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Wendy's Special Committee of the Board selects advisors JP Morgan and Lehman Brothers to work with Board's special committee on review of strategic op

DUBLIN, Ohio (May 15, 2007) – Wendy's International, Inc. (NYSE:WEN) announced today that the special committee of the Board of Directors, which is reviewing the Company's strategic options, has engaged JP Morgan as lead advisor and Lehman Brothers Inc. as co-advisor.

The special committee, which was established by unanimous action of the Board on April 25, 2007, is comprised of independent directors James V. Pickett, Thomas F. Keller, David P. Lauer, James F. Millar and John R. Thompson.

As previously announced, the committee is exploring strategic options for Wendy's® that include, among other things, revisions to the Company's strategic plan, changes to its capital structure, or a possible sale, merger or other business combination.

"The Board's formation of the special committee is a positive step in Wendy's continuing efforts to enhance value for its shareholders, franchisees and other stakeholders," said Pickett.

Board is confident in current management team
"The Board is excited about the initiatives implemented by CEO and President Kerrii Anderson and the management team," said Pickett, who is Chairman of the Board and the special committee. "Kerrii and her team generated more than $2 billion in shareholder value in 2006 and they are executing the Company's current strategic plan to revitalize the brand, improve results at every restaurant, and position Wendy's for long-term sustainable growth.

"The team has developed new products, improved Wendy's marketing and established a foundation to regain the operational excellence that has been Wendy's hallmark. They have also improved relationships with our franchisees and are creating more of a performance-driven culture. Their efforts are reflected in 10 straight months of positive same-store sales, as well as improved earnings growth and store margins."

Company's first quarter 2007 performance included $14.5 million in income from continuing operations compared to a loss a year ago; EBITDA from continuing operations increased 85% to $57 million
Wendy's announced on April 25 that same-store sales in the first quarter of 2007 were up 3.8% at company restaurants and 3.7% at franchised restaurants.

Income from continuing operations was $14.5 million and $0.15 per share in the first quarter, compared to a loss from continuing operations of $5.9 million and a loss of $0.05 per share in the first quarter of 2006.

EBITDA from continuing operations was $57 million in the first quarter of 2007, up 85.0% compared to $30.8 million in the first quarter of 2006. Company EBITDA margins from continuing operations increased 440 basis points compared to one year ago. (See "Disclosure regarding non-GAAP financial measures" below.)

Company will report special committee developments as circumstances warrant
The Company expects to report specific developments as circumstances warrant, although there is no specific timeframe to complete the review and there are no constraints on options to be explored by the committee. Certain strategic alternatives could affect the Company's earnings guidance.

Disclosure regarding non-GAAP financial measures
EBITDA is used by management as a performance measure for benchmarking against its peers and competitors. The Company believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties to evaluate companies in the restaurant industry. EBITDA is not a recognized term under GAAP.

The following is a reconciliation of 2007 first-quarter operating income to EBITDA:
2007 1Q operating income: $28.6 million
2007 1Q depreciation and amortization: $28.4 million
2007 1Q EBITDA: $57.0 million

The following is a reconciliation of the 2006 first-quarter operating loss to EBITDA:
2006 1Q operating loss: ($ 0.6 million)
2006 1Q depreciation and amortization: $31.4 million
2006 1Q EBITDA: $30.8 million

Safe Harbor statement
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, is forward looking. Factors set forth in our Safe Harbor under the Private Securities Litigation Reform Act of 1995, in addition to other possible factors not listed, could affect the Company's actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company's Safe Harbor statement at http://www.wendys-invest.com/safeharbor.

Wendy's International, Inc. overview
Wendy's International, Inc. is one of the world's largest and most successful restaurant operating and franchising companies. More information about the Company is available at www.wendys-invest.com.

INVESTOR CONTACTS:
John Barker: (614) 764-3044 or [email protected]
David Poplar: (614) 764-3547 or [email protected]

MEDIA CONTACT:
Denny Lynch: (614) 764-3553 or [email protected]

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