Triarc Companies, Inc.
                                 280 Park Avenue
                               New York, NY 10017
                                Tel 212-451-3000




                                                           For Immediate Release



CONTACT: Anne A. Tarbell
         (212) 451-3030
         www.triarc.com


               TRIARC EXTENDS $50 MILLION STOCK REPURCHASE PROGRAM


     New York,  NY,  December 16, 2004 -- Triarc  Companies,  Inc.  (NYSE:  TRY,
TRY.B)  announced  today that it has  extended  its current $50 million  Class A
Common Stock and Class B Common Stock,  Series 1, repurchase  program until June
30, 2006 and replenished the amount available under the program to permit Triarc
to purchase  up to $50  million of Class A and Class B Common  Stock on or after
December 16, 2004. Under the existing  program,  since June 3, 2003,  Triarc has
repurchased approximately 125,000 shares of Class A Common Stock at an aggregate
cost of approximately $1.4 million.  The approximate $1.4 million  replenishment
and 18 month extension will allow the Company to continue  repurchasing  Class A
and  Class B shares  when and if market  conditions  warrant  and to the  extent
legally permissible.

     Commenting on the share repurchase program, Nelson Peltz, Triarc's Chairman
and Chief  Executive  Officer,  said:  "We  continue to  carefully  evaluate our
options for the use of Triarc's  significant  liquidity.  The  extension  of our
share repurchase  program will allow us to repurchase  additional  Triarc shares
going forward. Our goal is to create value for our shareholders."

     Since 1998, Triarc has repurchased approximately $340 million of its stock,
including  approximately 10 million Class A Common Shares for approximately $214
million and all of the then  outstanding  approximately 6 million Class B Common
Shares for approximately $127 million.

     As of October  29,  2004,  Triarc had  23,232,306  shares of Class A Common
Stock  outstanding  and  41,231,083  shares of Class B Common  Stock,  Series 1,
outstanding.

     Triarc is a holding company and through its subsidiaries, the franchisor of
the  Arby's(R)   restaurant   system  and  the  operator  of  approximately  235
restaurants  located in the United States.  Triarc also owns an approximate  64%
capital interest in Deerfield & Company LLC, a Chicago-based  alternative  asset
manager,  offering a diverse range of fixed income  strategies to  institutional
investors.
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                                 Note to Follow





                                      Note

There can be no assurance that any share repurchases will be made in the future
or that any such repurchases will result in additional shareholder value.