Industry News | September 29, 2006

Wendy’s Completes Tim Hortons Share Distribution

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Wendy’s International, Inc. today completed the distribution of the 159,952,977 common shares of Tim Hortons Inc. that it previously owned.

The shares represented the 82.75 percent ownership stake of Tim Hortons that Wendy’s held following the initial public offering of Tim Hortons in March.

The distribution took place in the form of a pro rata common stock dividend to Wendy’s shareholders of record as of Friday, September 15. Wendy’s shareholders received 1.3542759 shares of Tim Hortons common stock for each share of Wendy’s common stock held.

No fractional shares of Tim Hortons to be distributed to Wendy’s shareholders will be delivered. Instead, the transfer agent, on behalf of the shareholders, will aggregate all fractional shares and sell them in the public market. Wendy's anticipates that these sales will occur as soon after the distribution as practicable. The net cash proceeds of these sales will be distributed on a pro rata basis to the shareholders who would have otherwise received fractional shares.

Wendy’s intends to file with the Securities and Exchange Commission next week pro forma financial information regarding the Company’s historical performance, excluding Tim Hortons. This filing will be available on www.sec.gov and at www.wendys-invest.com.