             |  |   | 1,346,616 |  
|Excess (deficiency) of revenues over expenses December 26, 2010 |  |   | 36,567    |  
|Distributions paid to members                                   |  |   | (183,770  | )
|                                                                |  |   |           |  
|Members Capital, December 26, 2010                             |  | $ | 1,199,413 |  
|                                                                |  |   |           |  

See accountants review report and notes to the financial statements.



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VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS



Wendcharles I,LLC

Statement of Cash Flows-Income Tax Basis

For the Years Ended December 26, 2010 and December 27, 2009



|                                                                       |  |      |          |   |      |   |          |  
|---------------------------------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | -
|                                                                       |  | 2010 |          |   | 2009 |  
|Cash flows from operating activities:                                  |  |      |          |   |      |   |          |  
|Excess (deficiency) of revenues over expenses                          |  | $    | 36,567   |   |      | $ | (366,732 | )
|Adjustments to reconcile to net cash provided by operating activities: |  |      |          |   |      |   |          |  
|Depreciation and amortization                                          |  |      | 572,821  |   |      |   | 860,258  |  
|Decrease (increase) in inventories                                     |  |      | 8,431    |   |      |   | 930      |  
|Decrease (increase) in prepaid expenses and other current assets       |  |      | (1,812   | ) |      |   | 4,612    |  
|Increase (decrease) in accounts payable, accrued expenses and taxes    |  |      | (197,857 | ) |      |   | (72,026  | )
|(Gain)/loss on (sale)/disposal of assets                               |  |      | 8,047    |   |      |   | 65,086   |  
|                                                                       |  |      |          |   |      |   |          |  
|Total adjustments                                                      |  |      | 389,630  |   |      |   | 858,860  |  
|                                                                       |  |      |          |   |      |   |          |  
|Net cash provided by operating activities                              |  |      | 426,197  |   |      |   | 492,128  |  
|                                                                       |  |      |          |   |      |   |          |  
|Cash flows from investing activities:                                  |  |      |          |   |      |   |          |  
|Capital expenditures, tangible and intangible assets                   |  |      | (262,262 | ) |      |   | (905,554 | )
|                                                                       |  |      |          |   |      |   |          |  
|Net cash provided by (used in) investing activities                    |  |      | (262,262 | ) |      |   | (905,554 | )
|                                                                       |  |      |          |   |      |   |          |  
|Cash flows from financing activities:                                  |  |      |          |   |      |   |          |  
|Repayments of note payable                                             |  |      | (109,657 | ) |      |   | (90,194  | )
|Members distributions                                                 |  |      | (183,770 | ) |      |   | (168,000 | )
|Redemption of members interest                                        |  |      | 0        |   |      |   | (2,000   | )
|Proceeds from debt                                                     |  |      | 250,000  |   |      |   | 0        |  
|                                                                       |  |      |          |   |      |   |          |  
|Net cash provided by (used in) financing activities                    |  |      | (43,427  | ) |      |   | (260,194 | )
|                                                                       |  |      |          |   |      |   |          |  
|Net increase (decrease) in cash                                        |  |      | 120,508  |   |      |   | (673,620 | )
|Cash, beginning of period                                              |  |      | 261,195  |   |      |   | 934,815  |  
|                                                                       |  |      |          |   |      |   |          |  
|Cash, end of period                                                    |  | $    | 381,703  |   |      | $ | 261,195  |  
|                                                                       |  |      |          |   |      |   |          |  
|Additional Cash Flow Information:                                      |  |      |          |   |      |   |          |  
|Interest paid during the year                                          |  | $    | 53,199   |   |      | $ | 53,199   |  

See accountants review report
and notes to the financial statements.



---

VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS



Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009

Note 1  Summary of Significant
Accounting Policies



| | (A) | The Company:
| | --- | ------------

Wendcharles I, LLC
was formed on June 24, 2008 pursuant to the South Carolina Code of Laws to acquire, own and operate eleven existing Wendys Old Fashioned Hamburger Restaurants in the Charleston, South Carolina metropolitan area. As part of the same
overall transaction, another South Carolina limited liability company, Wendcharles II, LLC, affiliated with the Company by certain common management and ownership interests, acquired six other existing Wendys Old Fashioned Hamburger
Restaurants in and proximate to North Charleston. The restaurants were all acquired from one unrelated seller for an aggregate purchase price of $5,760,000, less net adjustments to the Company of approximately $14,000. The Companys recorded
goodwill in the amount of approximately $4,060,000. The purchase price was financed principally by a $3,500,000 loan from Bank of America, with the balance provided by capital contributions of the members. The acquisition closed and restaurant
operations commenced on September 16, 2008.

The leases for the eleven leasehold estates, all in South Carolina, were
assigned to the Company from different lessors. Four locations each are in Charleston and North Charleston and three are in Mt. Pleasant as follows: Charleston: 1721 Sam Rittenberg Boulevard; 194 Cannon Street; 343 Folly Road; and 5275 International
Blvd; North Charleston: 4113 Rivers Avenue; 5115 Dorchester Rd; 9145 University Blvd; and 4892 Ashley Phosphate Road; Mt Pleasant: 361 Highway 17 By-Pass; 935 Chuck Dawley Boulevard; and 596 Long Point Road. (See Notes 2, 3, and 4A).

The Company is to continue in perpetuity, except it is to be dissolved as a result of the sale of all business operations or the sale of
all or substantially all of its assets, in each of such cases upon the receipt of the consideration therefor in cash or the reduction to cash of non-cash consideration, or upon the occurrence of certain events as set forth in the operating
agreement. (See Note 5B).



| | (B) | Income Tax Basis of Accounting:
| | --- | -------------------------------

The Company is treated as a partnership for Federal and South Carolina income tax purposes. The accompanying financial statements have
been prepared on the basis of accounting used to prepare the Companys federal partnership return. Such other comprehensive basis of accounting differs from generally accepted accounting principles. Accordingly, the accompanying financial
statements are not intended to present financial position and results of operations in accordance with generally accepted accounting principles. (See Note 1G).



| | (C) | Inventories:
| | --- | ------------

Inventories
represent food and supplies and are stated at cost.

See accountants review report.



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VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS

Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009

Note 1  Summary of Significant
Accounting Policies  (Continued):



| | (D) | Property, Equipment and Depreciation:
| | --- | -------------------------------------

Property and equipment are stated at cost. Depreciation is provided by application of the straight-line and declining balance methods over depreciable lives as follows:



|                       |  |               
|---------------------- |  | --------------
|Land improvements      |  | 15 years      
|Leasehold improvements |  | 15 to 39 years
|Restaurant equipment   |  | 5 to 7 years  
|Automobile             |  | 5 years       

If it had qualifying property
placed in service during the year, the Company has taken additional depreciation deductions in accordance with the federal governments enactment of the Economic Stimulus Act of 2008, amended by the American Recovery and Reinvestment Act of
2009, the Small Business Jobs Act of 2010, and the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.



| | (E) | Goodwill:
| | --- | ---------

Goodwill,
representing the excess of the purchase price over the fair value of the assets acquired, is amortized over fifteen years.



| | (F) | Deferred Costs:
| | --- | ---------------

The Company
capitalized the costs incurred in obtaining its financing and its leases. These costs are amortized over the life of the loan.



| | (G) | Income Taxes:
| | --- | -------------

The Company was
organized as a Limited Liability Company under the laws of South Carolina and is not subject to any federal or state income tax. For federal and South Carolina income tax purposes, the Company is treated as a partnership. Accordingly, each member is
required to report on his federal and applicable state income tax return his distributive share of all items of income, gain, loss, deduction, credit and tax preference of the Company for any taxable year, whether or not any cash distribution has
been or will be made to such member.

The Companys tax returns are subject to examination by the Federal and State taxing
authorities. The tax laws, rules and regulations governing these returns are complex, technical and subject to varying interpretations. If an examination required the Company to make adjustments, the profit or loss allocated to the members would be
adjusted accordingly.

Although income tax rules are used to determine the timing of the reporting revenues and expenses,
non-taxable and non-deductible expenses are included in the determination of net income in the accompanying financial statements.



| | (H) | Fiscal Year:
| | --- | ------------

The Companys
annual accounting period is a fiscal year ending on the last Sunday of December.



See
accountantsreview report.



---

VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS

Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009

Note 1  Summary of Significant
Accounting Policies  (Continued):



| | (I) | Cash:
| | --- | -----

The Company maintains its
cash in various banks. The accounts at each bank are guaranteed by the Federal Deposit Insurance Corporation, to a maximum of $250,000. At any time during the year, the cash balance may exceed $250,000.



| | (J) | Use of Estimates:
| | --- | -----------------

The
preparation of financial statements in conformity with the income tax accrual basis of accounting requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ
from these estimates.



| | (K) | Advertising:
| | --- | ------------

The Company expenses all advertising costs when incurred.

Note 2  Property and_Equipment

Property and equipment consist
of the following:



|                               |  |      |           |  |      |   |           | 
|------------------------------ |  | ---- | --------- |  | ---- | - | --------- | 
|                               |  | 2010 |           |  | 2009 |  
|Land improvements              |  | $    | 62,541    |  |      | $ | 62,541    | 
|Leasehold improvements         |  |      | 869,747   |  |      |   | 663,378   | 
|Restaurant equipment           |  |      | 1,576,123 |  |      |   | 1,536,821 | 
|Automobile                     |  |      | 4,940     |  |      |   | 4,940     | 
|                               |  |      |           |  |      |   |           | 
|Total                          |  |      | 2,513,351 |  |      |   | 2,267,680 | 
|Less: Accumulated depreciation |  |      | 1,404,975 |  |      |   | 987,854   | 
|                               |  |      |           |  |      |   |           | 
|Property and equipment, net    |  | $    | 1,108,376 |  |      | $ | 1,279,826 | 
|                               |  |      |           |  |      |   |           | 

Note 3  Acquisition Debt

At the closing of the purchase transaction, the Company and its affiliate, Wendcharles II, LLC, jointly obtained a $3,500,000 loan from Bank of America, with interest at a floating rate, initially equal
to the thirty-day adjusted LIBOR plus 250 basis points for the period commencing on the closing date until four quarterly financial reports have been submitted and reviewed in accordance with the loan agreement and, thereafter, equal to the thirty
day adjusted LIBOR plus a margin based on the funded debt to earnings before interest, taxes depreciation and amortization (EBITDA) ratio. Based on the relative values of the leasehold interests acquired, $1,800,000 and $1,700,000,
representing 51% and 49%, respectively, of the total principal amount, were recorded on the books of the Company and its affiliate, although they are jointly and severally liable for the loan.

A combined initial payment of interest only of $7,277, based on LIBOR of 2.49%, set two business days before the closing date was due and
paid on October 1, 2008. Beginning on November 1, 2008 and ending on August 1, 2015, monthly payments of interest and principal are due in an amount sufficient to amortize the loan over 13.5 years. LIBOR is adjusted on the first
business day of each month. The loan matures on August 16, 2015. The loan may be prepaid at any time upon five days written notice, in minimum increments of $250,000, provided the Companies pay any costs incurred by the bank in the termination
of any interest swap agreements between the parties.



See
accountantsreview report.



---

VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS

Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009

Note 3  Acquisition Debt 
(Continued):



The Loan is guaranteed by two of the Companies three managing members until the later
occurrence of one year from the closing date or the date the Companies achieve a combined funded debt to EBITDA ratio of less than 3.75 to 1.00 for two consecutive quarters. (See Note 4C).

The Companys share of the estimated aggregate annual principal amounts required on the note through maturity are as follows: 2011:
$100,584; 2012: $105,955; 2013: $112,491; 2014: $119,432; and 2015: $1,160,691.

On March 17, 2010, the Company borrowed
$250,000 from Wen-Restaurants LLC (a related company, see note 6C) . Repayment terms are $2,440 per month including interest at 3.25% per annum. The note matures in April 2020.

Aggregate principal payments are as follows:



|           |  |   |         | 
|---------- |  | - | ------- | 
|2011       |  | $ | 21,923  | 
|2012       |  |   | 22,647  | 
|2013       |  |   | 23,396  | 
|2014       |  |   | 24,168  | 
|2015       |  |   | 24,967  | 
|Thereafter |  |   | 119,013 | 
|           |  |   |         | 
|           |  | $ | 236,114 | 
|           |  |   |         | 

Note 4  Commitments and Contingencies



| | (A) | Franchise Agreement Commitments:
| | --- | --------------------------------

The Company is the franchisee for the eleven Wendys restaurants it owns and operates. The franchise agreements obligate the Company
to pay to Wendys International a monthly royalty equal to 4% of the gross sales of each restaurant, or $250, whichever is greater. The Company must also pay to Wendys National Advertising Program 3% of the gross sales and spend not less
than 1% of the gross sales of each restaurant for local and regional advertising.



| | (B) | Minimum Operating Lease Commitments:
| | --- | ------------------------------------

The lease for the restaurant located at 1721 Sam Rittenberg Blvd in Charleston has a primary term that expires on November 6, 2021 and includes two five-year renewal options. The annual rent is
$76,920 for all terms of the lease. In addition the Company is required to pay percentage rent equal to 7% of gross sales in excess of $662,665.

The lease for the restaurant located at 4113 Rivers Ave in North Charleston has a primary term that expires on March 31, 2025 and includes two five-year renewal options. The current annual rent for
the lease is $101,791 through March 31, 2010. At that time and on each April 1 thereafter, annual rent will be increased by the previous years annual rent multiplied by 1%.



See
accountantsreview report.



---

VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS

Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009

Note 4  Commitments and
Contingencies  (Continued):



| | (B) | Minimum Operating Lease Commitments  continued:
| | --- | ------------------------------------------------



The lease for the restaurant located at 194 Canon Street in Charleston had a primary
term that expired on September 14, 2004. The current term expires on September 14, 2014 and includes two remaining five-year renewal options. The annual rent is $131,600 for all terms of the lease. In addition the Company is required to
pay percentage rent equal to 5% of gross sales in excess of $1,087,872.

The lease for the restaurant located at 343 Folly Road
in Charleston has a primary term that expires on November 6, 2021 and includes two five-year renewal options. The annual rent is $70,200 for all terms of the lease. In addition the Company is required to pay percentage rent equal to 7% of gross
sales in excess of $589,488.

The lease for the restaurant located at 5115 Dorchester Road in North Charleston has a primary
term that expires on March 31, 2025 and includes two five-year renewal options. The current annual rent for the lease is $98,783 through March 31, 2011. At that time and on each April 1 thereafter, annual rent will be increased by the
previous years annual rent multiplied by 1%.

The lease for the restaurant located at 361 Hwy 17 Bypass in Mt Pleasant
has a primary term that expires on November 6, 2021 and includes two five-year renewal options. The annual rent is $77,280 for all terms of the lease. In addition the Company is required to pay percentage rent equal to 7% of gross sales in
excess of $750,000.

The lease for the restaurant located at 935 Chuck Dawley Blvd in Mt Pleasant had a primary term that
expired on September 9, 1996. The current term expires on September 9, 2011 and includes one remaining five-year renewal option. The annual rent is $90,090 for the remainder of the current term. In addition the Company is required to pay
percentage rent equal to 6% of gross sales in excess of base rent.

The lease for the restaurant located at 9145 University
Blvd in North Charleston has a primary term that expires on March 31, 2025 and includes two five-year renewal options. The current annual rent for the lease is $104,408 through March 31, 2011. At that time and on each April 1
thereafter, annual rent will be increased by the previous years annual rent multiplied by 1%.

The lease for the
restaurant located at 4892 Ashley Phosphate Road in North Charleston has a primary term that expires on March 31, 2025 and includes two five-year renewal options. The current annual rent for the lease is $99,176 through March 31, 2011. At
that time and on each April 1 thereafter, annual rent will be increased by the previous years annual rent multiplied by 1%.



See
accountantsreview report.



---

VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS

Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009

Note 4  Commitments and
Contingencies  (Continued):



| | (B) | Minimum Operating Lease Commitments  continued:
| | --- | ------------------------------------------------



The lease for the restaurant located at 596 Long Point Road in Mt Pleasant has a primary
term that expires on March 31, 2025 and includes two five-year renewal options. The current annual rent for the lease is $95,410 through March 31, 2011. At that time and on each April 1 thereafter, annual rent will be increased by the
previous years annual rent multiplied by 1%

The lease for the restaurant located at 5275 International Blvd in North
Charleston has a primary term that expires on April 30, 2027 and includes four five-year renewal options. The current annual rent for the lease is $123,000 through June 30, 2013. At that time and on each five year anniversary thereafter,
annual rent will be increased by the previous years annual rent multiplied by 5%.

The Company is required to pay all
realty taxes, insurance, routine maintenance and common charges for the above leases.

Rent expense was $1,178,207 in 2010 and
$1,170,278 in 2009 including percentage including percentage rent of $110,824 in 2010 and $107,832 in 2009.

Future annual
minimum rentals are as follows:



|           |  |   |            | 
|---------- |  | - | ---------- | 
|2011       |  |   | 1,044,629  | 
|2012       |  |   | 987,350    | 
|2013       |  |   | 995,508    | 
|2014       |  |   | 964,969    | 
|2015       |  |   | 877,304    | 
|Thereafter |  |   | 7,959,104  | 
|           |  |   |            | 
|           |  | $ | 12,828,864 | 



| | (C) | Financial and Operational Advisory Services Agreement:
| | --- | ------------------------------------------------------

The Company has a financial and operational advisory services agreement with three of its corporate officers. The agreement provides for these officers to: Consult with and advise the Company on
applicable financial and/or operational matters and if required by the Companys debt, lease or franchise agreements, to which they are signatories, to remain ready, willing and able to maintain such status for the benefit of the Company,
except where such guarantees are not needed; and remain able to provide such additional personal guarantees as, within their sole discretion, may reasonably be necessary to maintain the business of the Company. The initial term expires December
2011, and is automatically renewable annually thereafter, as long as the Company remains in business. The agreement also provides for the reimbursement of reasonable expenses incurred by the individuals in fulfilling their duties. The aggregate
annual fee under this agreement is $42,000. (See Note 6).



See
accountantsreview report.



---

VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS

Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009



Note 5  Capitalization and Operating Agreement



| | (A) | Capitalization:
| | --- | ---------------

The
Companys initial capitalization consisted of 800 units, of which 42 and 32 were sold to two managing members at $100 per unit, or $ 7,400 in the aggregate, and 80 units were sold to the third managing member at $125 per unit, or $10,000 in the
aggregate. Of the remaining 646 units, 67 were sold at $100 per unit, or $6,700 in the aggregate, and 579 units were sold at per unit contributions of $4,700 totaling $2,721,300. All contributions totaled $2,745,400. (See Note 5B).

Note 5  Capitalization and Operating Agreement  (Continued):



| | (B) | Operating Agreement:
| | --- | --------------------

All
purchasers of membership interests are parties to the Companys operating agreement which provides for the capitalization and operation of the Company, distributions to members and transfers of interests. Members consents representing 75%
of all membership interests are required for the following actions: Change in the operating agreement; voluntary dissolution; sale or exchange of substantially all assets; merger or consolidation; incurrence of debt or refinancing other than in the
ordinary course of business or in connection with entering new or unrelated businesses; and removal of a manager, for cause. Members are not required to make up negative capital accounts. Distributions either from cash flow generated by operations
or capital transactions (as defined) other than capital contributions are made at the sole discretion of the managers, acting unanimously. Managers are elected by the members. Outside liens against membership interests are prohibited. For permitted
transfers of membership interests, book value is equal to assets less liabilities using the income tax method/accrual basis of accounting, except for transfers involving the interest owned by the Companys President, in which case a special
valuation adjustment is required through August 2013.

Members wishing to sell their interests shall submit their request in
writing, together with appropriate documentation setting forth the terms of such sale, to the managing members, who within thirty days and at their sole discretion, shall approve or disapprove of such sale. If not approved, the managing members
within fourteen additional days may elect to have the Company purchase the offered units at the stated terms. Such action by the managing members is to be by simple majority. If the managing members determine that the offered interests are not to be
redeemed by the Company, then the interests shall be offered to the remaining members of the Company, pro-rata at the same offered terms, who will have 14 additional days to purchase the offered shares. If the interests are not purchased by the
members, then they may be sold to the third-party purchaser at the offered terms, but the purchaser must become bound by the terms of the operating agreement. Membership interests may also be transferred to family members or trusts or by reason of
death or incompetence.



See
accountantsreview report.



---

VRONA & VAN SCHUYLER, CPAS,
PLLC

CERTIFIED PUBLIC ACCOUNTANTS

Wendcharles I, LLC

Notes to the Financial Statements

December 26, 2010 and December 27, 2009

Note 5  Capitalization and Operating
Agreement  (Continued):



| | (B) | Operating Agreement:
| | --- | --------------------

In the
event of a termination of a members interest by death, retirement, resignation, expulsion, bankruptcy, incompetence, or in the case of a member that is not a natural person  dissolution, the Company must be dissolved unless it is
continued by the consent of all the remaining members. Non-consenting members are deemed to offer and authorized representatives or trustees of deceased or bankrupt members may offer the applicable membership interest, first to the Company, and then
to the consenting (continuing) members. In such case, the offered interests must be purchased by either the Company or one or more of the consenting members. Such purchases, unless made by the Company, are to be made pro-rata to the existing
interests of purchasing members, unless they agree otherwise or there is only one purchasing member.

In any event, all offered
interests of non-consenting members or by the estate, trustee, etc. of deceased or bankrupt members, etc. must be purchased by the Company or one or more consenting members or the Company must be dissolved and liquidated.

Note 6  Related Party Transactions



| | (A) | The Company paid two of its three managing members and a third individual a total of $42,000 in 2010 and $42,000 in 2009 pursuant to a financial and operational
advisory services agreement.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | In October 2009 the Company redeemed one members .125% membership interest for $2,000.
| | --- | ---------------------------------------------------------------------------------------



| | (C) | In March 2010 the Company borrowed $250,000 from Wen-Restaurants Associates L.P. Both Companies have common owners but are not under common control.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------

Note 7 - Pension Plan

The Company maintains a qualified cash or deferred compensation plan under section 401(K) of the Internal Revenue Code. Under the plan, employees may elect to defer up to (15%) of their salary,
subject to Internal Revenue Service limits. A discretionary matching contribution may be made by the Company and added to each participants account. Company contributions for the plan amounted to $0 for 2010 and $0 for 2009.



See
accountantsreview report.