UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

     (X)  QUARTERLY  REPORT  PURSUANT  TO SECTION 13 OR 15(D) OF THE  SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended April 3, 2005

                                       OR

     ( )  TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(D) OF THE  SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission file number: 1-2207
                        ------

                             TRIARC COMPANIES, INC.
                            ------------------------
             (Exact name of registrant as specified in its charter)

            Delaware                                             38-0471180
            --------                                             ----------
  (State or other jurisdiction of                            (I.R.S. Employer
   incorporation or organization)                           Identification No.)

  280 Park Avenue, New York, New York                              10017
  -----------------------------------                              -----
(Address of principal executive offices)                         (Zip Code)


                                 (212) 451-3000
                                 --------------
              (Registrant's telephone number, including area code)


              ----------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                                                 (X) Yes ( ) No


      Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

                                                                 (X) Yes ( ) No

     There were 23,902,892  shares of the registrant's  Class A Common Stock and
42,663,278  shares of the  registrant's  Class B Common Stock  outstanding as of
April 29, 2005.




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.

                     TRIARC COMPANIES, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS



                                                                                        January 2,             April 3,
                                                                                         2005 (A)                2005
                                                                                         -------                 ----
                                                                                                 (In Thousands)
                                                                                                   (Unaudited)
ASSETS

                                                                                                      
Current assets:
     Cash and cash equivalents.........................................................$   367,992          $   340,585
     Restricted cash equivalents.......................................................     16,272               33,040
     Short-term investments............................................................    198,218              523,597
     Investment settlements receivable.................................................     30,116              150,565
     Trade and other receivables.......................................................     34,215               21,468
     Inventories.......................................................................      2,222                2,125
     Deferred income tax benefit.......................................................     14,620               14,509
     Prepaid expenses and other current assets.........................................      6,111                6,405
                                                                                       -----------          -----------
        Total current assets...........................................................    669,766            1,092,294
Restricted cash equivalents............................................................     32,886               32,894
Investments............................................................................     82,214               84,219
Properties.............................................................................    103,434              101,109
Goodwill ..............................................................................    118,264              118,264
Asset management contracts and other intangible assets.................................     38,896               37,634
Deferred costs and other assets........................................................     21,513               23,075
                                                                                       -----------          -----------
                                                                                       $ 1,066,973          $ 1,489,489
                                                                                       ===========          ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
     Notes payable.....................................................................$    15,334          $    10,572
     Current portion of long-term debt.................................................     37,214               37,053
     Accounts payable..................................................................     13,261               14,036
     Investment settlements payable....................................................      9,651              104,481
     Securities sold under agreements to repurchase....................................     15,169              269,810
     Other liability positions related to short-term investments.......................     10,624              120,706
     Accrued expenses and other current liabilities....................................     90,757               67,915
     Current liabilities relating to discontinued operations...........................     13,834               13,573
                                                                                       -----------          -----------
        Total current liabilities......................................................    205,844              638,146
Long-term debt.........................................................................    446,479              436,691
Deferred compensation payable to related parties.......................................     32,941               33,769
Deferred income taxes..................................................................     20,002               19,751
Minority interests in consolidated subsidiaries........................................     10,688               12,263
Other liabilities and deferred income..................................................     47,880               46,630
Stockholders' equity:
     Class A common stock..............................................................      2,955                2,955
     Class B common stock..............................................................      5,910                5,910
     Additional paid-in capital........................................................    128,096              134,455
     Retained earnings.................................................................    337,415              335,410
     Common stock held in treasury.....................................................   (227,822)            (227,096)
     Deferred compensation payable in common stock.....................................     54,457               54,457
     Unearned compensation.............................................................     (1,350)              (7,088)
     Accumulated other comprehensive income............................................      3,478                3,236
                                                                                       -----------          -----------
        Total stockholders' equity.....................................................    303,139              302,239
                                                                                       -----------          -----------
                                                                                       $ 1,066,973          $ 1,489,489
                                                                                       ===========          ===========

     (A)  Derived  and  reclassified  from the  audited  consolidated  financial
          statements as of January 2, 2005.

     See accompanying notes to condensed consolidated financial statements.




                     TRIARC COMPANIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                                               Three Months Ended
                                                                                       ---------------------------------
                                                                                        March 28,              April 3,
                                                                                          2004                   2005
                                                                                          ----                   ----
                                                                                    (In Thousands Except Per Share Amounts)
                                                                                                   (Unaudited)
                                                                                                        
Revenues:
     Net sales..........................................................................$   46,724            $  51,190
     Royalties and franchise and related fees ..........................................    22,467               23,579
     Asset management and related fees .................................................        --               12,928
                                                                                        ----------            ---------
                                                                                            69,191               87,697
                                                                                        ----------            ---------
Costs and expenses:
     Cost of sales, excluding depreciation and amortization.............................    37,385               39,189
     Cost of services, excluding depreciation and amortization..........................        --                4,149
     Advertising and selling............................................................     4,167                4,583
     General and administrative, excluding depreciation and amortization................    24,310               33,814
     Depreciation and amortization, excluding amortization of deferred financing costs..     3,351                5,526
                                                                                        ----------            ---------
                                                                                            69,213               87,261
                                                                                        ----------            ---------
           Operating profit (loss)......................................................       (22)                 436
Interest expense........................................................................    (9,634)             (10,253)
Insurance expense related to long-term debt.............................................      (991)                (904)
Investment income, net..................................................................     6,524                9,100
Gain on sale of business................................................................        16                9,608
Other expense, net......................................................................       (40)                (370)
                                                                                        ----------            ---------
           Income (loss) before income taxes and minority interests.....................    (4,147)               7,617
Benefit from (provision for) income taxes...............................................       991               (2,513)
Minority interests in income of consolidated subsidiaries...............................        --               (2,425)
                                                                                        ----------            ---------
           Net income (loss)............................................................$   (3,156)           $   2,679
                                                                                        ==========            =========
Basic and diluted income (loss) per share of Class A common stock and
     Class B common stock...............................................................$     (.05)           $     .04
                                                                                        ==========            =========


     See accompanying notes to condensed consolidated financial statements.








                     TRIARC COMPANIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



                                                                                                Three Months Ended
                                                                                            ----------------------------
                                                                                             March 28,          April 3,
                                                                                               2004               2005
                                                                                               ----               ----
                                                                                                   (In Thousands)
                                                                                                     (Unaudited)
                                                                                                      
Cash flows from continuing operating activities:
   Net income (loss)...................................................................$      (3,156)       $     2,679
   Adjustments to reconcile net income (loss) to net cash used in continuing
     operating activities:
         Operating investment adjustments, net (see below)..............................      13,815           (362,421)
         Gain on sale of business.......................................................         (16)            (9,608)
         Deferred asset management fees recognized......................................          --               (727)
         Equity in net earnings of investees............................................        (580)              (705)
         Unfavorable lease liability recognized.........................................        (438)              (290)
         Depreciation and amortization of properties....................................       3,030              3,985
         Amortization of other intangible assets and certain other items................         321              1,541
         Amortization of deferred financing costs and original issue discount...........         651                637
         Minority interests in income of consolidated subsidiaries......................          --              2,425
         Deferred compensation expense..................................................         885                463
         Stock-based compensation provision.............................................          --                397
         Deferred income tax provision (benefit)........................................        (572)                 4
         Deferred vendor incentive recognized...........................................        (386)                --
         Other, net.....................................................................         478                504
         Changes in operating assets and liabilities:
             (Increase) decrease in trade and other receivables.........................      (1,766)             7,667
             Decrease in inventories....................................................          54                 97
             (Increase) decrease in prepaid expenses and other current assets...........         753               (294)
             Decrease in accounts payable and accrued expenses and other current
               liabilities..............................................................     (14,077)           (21,889)
                                                                                        ------------        -----------
                Net cash used in continuing operating activities........................      (1,004)          (375,535)(A)
                                                                                        ------------        -----------
Cash flows from continuing investing activities:
   Investment activities, net (see below)...............................................     (70,090)           367,202
   Collection of a note receivable......................................................          --              5,000
   Costs of business acquisitions.......................................................          --             (2,556)
   Capital expenditures.................................................................      (1,052)            (1,588)
   Other, net...........................................................................         (35)               (38)
                                                                                        ------------        -----------
                Net cash provided by (used in) continuing investing activities..........     (71,177)           368,020
                                                                                        ------------        -----------
Cash flows from continuing financing activities:
   Repayments of long-term debt and notes payable.......................................      (8,605)           (16,268)
   Proceeds from issuance of a note payable.............................................          --              1,425
   Dividends paid  .....................................................................      (4,338)            (4,684)
   Net distributions to minority interests in consolidated subsidiaries.................          --               (986)
   Proceeds from exercises of stock options.............................................       7,083                785
   Transfers from restricted cash equivalents collateralizing long-term debt............          23                 97
   Repurchases of common stock for treasury.............................................      (1,381)                --
                                                                                        ------------        -----------
                Net cash used in continuing financing activities........................      (7,218)           (19,631)
                                                                                        ------------        -----------
Net cash used in continuing operations..................................................     (79,399)           (27,146)
Net cash used in discontinued operations................................................        (217)              (261)
                                                                                        ------------        -----------
Net decrease in cash and cash equivalents...............................................     (79,616)           (27,407)
Cash and cash equivalents at beginning of period........................................     560,510            367,992
                                                                                        ------------        -----------
Cash and cash equivalents at end of period..............................................$    480,894        $   340,585
                                                                                        ============        ===========

Detail of cash flows related to investments:
   Operating investment adjustments,net:
       Proceeds from sales of trading securities and net settlements of trading
        derivatives.....................................................................$    100,912       $    685,723
       Cost of trading securities purchased.............................................     (84,634)        (1,039,424)
       Increase in restricted cash securing the notional amount of trading derivatives..          --             (5,308)
       Net recognized (gains) losses from trading securities and derivatives and short
          positions in securities.......................................................         443             (2,167)
       Other net recognized gains, including other than temporary losses................      (2,242)              (637)
       Accretion of discount on debt securities net of distributions received...........        (664)              (608)
                                                                                        ------------        -----------
                                                                                        $     13,815        $  (362,421)
                                                                                        ============        ===========







                     TRIARC COMPANIES, INC. AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

                                                                                                 Three Months Ended
                                                                                           -----------------------------
                                                                                           March 28,            April 3,
                                                                                             2004                 2005
                                                                                             ----                 ----
                                                                                                  (In Thousands)
                                                                                                    (Unaudited)
                                                                                                      
    Investing investment activities, net:
       Proceeds from sales of repurchase agreements.....................................$         --        $   647,067
       Payments under repurchase agreements.............................................          --           (392,426)
       Proceeds from securities sold short..............................................       7,100            113,530
       Payments to cover short positions in securities..................................      (8,543)              (971)
       Proceeds from sales and maturities of available-for-sale securities and other
          investments...................................................................      43,718             43,464
       Cost of available-for-sale securities and other investments purchased............    (119,632)           (32,002)
       (Increase) decrease in restricted cash collateralizing obligations for short
          positions in securities.......................................................       7,267            (11,460)
                                                                                        ------------        -----------
                                                                                        $    (70,090)       $   367,202
                                                                                        ============        ===========
     -------------
     (A)  Net  cash  used  in  continuing   operating  activities  reflects  the
          significant net purchases of trading securities and net settlements of
          trading  derivatives,  which were principally  funded by proceeds from
          net  sales  of  repurchase   agreements  and  the  net  proceeds  from
          securities  sold short.  These  purchases  and sales were  principally
          transacted through an investment fund,  Deerfield  Opportunities Fund,
          LLC,  which employs  leverage in its trading  activities  and which we
          consolidate in our condensed consolidated financial statements.  Under
          accounting  principles  generally  accepted  in the  United  States of
          America,   the  net  purchases  of  trading  securities  and  the  net
          settlements  of trading  derivatives  must be reported  in  continuing
          operating activities, while the net sales of repurchase agreements and
          the net proceeds from securities sold short are reported in continuing
          investing activities.



























     See accompanying notes to condensed consolidated financial statements.


                     TRIARC COMPANIES, INC. AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                  April 3, 2005
                                   (Unaudited)

(1)  Basis of Presentation

     The accompanying unaudited condensed consolidated financial statements (the
"Financial  Statements") of Triarc Companies,  Inc. ("Triarc" and, together with
its  subsidiaries,  the  "Company")  have been prepared in accordance  with Rule
10-01 of Regulation S-X  promulgated  by the Securities and Exchange  Commission
(the  "SEC")  and,  therefore,  do not include  all  information  and  footnotes
necessary for a fair presentation of financial  position,  results of operations
and cash flows in conformity with accounting  principles  generally  accepted in
the United States of America ("GAAP").  In the opinion of the Company,  however,
the Financial  Statements  contain all  adjustments,  consisting  only of normal
recurring  adjustments,  necessary  to present  fairly the  Company's  financial
position,  results of  operations  and cash flows as of and for the  three-month
periods set forth in the following paragraph.  The results of operations for the
three-month  period ended April 3, 2005 are not  necessarily  indicative  of the
results to be expected for the full year. These Financial  Statements  should be
read in conjunction with the audited consolidated financial statements and notes
thereto included in the Company's Annual Report on Form 10-K for the fiscal year
ended January 2, 2005 (the "Form 10-K").

     The Company reports on a fiscal year consisting of 52 or 53 weeks ending on
the  Sunday   closest  to  December  31.   However,   Deerfield  &  Company  LLC
("Deerfield"),  in which the Company  acquired a 63.6% capital  interest on July
22, 2004 (see Note 3), and Deerfield Opportunities Fund, LLC (the "Opportunities
Fund"),  which  commenced  during  the  fourth  quarter of 2004 and in which the
Company  owns a 95.2%  capital  interest,  report on a calendar  year  ending on
December 31. The Company's  first  quarter of fiscal 2004  commenced on December
29, 2003 and ended on March 28, 2004. The Company's first quarter of fiscal 2005
commenced on January 3, 2005 and ended on April 3, 2005,  except that this first
quarter includes  Deerfield and the Opportunities Fund for the period commencing
on January 1, 2005 and ending on March 31,  2005.  The period from  December 29,
2003 to March 28,  2004 is referred to herein as the  three-month  period  ended
March 28, 2004 and the period from  January 3, 2005 to April 3, 2005 is referred
to herein as the three-month  period ended April 3, 2005. Each quarter contained
13 weeks. The effect of including  Deerfield and the  Opportunities  Fund in the
Company's Financial  Statements for the period from January 1, 2005 to March 31,
2005 instead of the Company's  three-month  period ended April 3, 2005,  was not
material.  All references to quarters and quarter-end(s) herein relate to fiscal
quarters rather than calendar quarters, except with respect to Deerfield and the
Opportunities Fund.

     Certain amounts  included in the  accompanying  prior  quarter's  condensed
consolidated  financial  statements  have been  reclassified to conform with the
current quarter's presentation.

(2)  Stock-Based Compensation

     The Company  maintains  several  equity  plans (the "Equity  Plans")  which
collectively  provide or provided for the grant of stock  options,  tandem stock
appreciation  rights and  restricted  shares of the  Company's  common  stock to
certain officers,  other key employees,  non-employee directors and consultants,
including  shares  of the  Company's  common  stock  granted  in lieu of  annual
retainer or meeting attendance fees to non-employee directors.

     The  Company  measures  compensation  costs  for its  employee  stock-based
compensation,  other than employee  membership  interests in future profits of a
subsidiary,  under the intrinsic value method rather than the fair value method.
Compensation  cost for the Company's stock options is measured as the excess, if
any, of the market  price of the  Company's  class A common  stock (the "Class A
Common  Stock"),  and/or  class B common  stock,  series 1 (the  "Class B Common
Stock"), as applicable,  at the date of grant, or at any subsequent  measurement
date as a result of  certain  types of  modifications  to the terms of its stock
options, over the amount an employee must pay to acquire the stock. Such amounts
are  recognized as  compensation  expense over the vesting period of the related
stock options.

     On March 14, 2005,  the Company  granted  149,155 and 731,411  contingently
issuable performance-based restricted shares of Class A Common Stock and Class B
Common Stock,  respectively,  (the "Restricted  Shares") to certain officers and
key employees under its 2002 equity  participation  plan. The Restricted  Shares
vest ratably over three years, subject to meeting, in each case, certain Class B
Common Stock market price targets of between $12.09 and $16.09 per share,  or to
the extent not previously vested, on March 14, 2010 subject to meeting a Class B
Common  Stock  market  price  target  of $18.50  per  share.  The  prices of the
Company's Class A and Class B Common Stock on the March 14, 2005 grant date were
$15.59 and $14.75 per share,  respectively.  The Company's Restricted Shares are
accounted  for as variable  plan awards,  since they vest only if the  Company's
Class B Common Stock meets certain  market price targets.  The Company  measures

compensation cost for its Restricted Shares by estimating the expected number of
shares that will ultimately vest based on the market price of its Class B Common
Stock  at the end of  each  period.  Such  amounts  are  recognized  ratably  as
compensation  expense over the vesting period of the related  Restricted  Shares
and are  adjusted  based on the market  price of the Class B Common Stock at the
end of each period.

     A summary  of the effect on net  income  (loss)  and net income  (loss) per
share as if the fair value  method,  calculated  under the  Black-Scholes-Merton
option  pricing  model  (the  "Black-Scholes  Model"),  had been  applied to all
outstanding  and unvested stock options and Restricted  Shares is as follows (in
thousands except per share data):



                                                                                              Three Months Ended
                                                                                          ----------------------------
                                                                                          March 28,           April 3,
                                                                                            2004                2005
                                                                                            ----                ----

                                                                                                      
      Net income (loss), as reported.....................................................$  (3,156)         $   2,679
      Reversal of stock-based compensation expense determined
        under the intrinsic value method included in reported net income
        or loss, net of related income taxes.............................................       --                156
      Recognition of stock-based compensation expense determined
        under the fair value method, net of related income taxes.........................     (518)            (1,877)
                                                                                         ---------          ---------
      Net income (loss), as adjusted.....................................................$  (3,674)         $     958
                                                                                         =========          =========

      Net income (loss) per share:
        Class A Common Stock:
           Basic, as reported............................................................$    (.05)         $     .04
           Basic, as adjusted............................................................     (.06)               .01
           Diluted, as reported..........................................................     (.05)               .04
           Diluted, as adjusted..........................................................     (.06)               .01
        Class B Common Stock:
           Basic, as reported............................................................$    (.05)         $     .04
           Basic, as adjusted............................................................     (.06)               .02
           Diluted, as reported..........................................................     (.05)               .04
           Diluted, as adjusted..........................................................     (.06)               .01




     Stock options  granted during the periods  presented  below are exercisable
for one share of Class A Common  Stock (the "Class A  Options")  or one share of
Class B Common  Stock (the  "Class B  Options").  The fair value of these  stock
options  granted under the Equity Plans on the date of grant was estimated using
the Black-Scholes Model with the following weighted average assumptions:



                                                                                            Three Months Ended
                                                                                   ------------------------------------
                                                                                      March 28, 2004      April 3, 2005
                                                                                   --------------------   -------------
                                                                                   Class A      Class B      Class B
                                                                                   Options      Options      Options
                                                                                   -------      -------      -------

                                                                                                     
      Risk-free interest rate.....................................................  3.23%        3.71%        3.86%
      Expected option life in years...............................................    7            7            7
      Expected volatility.........................................................  20.4%        33.0%        28.1%
      Dividend yield..............................................................  2.41%        2.61%        2.63%





     During the  three-month  period ended March 28, 2004,  the Company  granted
15,000  Class A Options and 180,000  Class B Options and during the  three-month
period ended April 3, 2005, the Company granted  4,473,000 Class B Options under
the Equity  Plans at exercise  prices  equal to the market price of the stock on
the grant dates.  The weighted  average  grant date fair values of each of these
stock options,  using the  Black-Scholes  Model with the  assumptions  set forth
above, were $2.22, $3.42 and $3.98 respectively.

     The Black-Scholes Model has limitations on its effectiveness including that
it was developed for use in  estimating  the fair value of traded  options which
have no  vesting  restrictions  and are  fully  transferable  and that the model
requires the use of highly subjective assumptions including expected stock price
volatility.  The Company's stock-option awards to employees have characteristics
significantly  different  from  those  of  traded  options  and  changes  in the
subjective  input  assumptions can materially  affect the fair value  estimates.
Therefore,  in  the  opinion  of  the  Company,  the  existing  model  does  not
necessarily provide a reliable single measure of the fair value of the Company's
stock-option awards.

(3)  Business Acquisition

     On July 22, 2004 the Company  completed the  acquisition of a 63.6% capital
interest in Deerfield  (the  "Deerfield  Acquisition")  for an aggregate cost of
$94,907,000,  consisting  of  payments  of  $86,532,000  to  selling  owners and
estimated  expenses of $8,375,000,  including  expenses  reimbursed to a selling
owner. In connection with the Deerfield Acquisition,  effective August 20, 2004,
Deerfield granted  membership  interests in future profits to certain of its key
employees,  which  reduced the  Company's  interest in the profits of  Deerfield
subsequent to August 19, 2004 to 61.5%. The Company acquired  Deerfield with the
expectation  of  growing  the  substantial  value  of  Deerfield's  historically
profitable  investment  advisory  brand.  Deerfield  is  an  asset  manager  and
represents a business segment of the Company (see Note 10).

     Deerfield's results of operations,  less applicable minority interests, and
cash flows  subsequent  to the July 22, 2004 date of the  Deerfield  Acquisition
have  been  included  in the  Company's  condensed  consolidated  statements  of
operations and cash flows. As such,  Deerfield's  results of operations and cash
flows are included in the  Company's  consolidated  results for the  three-month
period  ended April 3, 2005,  but are not included  for the  three-month  period
ended March 28, 2004.

     The preliminary allocation of the purchase price of Deerfield to the assets
acquired  and  liabilities  assumed  included  in  Note  3 to  the  consolidated
financial statements contained in the Form 10-K remains unchanged as of April 3,
2005.

     The  following   supplemental  pro  forma  condensed  consolidated  summary
operating  data (the "As  Adjusted  Data") of the  Company  for the  three-month
period ended March 28, 2004 has been prepared by adjusting the  historical  data
as set forth in the accompanying  condensed consolidated statement of operations
to give effect to the Deerfield  Acquisition as if it had been consummated as of
December 29, 2003 (in thousands except per share amounts):



                                                                                           Three Months Ended
                                                                                             March 28, 2004
                                                                                    -------------------------------
                                                                                    As Reported         As Adjusted
                                                                                    -----------         -----------

                                                                                                  
      Revenues......................................................................$   69,191          $   81,118
      Operating profit (loss)......................................................        (22)              3,664
      Net loss.....................................................................     (3,156)             (2,012)
      Basic and diluted loss per share of Class A Common Stock and
        Class B Common Stock.......................................................       (.05)               (.03)


     This As Adjusted Data is presented for  comparative  purposes only and does
not purport to be  indicative  of the Company's  actual  condensed  consolidated
results of operations had the Deerfield Acquisition actually been consummated as
of December 29, 2003 or of the Company's future results of operations.


(4)  Comprehensive Income (Loss)

     The  following  is a summary  of the  components  of  comprehensive  income
(loss), net of income taxes and minority interests (in thousands):


                                                                                          Three Months Ended
                                                                                     -----------------------------
                                                                                     March 28,            April 3,
                                                                                       2004                 2005
                                                                                       ----                 ----

                                                                                                  
      Net income (loss) ............................................................$   (3,156)         $    2,679
      Unrealized gains (losses) on available-for-sale securities (see below)........       552                (261)
      Net change in currency translation adjustment.................................        (3)                 19
                                                                                    ----------          ----------
      Comprehensive income (loss)...................................................$   (2,607)         $    2,437
                                                                                    ==========          ==========

     The  following is a summary of the  components of the  unrealized  gains or
losses on available-for-sale  securities included in comprehensive income (loss)
(in thousands):




                                                                                          Three Months Ended
                                                                                     -----------------------------
                                                                                     March 28,            April 3,
                                                                                       2004                 2005
                                                                                       ----                 ----

                                                                                                  
      Unrealized holding gains arising during the period............................$      262          $    1,394
      Reclassifications of prior period net unrealized holding (gains) losses into
         "Investment income, net"...................................................       598              (1,006)
                                                                                    ----------          ----------
                                                                                           860                 388
      Equity in change in unrealized losses on available-for-sale securities and
        other investments accounted for similarly...................................        (2)               (714)
      Income tax (provision) benefit................................................      (306)                142
      Minority interests in a consolidated subsidiary...............................        --                 (77)
                                                                                    ----------          ----------
                                                                                    $      552          $     (261)
                                                                                    ==========          ==========


(5)  Income (Loss) Per Share

     Basic income  (loss) per share has been  computed by dividing the allocated
income or loss for the Company's  Class A Common Stock and the Company's Class B
Common  Stock by the  weighted  average  number of shares  of each  class.  Both
factors are  presented  in the tables  below.  The net loss for the  three-month
period ended March 28, 2004 was  allocated  equally  among each share of Class A
Common Stock and Class B Common Stock,  resulting in the same loss per share for
each  class.  Net  income for the  three-month  period  ended  April 3, 2005 was
allocated between the Class A Common Stock and Class B Common Stock based on the
actual dividend  payment ratio.  The weighted  average number of shares includes
the  weighted  average  effect of the shares held in two  deferred  compensation
trusts  reported  in  "Deferred  compensation  payable  in  common  stock"  as a
component of "Stockholders'  Equity" in the accompanying  condensed consolidated
balance  sheets.  These  shares  are not  reported  as  outstanding  shares  for
financial statement purposes.

     Diluted loss per share for the three-month  period ended March 28, 2004 was
the same as basic  loss per  share  for each  share of the  Class A and  Class B
Common Stock since the Company reported a net loss and, therefore, the effect of
all  potentially  dilutive  securities  on the loss per  share  would  have been
antidilutive. Diluted income per share for the three-month period ended April 3,
2005 has been computed by dividing the  allocated  income for the Class A Common
Stock and Class B Common Stock by the weighted  average number of shares of each
class plus the  potential  common  share  effects on each class of (1)  dilutive
stock options,  computed using the treasury stock method,  and (2)  contingently
issuable performance-based Restricted Shares of Class A and Class B Common Stock
that  would be  issuable  based on the  market  price  as of April 3,  2005,  as
presented in the table below.  The shares used to calculate  diluted  income per
share exclude any effect of the Company's  $175,000,000 of 5% convertible  notes
which  would  have  been  antidilutive  since  the  after-tax  interest  on  the
convertible  notes,  which  would  be added  back to the  allocated  income  for
purposes of calculating  diluted  income per share,  per share of Class A Common
Stock and Class B Common Stock  obtainable  on  conversion  exceeds the reported
basic income per share.

     The only remaining Company securities as of April 3, 2005 that could dilute
basic  income  per  share  for  periods  subsequent  to  April  3,  2005 are (1)
outstanding  stock  options  which are  exercisable  into  3,594,636  shares and
13,556,772  shares  of the  Company's  Class A Common  Stock  and Class B Common
Stock,  respectively,  (2) the  $175,000,000  of 5% convertible  notes which are
convertible  currently  into  4,375,000  shares  and  8,750,000  shares  of  the
Company's Class A Common Stock and Class B Common Stock,  respectively,  and (3)
149,155 and 731,411  contingently  issuable  Restricted  Shares of the Company's
Class A Common Stock and Class B Common Stock, respectively.

     Income (loss) per share has been computed by allocating  the income or loss
as follows (in thousands):


                                                                                                Three Months Ended
                                                                                             -----------------------
                                                                                             March 28,      April 3,
                                                                                               2004           2005
                                                                                               ----           ----
                                                                                                    
      Class A Common Stock................................................................$   (1,049)     $      882
      Class B Common Stock................................................................    (2,107)          1,797


     The number of shares used to calculate  basic and diluted income (loss) per
share were as follows (in thousands):


                                                                                                Three Months Ended
                                                                                             ----------------------
                                                                                             March 28,       April 3,
                                                                                               2004           2005
                                                                                               ----           ----
                                                                                                        
      Class A Common Stock:
        Weighted average shares
             Outstanding..................................................................    19,616          22,014
             Held in deferred compensation trusts.........................................       376           1,695
                                                                                          ----------      ----------
        Basic shares......................................................................    19,992          23,709
             Dilutive effect of stock options.............................................        --           1,124
             Contingently issuable Restricted Shares......................................        --              18
                                                                                          ----------      ----------
        Diluted shares....................................................................    19,992          24,851
                                                                                          ==========      ==========

      Class B Common Stock:
        Weighted average shares
             Outstanding..................................................................    39,401          38,454
             Held in deferred compensation trusts.........................................       753           3,390
                                                                                          ----------      ----------
        Basic shares......................................................................    40,154          41,844
             Dilutive effect of stock options.............................................        --           2,445
             Contingently issuable Restricted Shares......................................        --              86
                                                                                          ----------      ----------
        Diluted shares....................................................................    40,154          44,375
                                                                                          ==========      ==========


(6)  Discontinued Operations

     Prior to 2004 the Company  sold (1) the stock of the  companies  comprising
the  Company's  former  premium  beverage  and soft drink  concentrate  business
segments  (the  "Beverage  Discontinued  Operations"),  (2)  the  stock  or  the
principal  assets of the companies  comprising  the former utility and municipal
services  and  refrigeration   business   segments  (the  "SEPSCO   Discontinued
Operations") of SEPSCO, LLC, a subsidiary of the Company,  and (3) substantially
all of its interest in a partnership and subpartnership comprising the Company's
former propane business  segment (the "Propane  Discontinued  Operations").  The
Beverage,  SEPSCO and Propane Discontinued Operations have been accounted for as
discontinued  operations by the Company.  There remain certain  obligations  not
transferred to the buyers of these discontinued businesses to be liquidated.




     Current liabilities  relating to the discontinued  operations  consisted of
the following (in thousands):


                                                                                    January 2,            April 3,
                                                                                       2005                 2005
                                                                                       ----                 ----
                                                                                                  
      Accrued expenses, including accrued income taxes, of the Beverage
        Discontinued Operations....................................................$    12,455          $    12,221
      Liabilities relating to the SEPSCO and Propane Discontinued Operations.......      1,379                1,352
                                                                                   -----------          -----------
                                                                                   $    13,834          $    13,573
                                                                                   ===========          ===========


     The Company  expects that the  liquidation of these  remaining  liabilities
will not have a material adverse impact on its consolidated  financial  position
or  results of  operations.  To the extent any  estimated  amounts  included  in
current liabilities relating to the discontinued operations are determined to be
in excess of the  requirement  to liquidate the associated  liability,  any such
excess  will be  released  at that time as a  component  of gain on  disposal of
discontinued operations.

(7)  Retirement Benefit Plans

     The Company  maintains two defined benefit plans,  the benefits under which
were frozen in 1992.  After  recognizing  a  curtailment  gain upon freezing the
benefits,  the Company has no  unrecognized  prior service cost related to these
plans. The measurement date used by the Company in determining the components of
pension expense is December 31.

     The  components  of the net periodic  pension cost  incurred by the Company
with respect to these plans are as follows (in thousands):


                                                                                                Three Months Ended
                                                                                          ----------------------------
                                                                                          March 28,           April 3,
                                                                                            2004                2005
                                                                                            ----                ----
                                                                                                     
      Service cost (consisting entirely of plan expenses)...............................$       22         $       24
      Interest cost.....................................................................        61                 59
      Expected return on the plans' assets..............................................       (71)               (70)
      Amortization of unrecognized net loss.............................................         8                 12
                                                                                        ----------         ----------
      Net periodic pension cost.........................................................$       20         $       25
                                                                                        ==========         ==========


(8)  Transactions with Related Parties

     Prior to 2004 the Company provided  incentive  compensation of $22,500,000,
in the aggregate,  to the Chairman and Chief Executive Officer and the President
and Chief Operating Officer of the Company (the "Executives") which was invested
in two deferred  compensation  trusts (the "Deferred  Compensation  Trusts") for
their  benefit.  Deferred  compensation  expense of $885,000  and  $457,000  was
recognized  in the  three-month  periods ended March 28, 2004 and April 3, 2005,
respectively, for increases in the fair value of the investments in the Deferred
Compensation  Trusts.  Under GAAP, the Company recognizes  investment income for
any interest or dividend  income on  investments  in the  Deferred  Compensation
Trusts and realized gains on sales of  investments in the Deferred  Compensation
Trusts,  but is  unable  to  recognize  any  investment  income  for  unrealized
increases  in the fair value of the  investments  in the  Deferred  Compensation
Trusts  because  these  investments  are  accounted for under the cost method of
accounting.  Accordingly,  the Company  recognized net investment  income (loss)
from investments in the Deferred  Compensation  Trusts of $744,000 and $(78,000)
in the three-month periods ended March 28, 2004 and April 3 2005,  respectively.
The net  investment  income during the  three-month  period ended March 28, 2004
consisted of an $828,000 realized gain from the sale of a cost-method investment
in the Deferred  Compensation Trusts, which included increases in value prior to
the three-month period ended March 28, 2004 of $777,000,  and $2,000 of interest
income,  less $86,000 of investment  management  fees. The net  investment  loss
during the  three-month  period  ended  April 3, 2005  consisted  of  investment
management fees of $107,000,  less interest  income of $29,000.  Realized gains,
interest  income and  investment  management  fees are  included in  "Investment
income,  net" and  deferred  compensation  expense is included  in "General  and
administrative,   excluding  depreciation  and  amortization"  expenses  in  the
accompanying  condensed  consolidated  statements of operations.  As of April 3,
2005,  the  obligation to the  Executives  related to the Deferred  Compensation
Trusts is  $32,181,000  and is included  in  "Deferred  compensation  payable to
related parties" in the accompanying  condensed  consolidated balance sheets. As
of April 3, 2005, the assets in the Deferred  Compensation  Trusts  consisted of
$20,001,000  included in  "Investments,"  which does not reflect the  unrealized
increase in the fair value of the investments,  $5,272,000 included in "Cash and
cash equivalents" and $221,000 included in "Investment  settlements  receivable"
in  the  accompanying  condensed  consolidated  balance  sheet.  The  cumulative
disparity  between  (1)  deferred   compensation   expense  and  net  recognized
investment  income and (2) the  obligation  to the  Executives  and the carrying
value of the assets in the Deferred  Compensation  Trusts will reverse in future
periods as either (1) additional investments in the Deferred Compensation Trusts
are sold and previously  unrealized gains are recognized  without any offsetting
increase in  compensation  expense or (2) the fair values of the  investments in
the Deferred  Compensation  Trusts  decrease  resulting in the  recognition of a
reversal of  compensation  expense without any offsetting  losses  recognized in
investment income.

     The Company continues to have additional  related party transactions of the
same  nature  and  general  magnitude  as  those  described  in  Note  24 to the
consolidated financial statements contained in the Form 10-K.

(9)  Legal and Environmental Matters

     In  2001,  a vacant  property  owned by  Adams  Packing  Association,  Inc.
("Adams"),  an  inactive  subsidiary  of the  Company,  was listed by the United
States  Environmental  Protection  Agency  on  the  Comprehensive  Environmental
Response,  Compensation  and Liability  Information  System  ("CERCLIS") list of
known or suspected  contaminated sites. The CERCLIS listing appears to have been
based on an allegation  that a former tenant of Adams  conducted  drum recycling
operations  at the site from some time prior to 1971 until the late  1970s.  The
business operations of Adams were sold in December 1992. In February 2003, Adams
and the Florida Department of Environmental  Protection (the "FDEP") agreed to a
consent  order  that  provided  for  development  of a  work  plan  for  further
investigation   of  the  site  and  limited   remediation   of  the   identified
contamination.  In May 2003, the FDEP approved the work plan submitted by Adams'
environmental consultant and during 2004 the work under that plan was completed.
Adams submitted its  contamination  assessment report to the FDEP in March 2004.
In August 2004, the FDEP agreed to a monitoring  plan consisting of two sampling
events after which it will  reevaluate  the need for  additional  assessment  or
remediation.  The first  sampling event occurred in January 2005 and the results
have  been  submitted  to the  FDEP  for its  review.  Based  on  provisions  of
$1,667,000   for  those  costs  made  prior  to  2004,  and  after  taking  into
consideration various legal defenses available to the Company,  including Adams,
Adams has provided for its estimate of its remaining liability for completion of
this matter.

     In 1998,  a number of class  action  lawsuits  were  filed on behalf of the
Company's stockholders.  Each of these actions named the Company, the Executives
and other members of the  Company's  then board of directors as  defendants.  In
1999, certain plaintiffs in these actions filed a consolidated amended complaint
alleging that the Company's  tender offer  statement filed with the SEC in 1999,
pursuant to which the Company repurchased 3,805,015 shares of its Class A Common
Stock,  failed to disclose  material  information.  The amended complaint seeks,
among other relief,  monetary  damages in an  unspecified  amount.  In 2000, the
plaintiffs  agreed  to stay  this  action  pending  determination  of a  related
stockholder  action that was  subsequently  dismissed  in October 2002 and is no
longer being  appealed.  Through April 3, 2005,  no further  action has occurred
with  respect to the  remaining  class  action  lawsuit and such action  remains
stayed.

     In addition to the environmental  matter and stockholder  lawsuit described
above, the Company is involved in other litigation and claims  incidental to its
current and prior businesses.  Triarc and its subsidiaries have reserves for all
of their legal and environmental  matters aggregating  $1,200,000 as of April 3,
2005.  Although the outcome of such matters  cannot be predicted  with certainty
and some of these matters may be disposed of unfavorably  to the Company,  based
on currently available information, including legal defenses available to Triarc
and/or its subsidiaries, and given the aforementioned reserves, the Company does
not believe that the outcome of such legal and environmental matters will have a
material  adverse effect on its  consolidated  financial  position or results of
operations.

(10) Business Segments

     The Company  manages and internally  reports its operations as two business
segments:  (1) the operation and franchising of restaurants  ("Restaurants") and
(2) asset management (see Note 3). The Company evaluates segment performance and
allocates  resources based on each segment's  earnings before  interest,  taxes,
depreciation and amortization ("EBITDA").  EBITDA has been computed as operating
profit plus  depreciation and amortization,  excluding  amortization of deferred
financing costs  ("Depreciation  and  Amortization").  Operating profit has been
computed as revenues less operating expenses.  In computing EBITDA and operating
profit,  interest  expense and  non-operating  income and expenses have not been
considered.  Identifiable  assets  by  segment  are  those  assets  used  in the
Company's operations of each segment. General corporate assets consist primarily
of cash and cash equivalents, short-term investments,  receivables,  non-current
investments and properties.

     The  following  is a  summary  of the  Company's  segment  information  (in
thousands):



                                                                                                 Three Months Ended
                                                                                              -------------------------
                                                                                              March 28,        April 3,
                                                                                                2004             2005
                                                                                                ----             ----
                                                                                                     
      Revenues:
          Restaurants.......................................................................$    69,191    $    74,769
          Asset management..................................................................         --         12,928
                                                                                            -----------    -----------
               Consolidated revenues........................................................$    69,191    $    87,697
                                                                                            ===========    ===========
      EBITDA:
          Restaurants.......................................................................$    14,011    $    17,063
          Asset management..................................................................         --          3,923
          General corporate.................................................................    (10,682)       (15,024)
                                                                                            -----------    -----------
               Consolidated EBITDA..........................................................      3,329          5,962
                                                                                            -----------    -----------
      Less Depreciation and Amortization:
          Restaurants.......................................................................      2,015          2,936
          Asset management..................................................................         --          1,083
          General corporate.................................................................      1,336          1,507
                                                                                            -----------    -----------
               Consolidated Depreciation and Amortization...................................      3,351          5,526
                                                                                            -----------    -----------
      Operating profit (loss):
          Restaurants.......................................................................     11,996         14,127
          Asset management..................................................................         --          2,840
          General corporate.................................................................    (12,018)       (16,531)
                                                                                            -----------    -----------
               Consolidated operating profit (loss).........................................        (22)           436
      Interest expense......................................................................     (9,634)       (10,253)
      Insurance expense related to long-term debt...........................................       (991)          (904)
      Investment income, net................................................................      6,524          9,100
      Gain on sale of business..............................................................         16          9,608
      Other expense, net....................................................................        (40)          (370)
                                                                                            -----------    -----------
               Consolidated income (loss) before income taxes and minority interests........$    (4,147)   $     7,617
                                                                                            ===========    ===========





                                                                                             January 2,        April 3,
                                                                                                2005             2005
                                                                                                ----             ----
                                                                                                     
      Identifiable assets:
        Restaurants.........................................................................$   209,856    $   209,392
        Asset management....................................................................    138,818        123,555
        General corporate...................................................................    718,299      1,156,542
                                                                                            -----------    -----------
               Consolidated total assets....................................................$ 1,066,973    $ 1,489,489
                                                                                            ===========    ===========







Item 2.  Management's  Discussion  and Analysis of Financial  Condition and
         Results of Operations

Introduction and Executive Overview

     This  "Management's  Discussion  and  Analysis of Financial  Condition  and
Results of Operations" of Triarc  Companies,  Inc., which we refer to as Triarc,
and its  subsidiaries  should  be  read in  conjunction  with  the  accompanying
condensed consolidated financial statements and "Item 7. Management's Discussion
and Analysis of Financial  Condition  and Results of  Operations"  in our Annual
Report on Form 10-K for the  fiscal  year ended  January 2, 2005.  Item 7 of our
2004 Form 10-K describes our contractual  obligations and the application of our
critical accounting policies. There have been no significant changes as of April
3, 2005 pertaining to these topics. Certain statements we make under this Item 2
constitute "forward-looking  statements" under the Private Securities Litigation
Reform Act of 1995. See "Special Note Regarding  Forward-Looking  Statements and
Projections" in "Part II - Other Information" preceding "Item 1."

     We currently operate in two business segments. We operate in the restaurant
business  through our  franchised  and  Company-owned  Arby's  restaurants  and,
effective with the July 2004  acquisition of Deerfield & Company,  LLC, which we
refer to as Deerfield, we operate in the asset management business.

     On July 22, 2004 we completed the  acquisition of a 63.6% capital  interest
in  Deerfield,  which  transaction  we  refer to as the  Deerfield  Acquisition.
Deerfield, through its wholly-owned subsidiary Deerfield Capital Management LLC,
is an asset manager offering a diverse range of fixed income and  credit-related
strategies to  institutional  investors.  Deerfield  provides  asset  management
services for (1) collateralized debt obligation  vehicles,  which we refer to as
CDOs, and (2) investment funds and private investment  accounts,  which we refer
to as Funds,  including Deerfield Triarc Capital Corp., a real estate investment
trust  formed  in  December  2004,  which we refer to as the  REIT.  Deerfield's
results of operations,  less applicable minority  interests,  and cash flows are
included in our consolidated  results for the three-month  period ended April 3,
2005, but are not included for the three-month period ended March 28, 2004.

     In our restaurant business, we derive revenues in the form of royalties and
franchise  and  related  fees and from sales by our  Company-owned  restaurants.
While over 60% of our  existing  Arby's  royalty  agreements  and all of our new
domestic royalty agreements  provide for royalties of 4% of franchise  revenues,
our average  royalty rate was 3.5% for the three months ended April 3, 2005.  In
our  asset  management  business,  we  derive  revenues  in the  form  of  asset
management  and related  fees from our  management  of CDOs and Funds and we may
expand the types of investments that we offer and manage.

     We derived  investment income throughout the periods presented  principally
from the  investment  of our excess  cash.  In that  regard,  in October 2004 we
invested  $100.0  million to seed a new  multi-strategy  hedge  fund,  Deerfield
Opportunities  Fund, LLC, which we refer to as the Opportunities  Fund, which is
managed by Deerfield and currently accounted for as a consolidated subsidiary of
ours, with minority  interests to the extent of participation by investors other
than us (see  "Consolidation of Opportunities  Fund").  The  Opportunities  Fund
principally invests in various fixed income securities and their derivatives, as
opportunities  arise, and employs leverage in its trading activities,  including
securities  sold  with  an  obligation  to  purchase  or  under   agreements  to
repurchase.  In March 2005 we withdrew $4.8 million of our  investment  from the
Opportunities   Fund  to  seed  another  new  fund  managed  by  Deerfield   and
consolidated by us with minority interests.

     Our goal is to enhance the value of our Company by increasing  the revenues
of the Arby's  restaurant  business and our recently  acquired asset  management
business. We are continuing to focus on growing the number of restaurants in the
Arby's  system,   adding  new  menu  offerings  and   implementing   operational
initiatives  targeted  at  service  levels  and  convenience.  We  plan  to grow
Deerfield's  assets under  management by utilizing the value of its historically
profitable  investment  advisory  brand and increasing the types of assets under
management,  such as the REIT, thereby  increasing  Deerfield's asset management
fee revenues.

     As discussed below under "Liquidity and Capital Resources - Investments and
Potential  Acquisitions," we continue to evaluate our options for the use of our
significant  cash and  investment  position,  including  business  acquisitions,
repurchases of our common stock and investments.  In recent years we evaluated a
number of business acquisition opportunities, including Deerfield, and we intend
to continue our disciplined search for potential  business  acquisitions that we
believe have the potential to create significant value to our stockholders.





     In recent periods our  restaurant  business has  experienced  the following
trends:

     o    Growing U.S. adult population, our principal customer demographic;

     o    Addition  of  selected  higher-priced  quality  items to menus,  which
          appeal more to adult tastes;

     o    Increased  consumer  preference for premium  sandwiches with perceived
          higher  levels of  freshness,  quality  and  customization  along with
          increased  competition in the premium sandwich  category;

     o    Increased  price  competition,  as evidenced  by value menu  concepts,
          which offer comparatively lower prices on some menu items; combination
          meal concepts, which offer a complete meal at an aggregate price lower
          than the price of the individual food and beverage  items;  and use of
          coupons and other price discounting;

     o    Increased  competition among quick service restaurant  competitors and
          other retail food operators for available  development  sites,  higher
          development costs associated with those sites and continued tightening
          in the lending markets typically used to finance new unit development;

     o    Increased availability to consumers of new product choices,  including
          low calorie,  low  carbohydrate  and/or low fat  products  driven by a
          greater  consumer  awareness  of  nutritional  issues;

     o    Competitive   pressures  from  operators  outside  the  quick  service
          restaurant  industry,  such as the deli sections and in-store cafes of
          several  major grocery  store  chains,  convenience  stores and casual
          dining outlets offering prepared food purchases;

     o    Increases in beef and other commodity costs, although in recent months
          these  costs  have  stabilized  at  levels  which we  anticipate  will
          continue in the foreseeable future; and

     o    Legislative  activity on both the federal and state level, which could
          result in higher  (1) wages and  related  fringe  benefits,  including
          health care and other insurance costs, and (2) packaging costs.

     We  experience  the  effects of these  trends  directly  to the extent they
affect the  operations of our  Company-owned  restaurants  and indirectly to the
extent  they  affect  sales by our  franchisees  and,  accordingly,  impact  the
royalties and franchise fees we receive from them.

     In recent  periods,  our asset  management  business  has  experienced  the
following  trends,  including  trends  prior  to our  entrance  into  the  asset
management business through the Deerfield Acquisition:

     o    Growth in the hedge fund market as investors  appear to be  increasing
          their investment allocations to hedge funds;

     o    Increased  competition  in the hedge fund  industry in the form of new
          hedge funds offered by both new and established asset managers to meet
          the increasing demand of hedge fund investors;

     o    Continued  growth  of  the  CDO  market  as  it  opens  to  individual
          investors,  in addition to the  institutional  investors  which it has
          mainly served in the past, with CDOs that offer more simplified income
          tax reporting for the investor; and

     o    Increased competition in the fixed income investment markets resulting
          in higher  demand for,  and costs of,  investments  purchased  by CDOs
          resulting  in  the  need  to   continuously   develop  new  investment
          strategies  with  the  goal of  maintaining  acceptable  risk-adjusted
          returns to investors.

Presentation of Financial Information

     We  report  on a fiscal  year  consisting  of 52 or 53 weeks  ending on the
Sunday closest to December 31.  However,  Deerfield and the  Opportunities  Fund
report on a calendar  year  ending on December  31. Our first  quarter of fiscal
2004  commenced on December 29, 2003 and ended on March 28, 2004,  and our first
quarter of fiscal 2005  commenced on January 3, 2005 and ended on April 3, 2005.
When we refer to the "three  months  ended  March 28,  2004," or the "2004 first
quarter," we mean the period from December 29, 2003 to March 28, 2004,  and when
we refer to the "three months ended April 3, 2005," or the "2005 first quarter,"
we mean the period from January 3, 2005 to April 3, 2005. Each quarter contained
13 weeks.  All references to years and quarters  relate to fiscal periods rather
than calendar periods, except for Deerfield and the Opportunities Fund.



Results of Operations

     Presented  below is a table that  summarizes  our results of operations and
compares the amount and percent of the change between the 2004 first quarter and
the 2005 first quarter.  We consider  certain  percentage  changes between these
quarters to be not measurable or not meaningful, and we refer to these as "n/m."
The percentage changes used in the following discussion have been rounded to the
nearest whole percent.



                                                                 Three Months Ended
                                                                 ------------------          Change
                                                                 March 28,  April 3,         ------
                                                                   2004       2005      Amount     Percent
                                                                   ----       ----      ------     -------
                                                                       (In Millions Except Percents)
                                                                                           
Revenues:
   Net sales...................................................$     46.7   $    51.2   $     4.5      10  %
   Royalties and franchise and related fees....................      22.5        23.6         1.1       5  %
   Asset management and related fees...........................        --        12.9        12.9     n/m
                                                               ----------   ---------   ---------
                                                                     69.2        87.7        18.5      27  %
                                                               ----------   ---------   ---------
Costs and expenses:
   Cost of sales, excluding depreciation and amortization......      37.3        39.2         1.9       5  %
   Cost of services, excluding depreciation and amortization...        --         4.2         4.2     n/m
   Advertising and selling.....................................       4.2         4.6         0.4      10  %
   General and administrative, excluding depreciation and
     amortization..............................................      24.3        33.8         9.5      39  %
   Depreciation and amortization, excluding amortization of
     deferred financing costs .................................       3.4         5.5         2.1      62  %
                                                               ----------   ---------   ---------
                                                                     69.2        87.3        18.1      26  %
                                                               ----------   ---------   ---------
       Operating profit........................................        --         0.4         0.4     n/m
Interest expense ..............................................      (9.6)      (10.2)       (0.6)     (6) %
Insurance expense related to long-term debt....................      (1.0)       (0.9)        0.1      10  %
Investment income, net.........................................       6.5         9.1         2.6      40  %
Gain on sale of business.......................................        --         9.6         9.6     n/m
Other expense, net.............................................      (0.1)       (0.4)       (0.3)    n/m
                                                               ----------   ---------   ---------
       Income (loss) before income taxes and minority
          interests............................................      (4.2)        7.6        11.8     n/m
Benefit from (provision for) income taxes......................       1.0        (2.5)       (3.5)    n/m
Minority interests in income of consolidated subsidiaries......        --        (2.4)       (2.4)    n/m
                                                               ----------   ---------   ---------
       Net income (loss).......................................$     (3.2)  $     2.7   $     5.9     n/m
                                                               ==========   =========   =========



Three Months Ended April 3, 2005 Compared with Three Months Ended March 28, 2004

Net Sales

     Our net  sales,  which  were  generated  entirely  from  the  Company-owned
restaurants,  increased by $4.5 million,  or 10%, to $51.2 million for the three
months  ended April 3, 2005 from $46.7  million for the three months ended March
28, 2004. This increase principally reflects a $4.2 million improvement due to a
9% growth in same-store sales of the Company-owned restaurants in the 2005 first
quarter  compared with the weak same-store  sales  performance of the 2004 first
quarter.  When we  refer  to  same-store  sales,  we mean  only  sales  of those
restaurants  which were open  during the same  months in both of the  comparable
periods.  The  increase  in  same-store  sales  reflected  (1) the effects of an
increase in print media advertising,  primarily  couponing,  and other marketing
initiatives  launched in the 2005 first  quarter,  (2) the  introduction  of new
Market Fresh(TM) menu offerings since March 28, 2004 consisting of salads, wraps
and  new  sandwiches  and  (3)  operational   initiatives   targeting  continued
improvement in customer service levels and convenience.

     The 9% growth in same-store sales of Company-owned  restaurants in the 2005
first  quarter  compared  with the 2004 first  quarter  exceeds the 3% growth in
same-store  sales of franchised  restaurants in the 2005 first quarter  compared
with the 2004 first quarter  discussed below under  "Royalties and Franchise and
Related  Fees."  The  comparatively   higher  same-store  sales  growth  of  the
Company-owned  restaurants  is due to the  relatively  weaker  same-store  sales
performance of the Company-owned  restaurants versus the franchised  restaurants
in the comparable prior year first quarter and the increased use of couponing in
the Company-owned restaurants in the 2005 first quarter.


     We  expect  to  continue  to   experience   same-store   sales   growth  of
Company-owned  restaurants  for the remainder of 2005,  although at a lower rate
than the 9% in the 2005 first  quarter  because  of  expected  decreased  use of
couponing in the remaining  three  quarters of 2005 and the improved  same-store
sales  performance  in the last nine months of the prior year  compared with the
prior year first  quarter.  This continued  same-store  sales growth is due to a
continuation  of the same factors  affecting our first  quarter 2005  same-store
sales comparisons,  other than the increased use of couponing. We presently plan
to open ten new  Company-owned  restaurants  during the  remainder  of 2005.  In
addition,  we will evaluate whether to close any  underperforming  Company-owned
restaurants and continually review the performance of each of those restaurants,
particularly  in  connection  with the decision to renew or extend their leases.
Specifically,  we have twelve restaurants where the facilities leases either are
scheduled  for renewal or expire  during the  remainder of 2005 and we currently
anticipate the renewal or extension of most of these leases.

Royalties and Franchise and Related Fees

     Our royalties and franchise and related fees, which were generated entirely
from the franchised restaurants, increased $1.1 million, or 5%, to $23.6 million
for the three months ended April 3, 2005 from $22.5 million for the three months
ended March 28, 2004. This increase consisted of (1) a $0.7 million  improvement
in  royalties  due to a 3%  increase  in  same-store  sales  of  the  franchised
restaurants  during the 2005 first  quarter  compared  with the weak  same-store
sales  performance  during  the  2004  first  quarter  and  (2) a  $0.6  million
improvement  in royalties  from the 81  restaurants  opened since March 28, 2004
with generally  higher than average sales volumes,  replacing the royalties from
the 74 generally  underperforming  restaurants  closed since March 28, 2004. The
increase in same-store sales of the franchised  restaurants reflects (1) the new
Market Fresh(TM) menu offerings  introduced since March 28, 2004 discussed above
under  "Net  Sales,"  (2) a new  marketing  program  launched  in the 2005 first
quarter  supporting both  traditional and new menu offerings and (3) operational
initiatives  targeting  continued  improvement  in customer  service  levels and
convenience. These increases were partially offset by a $0.2 million decrease in
franchise and related fees principally due to the opening of 11 fewer franchised
restaurants in the 2005 first quarter compared with the 2004 first quarter.

     We expect to continue to  experience  positive  same-store  sales growth of
franchised  restaurants  during  the  remainder  of 2005 at a similar 3% rate as
experienced in the 2005 first quarter due to the anticipated continuation of the
same factors that benefited the first quarter.

Asset Management and Related Fees

     Our asset  management  and related fees of $12.9 million for the 2005 first
quarter  resulted  entirely from the management of CDOs and Funds reflecting the
Deerfield Acquisition.

Cost of Sales, Excluding Depreciation and Amortization

     Our  cost of  sales,  excluding  depreciation  and  amortization,  resulted
entirely  from  the  Company-owned  restaurants.  Cost of sales  increased  $1.9
million,  or 5%, to $39.2  million  for the three  months  ended  April 3, 2005,
resulting  in a gross  margin of 23%,  from $37.3  million for the three  months
ended March 28, 2004, resulting in a gross margin of 20%. We define gross margin
as the difference  between net sales and cost of sales divided by net sales. The
increase in cost of sales is largely  driven by the higher level of sales in the
first  quarter of 2005  compared  with the first  quarter of 2004,  as discussed
above under "Net Sales." The improvement in gross margin in the first quarter of
2005  compared  with the first  quarter  of 2004 is  primarily  attributable  to
improved  oversight and training of store  management  and improved  operational
reporting  made  available by the new back office and  point-of-sale  restaurant
systems  implemented  in the  latter  part  of  2004,  which  facilitated  labor
efficiencies and reduced food waste. Also favorably  affecting our margin in the
2005 first  quarter  were  slightly  lower  costs for roast  beef,  the  largest
component of our menu offerings,  and the impact of price increases  implemented
in the second half of 2004 for some of our menu items.

     We  expect  that  the  improvement  in our  gross  margin  to 23%  that  we
experienced  during the 2005 first quarter will continue during the remainder of
2005  primarily  as a result of the labor  efficiencies  and reduced  food waste
referred to above.

Cost of Services, Excluding Depreciation and Amortization

     Our cost of services,  excluding  depreciation  and  amortization,  of $4.2
million for the 2005 first quarter resulted entirely from the management of CDOs
and Funds by Deerfield.

     Our royalties  and  franchise  and related fees have no associated  cost of
services.

Advertising and Selling

     Our  advertising  and selling  expenses  increased  $0.4  million,  or 10%,
principally  due to an increase  in  advertising  expenses of the  Company-owned
restaurants relating to increased spending for print media campaigns,  primarily
couponing.

General and Administrative, Excluding Depreciation and Amortization

     Our  general  and  administrative  expenses,   excluding  depreciation  and
amortization  increased  $9.5  million,  partially  reflecting  $4.9  million of
general and administrative  expenses of Deerfield.  Aside from the effect of the
Deerfield  Acquisition,  general  and  administrative  expenses  increased  $4.6
million  primarily  due to a $5.3  million  increase  in  employee  compensation
reflecting  higher  incentive  compensation  costs and, to a much lesser extent,
increased  headcount and, in the 2005 first quarter, a provision for stock-based
compensation related to grants of 149,155 and 731,411 shares of our contingently
issuable  performance-based  restricted  class  A  and  class  B  common  stock,
respectively,  on March 14, 2005, as discussed below. The increase was partially
offset  by (1) a $0.6  million  decrease  in  severance  charges  and (2) a $0.4
million decrease in deferred compensation expense. Deferred compensation expense
of $0.9  million in the 2004 first  quarter  and $0.5  million in the 2005 first
quarter represents the increase in the fair value of investments in two deferred
compensation trusts, which we refer to as the Deferred  Compensation Trusts, for
the benefit of our Chairman and Chief  Executive  Officer and our  President and
Chief Operating  Officer,  whom we refer to as the  Executives,  as explained in
more  detail  below  under  "Income  (Loss)  Before  Income  Taxes and  Minority
Interests."

     The provision for stock-based  compensation related to the restricted stock
grants was $0.2 million during the 2005 first quarter and may vary significantly
during the remaining nine months of 2005. These  restricted  shares vest ratably
over three years, subject to meeting, in each case, certain class B common share
market price  targets of between  $12.09 and $16.09 per share,  or to the extent
not  previously  vested,  on March 14, 2010  subject to meeting a class B common
share market price target of $18.50 per share.  The  provision  for  stock-based
compensation  during the  remainder  of 2005 will vary  depending  on the market
price of our class B common stock in relation to the market  price  targets upon
which vesting of the restricted  shares is contingent and will be adjusted based
on the market price of the class B common stock at the end of each quarter.

     We are required to adopt  Statement of Financial  Accounting  Standards No.
123 (revised 2004),  "Share-Based  Payment," no later than our 2006 fiscal first
quarter.  As a result,  we will be  required  to  measure  the cost of  employee
services  received in  exchange  for an award of equity  instruments,  including
grants of employee stock options and restricted  stock,  based on the fair value
of the award rather than its intrinsic  value,  which we are currently using. We
currently  expect that the adoption of this statement will  materially  increase
the  amount  of  compensation  expense  recognized  over  the  periods  that the
respective stock options and restricted stock vest.

Depreciation  and  Amortization,  Excluding  Amortization of Deferred  Financing
Costs

     Our  depreciation  and  amortization,  excluding  amortization  of deferred
financing  costs  increased $2.1 million,  partially  reflecting $1.1 million of
depreciation and amortization related to Deerfield. Aside from the effect of the
Deerfield  Acquisition,  depreciation  and  amortization  increased $1.0 million
entirely due to an increase in depreciation  and  amortization of properties and
amortization  of  software   partially  related  to  our  new  back  office  and
point-of-sale restaurant systems installed in the second half of 2004.

Interest Expense

     Interest expense  increased $0.6 million  principally due to a $1.3 million
increase in  interest  expense on debt  securities  sold with an  obligation  to
purchase  or  under  agreements  to  repurchase  in  connection  with the use of
leverage in the Opportunities Fund. This increase was partially offset by a $0.7
million decrease  attributable to lower outstanding amounts of a majority of our
long-term debt.

Investment Income, Net

     The  following  table  summarizes  and  compares  the major  components  of
investment income, net:



                                                                      Three Months Ended
                                                                   ------------------------
                                                                   March 28,       April 3,
                                                                     2004            2005           Change
                                                                     ----            ----           ------
                                                                                (In Millions)

                                                                                         
      Interest income.............................................$     4.1        $    6.3       $     2.2
      Recognized net gains........................................      1.8             3.1             1.3
      Distributions, including dividends..........................      0.7             0.2            (0.5)
      Other than temporary unrealized losses......................       --            (0.3)           (0.3)
      Other.......................................................     (0.1)           (0.2)           (0.1)
                                                                  ---------        --------       ---------
                                                                  $     6.5        $    9.1       $     2.6
                                                                  =========        ========       =========



     Interest income increased $2.2 million partially reflecting $0.7 million of
interest   income  of  Deerfield.   Aside  from  the  effect  of  the  Deerfield
Acquisition, interest income increased $1.5 million primarily due to an increase
in average rates on our interest-bearing investments from 2.5% in the 2004 first
quarter  to 3.3% in the 2005  first  quarter  and,  to a lesser  extent,  higher
average outstanding balances of our interest-bearing  investments.  The increase
in  the  average  rates  was  principally  due  to  our  investing  through  the
Opportunities  Fund  in some  higher  yielding,  but  more  risk-inherent,  debt
securities   with  the  objective  of  improving  the  overall   return  on  our
interest-bearing  investments  and the general  increase in the money market and
short-term interest rate environment.  The higher average outstanding balance of
our  interest-bearing  investments  was  due  to  the  use  of  leverage  in the
Opportunities   Fund.  However,   the  average   outstanding   balances  of  our
interest-bearing  investments, net of related leveraging liabilities,  decreased
principally due to the liquidation of some of those  investments to provide cash
for the Deerfield  Acquisition.  Our  recognized  net gains include (1) realized
gains  and  losses  on  sales  of  our  available-for-sale  securities  and  our
investments  accounted for under the cost method of accounting  and (2) realized
and  unrealized  gains and losses on changes in the fair  values of our  trading
securities  and our  securities  sold short with an obligation to purchase.  The
increase in our recognized net gains of $1.3 million was  principally  due to an
increase of $2.2 million in unrealized  gains on our securities  sold short with
an obligation to purchase,  partially  offset by a $0.8 million realized gain in
the 2004 quarter,  which did not recur in the 2005 first quarter,  from the sale
of a  cost-method  investment  held  in the  Deferred  Compensation  Trusts,  as
explained  in more detail below under  "Income  (Loss)  Before  Income Taxes and
Minority  Interests."  All  of  these  recognized  gains  and  losses  may  vary
significantly  in future  periods  depending upon the timing of the sales of our
investments,  including the investments in the Deferred  Compensation Trusts, or
the  changes  in the value of our  investments,  as  applicable.  Distributions,
including dividends, decreased $0.5 million due to the effect of the liquidation
of certain stock investments  previously held in a trading portfolio principally
during  the third  quarter of 2004.  We  recognized  $0.3  million of other than
temporary  unrealized  losses in the 2005 first  quarter  reflecting  impairment
charges  based  on  significant  declines  in the  market  values  of two of our
available-for-sale  investments  in publicly  traded  companies.  Any other than
temporary  unrealized losses are dependent upon the underlying  economics and/or
volatility in the value of our investments in available-for-sale  securities and
cost-method investments and may or may not recur in future periods.

     As of April 3, 2005, we had pretax unrealized holding gains and (losses) on
available-for-sale  marketable  securities  of $8.1 million and $(0.9)  million,
respectively,  included in accumulated other comprehensive  income. We evaluated
the  unrealized  losses to  determine  whether  these  losses  were  other  than
temporary and concluded that they were not.  Should either (1) we decide to sell
any of these  investments  with  unrealized  losses or (2) any of the unrealized
losses continue such that we believe they have become other than  temporary,  we
would recognize the losses on the related investments at that time.

Gain on Sale of Business

     The gain on sale of  business of $9.6  million  for the 2005 first  quarter
principally  relates  to a $9.4  million  gain  on a sale  of a  portion  of our
investment in Encore Capital Group,  Inc., an equity investee of ours,  which we
refer to as Encore.

Other Expense, Net

     Other expense,  net, increased $0.3 million principally due to $1.3 million
of costs  expensed  in the 2005 first  quarter  related to our  decision  not to
pursue  a  certain   financing   alternative  in  connection  with  a  potential
acquisition  that is still  pending,  partially  offset  by the  effect  of $0.8
million  of costs  expensed  in the 2004  first  quarter  related  to a proposed
business acquisition that we decided not to pursue and did not consummate.

Income (Loss) Before Income Taxes and Minority Interests

     Our income  (loss)  before  income taxes and minority  interests  increased
$11.8 million to income of $7.6 million for the three months ended April 3, 2005
from a loss of $4.2 million for the three months ended March 28, 2004 due to the
effect of the variances explained in the captions above.

     As discussed  above, we recognized  deferred  compensation  expense of $0.9
million in the 2004 first  quarter and $0.5  million in the 2005 first  quarter,
within general and administrative  expenses, for the increases in the fair value
of investments in the Deferred  Compensation Trusts. Under accounting principles
generally  accepted in the United  States of America,  we  recognize  investment
income for any  interest  or  dividend  income on  investments  in the  Deferred
Compensation  Trusts and realized  gains on sales of investments in the Deferred
Compensation  Trusts,  but are unable to  recognize  any  investment  income for
unrealized  increases  in the fair  value  of the  investments  in the  Deferred
Compensation  Trusts because these  investments are accounted for under the cost
method  of  accounting.   We  recognized  net  investment   income  (loss)  from
investments  in the  Deferred  Compensation  Trusts of $0.7  million in the 2004
first quarter and $(0.1) million in the 2005 first  quarter.  The net investment
income during the 2004 first quarter  consisted of a $0.8 million  realized gain
from the sale of a cost-method  investment in the Deferred  Compensation  Trusts
referred to above under "Investment Income, Net," which represented increases in
value prior to that quarter,  less $0.1 million of investment  management  fees.
The net  investment  loss during the 2005 first quarter  consisted of investment
management fees. The cumulative disparity between deferred  compensation expense
and net  recognized  investment  income will reverse in future periods as either
(1)  additional  investments  in the Deferred  Compensation  Trusts are sold and
previously  unrealized gains are recognized  without any offsetting  increase in
compensation  expense or (2) the fair values of the  investments in the Deferred
Compensation  Trusts  decrease  resulting  in the  recognition  of a reversal of
compensation  expense  without any  offsetting  losses  recognized in investment
income.

Benefit From (Provision For) Income Taxes

     The provision for income taxes represented an effective rate of 33% for the
three months  ended April 3, 2005 and the benefit from income taxes  represented
an  effective  rate of 24% for the  three  months  ended  March  28,  2004.  The
effective  provision  rate in the 2005 first  quarter is lower than the  Federal
statutory  rate of 35% due to the  effect  of  minority  interests  in income of
consolidated subsidiaries which are not taxable to us but which are not deducted
from the pretax income used to calculate  the effective tax rate.  This decrease
is partially offset by (1) the effect of non-deductible  compensation  costs and
(2) state income taxes, net of Federal income tax benefit,  due to the differing
mix of pretax income or loss among the  consolidated  entities  which file state
tax returns on an individual  company basis.  The effective  benefit rate in the
2004 first  quarter  was lower than the  Federal  statutory  rate due to (1) the
effect of non-deductible  compensation  costs and (2) state income taxes, net of
Federal income tax benefit, for the reasons discussed above.

Minority Interests in Income of Consolidated Subsidiaries

     The  minority  interests  in income of  consolidated  subsidiaries  of $2.4
million in the 2005 first quarter principally  consisted of $2.0 million related
to Deerfield.


Liquidity and Capital Resources

Cash Flows from Continuing Operating Activities

     Our consolidated  operating activities from continuing operations used cash
and cash  equivalents,  which we refer to in this  discussion as cash, of $375.5
million  during the three  months ended April 3, 2005  reflecting  net income of
$2.7 million  adjusted for  decreases  consisting  of net  operating  investment
adjustments  of $362.4  million,  cash used by changes in  operating  assets and
liabilities of $14.4 million and other net adjustments of $1.4 million.

     The net operating investment  adjustments of $362.4 million includes $353.7
million of net purchases of trading  securities  and net  settlements of trading
derivatives,  which were  principally  funded by the $367.2  million of proceeds
from the net sales of repurchase agreements and the net proceeds from securities
sold short. Under accounting  principles generally accepted in the United States
of America,  the net purchases of trading  securities and the net settlements of
trading derivatives must be reported in continuing operating  activities,  while
the net sales of repurchase agreements and the net proceeds from securities sold
short are  reported  in  continuing  investing  activities  in the  accompanying
condensed  consolidated  statements of cash flows. The net operating  investment
adjustments also reflect a $5.3 million increase in restricted cash securing the
notional amount of trading  derivatives and $3.4 million of net recognized gains
on investments and accretion of discount on debt securities net of distributions
received.  The cash used by changes in operating assets and liabilities of $14.4
million  primarily  reflects a $21.9  million  decrease in accounts  payable and
accrued  expenses  due to the annual  payment of  previously  accrued  incentive
compensation,  partially  offset by a $7.7  million  decrease in trade and other
receivables principally resulting from collections of asset management incentive
fees receivable.  The other net adjustments of $1.4 million were principally due
to the  reclassification  of the gain on sale of business of $9.6  million  from
operating activities to investing activities and the recognition of $0.7 million
of deferred asset management fees,  partially offset by non-cash adjustments for
depreciation and  amortization of $6.2 million and minority  interests in income
of consolidated subsidiaries of $2.4 million.

     Due to the  potential  significant  effects  of  net  operating  investment
adjustments,  which  represent the  discretionary  investment of excess cash and
proceeds from the use of leverage,  we are currently  unable to estimate whether
or not we will have positive cash flows from our continuing operating activities
during the remaining nine months of 2005.

Working Capital and Capitalization

     Working capital, which equals current assets less current liabilities,  was
$454.1  million at April 3,  2005,  reflecting  a current  ratio,  which  equals
current  assets divided by current  liabilities,  of 1.7:1.  Working  capital at
April 3, 2005  decreased  $9.8  million  from $463.9  million at January 2, 2005
reflecting long-term debt repayments of $10.1 million.

     Our total capitalization at April 3, 2005 was $786.5 million, consisting of
stockholders'  equity  of $302.2  million,  long-term  debt of  $473.7  million,
including  current  portion,  and  notes  payable  of $10.6  million.  Our total
capitalization  at April 3, 2005 decreased  $15.6 million from $802.1 million at
January  2,  2005  principally  due to (1)  long-term  debt  and  notes  payable
repayments  of $16.3  million and (2) dividend  payments of $4.7  million,  both
partially  offset by (1) net income of $2.7 million,  (2) proceeds from issuance
of a note payable of $1.4 million and (3) proceeds  from stock option  exercises
of $0.8 million.

Securitization Notes

     We have outstanding, through our ownership of Arby's Franchise Trust, 7.44%
insured non-recourse  securitization  notes, which we refer to as Securitization
Notes, with a remaining principal balance of $206.1 million as of April 3, 2005,
which are due no later than December 2020. However, based on current projections
and assuming the adequacy of available funds, as defined under the indenture for
the Securitization Notes, which we refer to as the Securitization  Indenture, we
currently  estimate that we will repay $18.1 million  during the remaining  nine
months of 2005 with  increasing  annual  payments  to $37.4  million  in 2011 in
accordance with a targeted principal payment schedule.  The Securitization Notes
are  redeemable  by Arby's  Franchise  Trust at an amount  equal to the total of
remaining principal,  accrued interest and the excess, if any, of the discounted
value of the  remaining  principal and interest  payments  over the  outstanding
principal amount of the Securitization Notes.

Restaurant Notes

     We have outstanding, through our ownership of Sybra, Inc., leasehold notes,
equipment  notes and mortgage  notes relating to our  Company-owned  restaurants
with a total remaining  principal  balance of $69.0 million as of April 3, 2005.
The loan  agreements for most of the Sybra leasehold  notes,  mortgage notes and
equipment  notes  contain  various   prepayment   provisions  that  provide  for
prepayment  penalties of (1) up to 5% of the principal amount prepaid or (2) are
based upon specified "yield maintenance" formulas.

Other Long-Term Debt

     We have outstanding  $175.0 million of 5% convertible notes due 2023, which
we refer to as the Convertible Notes, which do not have any scheduled  principal
repayments prior to 2023.  However,  the Convertible Notes are redeemable at our
option commencing May 20, 2010 and at the option of the holders on May 15, 2010,
2015  and 2020 or upon the  occurrence  of a  fundamental  change,  as  defined,
relating to us, in each case at a price of 100% of the  principal  amount of the
Convertible  Notes  plus  accrued  interest.  We have a  secured  bank term loan
payable through 2008 with an outstanding principal amount of $10.8 million as of
April 3, 2005. We also have a secured  promissory note payable through 2006 with
an  outstanding  principal  amount  of $8.9  million  as of  April 3,  2005.  In
addition,  we have mortgage notes payable through 2016 related to restaurants we
sold in 1997 with  outstanding  principal  amounts  totaling  $2.7 million as of
April 3, 2005.

Notes Payable

     We have  outstanding  $10.6  million  of notes  payable as of April 3, 2005
which relate to Deerfield and are secured by short-term investments in preferred
shares of CDOs with a carrying value of $15.4 million as of April 3, 2005. These
notes  must be repaid  from a portion or all of the  distributions  on, or sales
proceeds from,  those  investments  and a portion of the total asset  management
fees received from the respective CDOs.

Revolving Credit Facilities

     We do not have any revolving credit facilities as of April 3, 2005.

Debt Repayments and Covenants

     Our total scheduled  long-term debt and note payable  repayments during the
remaining  nine months of 2005 are $31.6 million  consisting  principally of the
$18.1 million expected to be paid under our  Securitization  Notes, $4.7 million
under our restaurant leasehold, equipment and mortgage notes, $2.2 million under
our secured bank term loan,  $1.7 million under our secured  promissory note and
$4.5 million expected to be paid under our notes payable.

     The various note agreements and indentures contain various  covenants,  the
most restrictive of which (1) require periodic financial reporting,  (2) require
meeting certain debt service coverage ratio tests and (3) restrict,  among other
matters, (a) the incurrence of indebtedness by certain of our subsidiaries,  (b)
certain  asset  dispositions  and (c) the  payment  of  distributions  by Arby's
Franchise  Trust.  We were in compliance with all of these covenants as of April
3, 2005.

     In accordance with the Securitization Indenture, as of April 3, 2005 Arby's
Franchise  Trust had no amounts  available  for the  payment  of  distributions.
However, on April 20, 2005, $1.7 million relating to cash flows for the calendar
month of March 2005 became  available for the payment of distributions by Arby's
Franchise  Trust through its parent to Arby's,  LLC which,  in turn, was used by
Arby's,  LLC to pay  management  service fees of $0.4 million and Federal income
tax-sharing payables of $1.3 million to Triarc.

Guarantees and Commitments

     Our wholly-owned subsidiary,  National Propane Corporation,  which we refer
to as National Propane,  retains a less than 1% special limited partner interest
in our former propane business, now known as AmeriGas Eagle Propane, L.P., which
we refer to as AmeriGas Eagle.  National  Propane agreed that while it remains a
special  limited  partner of AmeriGas  Eagle,  it would  indemnify  the owner of
AmeriGas  Eagle  for  any  payments  the  owner  makes  related  to the  owner's
obligations   under  certain  of  the  debt  of  AmeriGas   Eagle,   aggregating
approximately $138.0 million as of April 3, 2005, if AmeriGas Eagle is unable to
repay or refinance such debt, but only after recourse by the owner to the assets
of AmeriGas Eagle.  National  Propane's  principal asset is an intercompany note
receivable  from Triarc in the amount of $50.0  million as of April 3, 2005.  We
believe it is unlikely  that we will be called upon to make any  payments  under
this indemnity. Either National Propane or AmeriGas Propane L.P., which we refer
to as AmeriGas  Propane,  may require  AmeriGas  Eagle to repurchase the special
limited partner interest.  However,  we believe it is unlikely that either party
would require  repurchase  prior to 2009 as either AmeriGas Propane would owe us
tax  indemnification  payments if AmeriGas Propane required the repurchase or we
would accelerate payment of deferred taxes of $36.1 million as of April 3, 2005,
associated  with the sale,  prior to 2002,  of our former  propane  business  if
National Propane required the repurchase.

     Triarc  guarantees  mortgage  notes payable  through 2015 of  approximately
$38.0  million as of April 3, 2005 related to 355  restaurants  we sold in 1997.
The  purchaser  of  the  restaurants  also  assumed  substantially  all  of  the
associated  lease  obligations  which extend  through  2031,  including all then
existing  extension or renewal  option  periods,  although  Arby's,  LLC remains
contingently  liable if the  purchaser  does not make the required  future lease
payments.  Those lease obligations could total a maximum of approximately  $51.0
million as of April 3,  2005,  assuming  the  purchaser  has made all  scheduled
payments under those lease obligations through that date.

Capital Expenditures

     Cash capital expenditures  amounted to $1.6 million during the three months
ended  April  3,  2005.  We  expect  that  cash  capital  expenditures  will  be
approximately  $30.0 million for the remaining nine months of 2005,  principally
relating to (1) leasehold  improvements  for our newly leased  corporate  office
facility, (2) the opening of ten new Company-owned restaurants and remodeling of
ten of our existing restaurants and (3) maintenance capital expenditures for our
restaurants.  We have $0.5 million of outstanding  commitments for these capital
expenditures as of April 3, 2005.

Investments and Potential Acquisitions

     In July 2004 we  acquired  a 25%  equity  interest  (14.3%  general  voting
interest) in Jurlique,  a privately  held  Australian  skin and beauty  products
company,  for  $25.6  million,  including  expenses  of  $0.4  million.  We  are
accounting for Jurlique under the cost method since our voting stock interest of
14.3% does not  provide us the ability to exercise  significant  influence  over
Jurlique's  operating and financial policies.  We paid $13.3 million of the cost
of the Jurlique  acquisition,  including expenses of $0.4 million, in July 2004.
Our  remaining  payment  for  Jurlique  is payable in July 2005 in 18.0  million
Australian  dollars,  or $13.9 million based on the exchange rate as of April 3,
2005,  plus  accrued  interest  from March 23,  2005.  We entered into a forward
contract whereby we fixed the exchange rate for the payment of this liability in
order to limit the related foreign currency risk. In addition, we entered into a
put and  call  arrangement  on a  portion  of our  total  cost  related  to this
investment  whereby we have limited the overall foreign currency risk of holding
the investment through July 2007.

     As of April 3, 2005,  we had $618.3  million of cash and cash  equivalents,
restricted cash equivalents, investments other than investments held in deferred
compensation   trusts  and  receivables  from  sales  of  investments,   net  of
liabilities  related to  investments.  This  amount  includes  $32.9  million of
noncurrent  restricted cash equivalents,  including $30.6 million related to the
Securitization   Notes,  and  also  includes  $100.0  million  invested  in  the
Opportunities  Fund and another fund managed by Deerfield and consolidated by us
which we have agreed not to withdraw until October 2006. We continue to evaluate
strategic  opportunities  for the use of our  significant  cash  and  investment
position,  including  additional  business  acquisitions,  repurchases of Triarc
common stock (see "Treasury Stock Purchases" below) and investments.

     In that regard,  we are engaged in  negotiations  to acquire RTM Restaurant
Group,  which  we refer  to as RTM,  our  largest  franchisee  with  774  Arby's
restaurants in the United States as of April 3, 2005, which we plan on combining
with our Arby's  restaurant  business.  There can be no assurance  that RTM, its
owners or we will enter into definitive agreements or that this acquisition will
be consummated.

Dividends

     On March 15, 2005, we paid regular  quarterly  cash dividends of $0.065 and
$0.075  per  share  on our  class A and  class  B  common  stock,  respectively,
aggregating  $4.7  million.  We currently  intend to continue to declare and pay
quarterly cash dividends,  however, there can be no assurance that any dividends
will be  declared  or paid in the  future  or of the  amount  or  timing of such
dividends,  if any. If we pay quarterly cash dividends for the remainder of 2005
at the same rate as declared  and paid in our 2005 first  quarter,  based on the
number  of our  class A and class B common  shares  outstanding  as of April 29,
2005, our total cash  requirement  for dividends  would be $14.0 million for the
remaining nine months of 2005.

Treasury Stock Purchases

     Our  management  is  currently  authorized,  when and if market  conditions
warrant and to the extent legally  permissible,  to repurchase  through June 30,
2006 up to a total of $50.0  million of our class A and class B common  stock as
of April 3, 2005. We did not make any treasury stock  purchases  during the 2005
first quarter and we cannot assure you that we will  repurchase any shares under
this program in the future.

Universal Shelf Registration Statement

     In December 2003, the Securities and Exchange Commission declared effective
a Triarc universal shelf registration  statement in connection with the possible
future  offer and sale,  from time to time,  of up to $2.0 billion of our common
stock,  preferred  stock,  debt securities and warrants to purchase any of these
types of securities.  Unless  otherwise  described in the applicable  prospectus
supplement  relating  to the offered  securities,  we  anticipate  using the net
proceeds of each offering for general corporate purposes, including financing of
acquisitions  and  capital  expenditures,   additions  to  working  capital  and
repayment of existing debt. We have not presently made any decision to issue any
specific securities under this universal shelf registration statement.

Cash Requirements

     As of April 3, 2005,  our  consolidated  cash  requirements  for continuing
operations  for the remaining  nine months of 2005,  exclusive of operating cash
flow  requirements,  consist  principally of (1) a maximum of an aggregate $50.0
million of payments for  repurchases of our class A and class B common stock for
treasury  under  our  current  stock  repurchase  program,  (2)  scheduled  debt
principal repayments aggregating $31.6 million, (3) cash capital expenditures of
approximately  $30.0 million,  (4) regular quarterly cash dividends  aggregating
approximately  $14.0  million,   (5)  our  remaining  payment  for  Jurlique  of
approximately $13.9 million and (6) the cost of business  acquisitions,  if any,
including RTM. We anticipate meeting all of these  requirements  through (1) the
use of our liquid net current assets,  (2) cash flows from continuing  operating
activities,  if any, and (3) if necessary for any business  acquisitions  and if
market conditions permit,  borrowings  including proceeds from sales, if any, of
up to $2.0 billion of our  securities  under the  universal  shelf  registration
statement.

Consolidation of Opportunities Fund

     We consolidate  the  Opportunities  Fund since we currently have a majority
voting interest of 95.2%.  However,  the Opportunities Fund is being marketed to
other  investors.  Should the sales of equity shares of the  Opportunities  Fund
result in us owning  less than a majority  voting  interest,  we would no longer
consolidate the Opportunities Fund. However, no assurance can be given that this
will  occur.  If this does occur,  we will  account  for our  investment  in the
Opportunities  Fund under the equity method of accounting on a prospective basis
from the date of deconsolidation.

Legal and Environmental Matters

     In 2001, a vacant property owned by Adams Packing Association,  Inc., which
we refer to as Adams Packing,  an inactive subsidiary of ours, was listed by the
United States Environmental Protection Agency on the Comprehensive Environmental
Response,  Compensation and Liability  Information System,  which we refer to as
CERCLIS,  list of known or suspected  contaminated  sites.  The CERCLIS  listing
appears  to have  been  based on an  allegation  that a former  tenant  of Adams
Packing conducted drum recycling  operations at the site from some time prior to
1971 until the late 1970's.  The business  operations of Adams Packing were sold
in December 1992. In February 2003, Adams Packing and the Florida  Department of
Environmental  Protection,  which we refer to as the  Florida  DEP,  agreed to a
consent  order  that  provided  for  development  of a  work  plan  for  further
investigation   of  the  site  and  limited   remediation   of  the   identified
contamination.  In May 2003, the Florida DEP approved the work plan submitted by
Adams  Packing's  environmental  consultant  and during 2004 the work under that
plan was completed.  Adams Packing submitted its contamination assessment report
to the Florida DEP in March 2004.  In August  2004,  the Florida DEP agreed to a
monitoring plan consisting of two sampling events after which it will reevaluate
the need for  additional  assessment or  remediation.  The first  sampling event
occurred in January 2005 and the results have been  submitted to the Florida DEP
for its review.  Based on  provisions of $1.7 million for those costs made prior
to 2004, and after taking into consideration various legal defenses available to
us, including Adams Packing,  Adams Packing has provided for its estimate of its
remaining liability for completion of this matter.

     In 1998,  a number of class  action  lawsuits  were  filed on behalf of our
stockholders.  Each of these actions named us, the  Executives and other members
of our then board of directors as  defendants.  In 1999,  certain  plaintiffs in
these actions filed a consolidated  amended  complaint  alleging that our tender
offer  statement  filed with the  Securities  and Exchange  Commission  in 1999,
pursuant to which we repurchased  3,805,015  shares of our class A common stock,
failed to disclose  material  information.  The amended  complaint seeks,  among
other relief, monetary damages in an unspecified amount. In 2000, the plaintiffs
agreed to stay this action pending determination of a related stockholder action
which  was  subsequently  dismissed  in  October  2002  and is no  longer  being
appealed.  Through April 3, 2005, no further action has occurred with respect to
the remaining class action lawsuit and such action remains stayed.

     In addition to the environmental  matter and stockholder  lawsuit described
above, we are involved in other litigation and claims  incidental to our current
and prior businesses. We and our subsidiaries have reserves for all of our legal
and environmental matters aggregating $1.2 million as of April 3, 2005. Although
the outcome of these  matters  cannot be predicted  with  certainty  and some of
these matters may be disposed of unfavorably to us, based on currently available
information,  including legal defenses  available to us and/or our subsidiaries,
and given the  aforementioned  reserves,  we do not believe  that the outcome of
these legal and environmental matters will have a material adverse effect on our
consolidated financial position or results of operations.

Seasonality

     Our continuing  operations are not  significantly  impacted by seasonality.
However,  our  restaurant  revenues  are  somewhat  lower in our first  quarter.
Further,  while  our asset  management  business  is not  directly  affected  by
seasonality, our asset management revenues are higher in our fourth quarter as a
result of our revenue  recognition  accounting policy for incentive fees related
to the Funds  which are  based  upon  performance  and are  recognized  when the
amounts become fixed and determinable upon the close of a performance period.

Recently Issued Accounting Pronouncements

     In March  2004,  the  Financial  Accounting  Standards  Board (the  "FASB")
ratified the consensus  reached by the Emerging Issues Task Force on issue 03-1,
"The Meaning of  Other-Than-Temporary  Impairment and its Application to Certain
Investments" ("EITF 03-1"). EITF 03-1 provides guidance on evaluating whether an
investment is  other-than-temporarily  impaired. The recognition and measurement
provisions of EITF 03-1, which were to be effective for periods  beginning after
June 15, 2004,  were delayed by the FASB pending  further  guidance.  During the
period of delay,  we will  continue to evaluate our  investments  as required by
existing  authoritative  guidance,  including Securities and Exchange Commission
Staff Accounting Bulletin Topic 5M, "Other Than Temporary  Impairment of Certain
Investments  in  Debt  and  Equity  Securities."  We  do  not  expect  that  the
recognition  and  measurement  provisions  of EITF 03-1 will have a  significant
impact on our  financial  position  or  results of  operations  if and when they
become  effective,  since  the  principles  we use to  measure  any  other  than
temporary impairment losses are generally consistent with those proposed in EITF
03-1.

     In  December  2004,  the FASB  issued  Statement  of  Financial  Accounting
Standards No. 123 (revised 2004),  "Share-Based Payment" ("SFAS 123(R)"),  which
revises SFAS No. 123,  "Accounting for Stock-Based  Compensation"  ("SFAS 123"),
and supersedes Accounting Principles Board Opinion No. 25, "Accounting for Stock
Issued to Employees"  ("APB 25"). The requirements of SFAS 123(R) are similar to
those of SFAS 123,  except  that SFAS 123(R)  generally  requires  companies  to
measure the cost of  employee  services  received  in  exchange  for an award of
equity  instruments,  including  grants of employee stock options and restricted
stock,  based on the fair value of the award.  We  currently  use the  intrinsic
value method of measuring  these awards under APB 25, which will no longer be an
alternative  to the fair value  method  under SFAS  123(R).  In April 2005,  the
Securities  and  Exchange  Commission  adopted an  amendment  to Rule 4-01(a) of
Regulation S-X that defers the required  effective date of SFAS 123(R) for us to
no later  than  our 2006  fiscal  first  quarter.  Under  SFAS  123(R),  we must
determine the appropriate fair value model to be used in our circumstances,  the
recognition  method for compensation  cost and the transition  method to be used
upon adoption. We are evaluating the requirements of SFAS 123(R) and expect that
the  adoption  of SFAS 123(R)  will have a material  impact on our  consolidated
results of operations  and income (loss) per share.  We have not yet  determined
the fair value model,  the  recognition  method or adoption  method we will use.
Accordingly,  we are unable to estimate  the effect of  adopting  SFAS 123(R) or
whether the adoption will result in future  expense  amounts that are similar to
those included in our pro forma disclosures under SFAS 123.


Item 3.  Quantitative and Qualitative Disclosures about Market Risk

     This "Quantitative and Qualitative Disclosures about Market Risk" should be
read in conjunction  with "Item 7A.  Quantitative  and  Qualitative  Disclosures
about Market  Risk" in our annual  report on Form 10-K for the fiscal year ended
January  2,  2005.  Item  7A of our  Form  10-K  describes  in more  detail  our
objectives in managing our interest rate risk with respect to long-term debt, as
referred to below,  our  commodity  price risk,  our equity  market risk and our
foreign currency risk.

     Certain  statements  we make under this Item 3 constitute  "forward-looking
statements"  under the Private  Securities  Litigation  Reform Act of 1995.  See
"Special Note Regarding Forward-Looking  Statements and Projections" in "Part II
- - Other Information" preceding "Item 1."

     We are exposed to the impact of interest rate changes, changes in commodity
prices,  changes in the market value of our investments and, to a lesser extent,
foreign  currency  fluctuations.  In the normal  course of  business,  we employ
established  policies and  procedures  to manage our  exposure to these  changes
using financial  instruments we deem appropriate.  We had no significant changes
in our management of, or our exposure to,  commodity  price risk,  equity market
risk or foreign currency risk during the three months ended April 3, 2005.

Interest Rate Risk

     Our objective in managing our exposure to interest rate changes is to limit
their impact on our earnings and cash flows. We have  historically used interest
rate cap and/or interest rate swap agreements on a portion of our  variable-rate
debt to limit our exposure to the effects of increases  in  short-term  interest
rates on our  earnings  and cash flows.  We did not enter into any new  interest
rate caps or swaps  relating to our long-term debt during the three months ended
April 3, 2005.  As of April 3,  2005,  our notes  payable  and  long-term  debt,
including  current  portion,  aggregated  $484.3 million and consisted of $462.9
million of fixed-rate debt, $10.8 million of a variable-rate bank loan and $10.6
million of  variable-rate  notes payable.  The fair value of our fixed-rate debt
will increase if interest  rates  decrease.  In addition to our  fixed-rate  and
variable-rate  debt, our investment  portfolio includes debt securities that are
subject to interest rate risk with  remaining  maturities  which range from less
than ninety days to  approximately  thirty years.  See below for a discussion of
how we manage this risk. The fair market value of our  investments in fixed-rate
debt securities will decline if interest rates increase.

Overall Market Risk

     We balance our  exposure to overall  market risk by  investing a portion of
our  portfolio  in  cash  and  cash  equivalents  with  relatively   stable  and
risk-minimized  returns. We periodically  interview and select asset managers to
avail ourselves of potentially higher, but more risk-inherent,  returns from the
investment  strategies of these managers.  We also seek to identify  alternative
investment strategies that may earn higher returns with attendant increased risk
profiles for a portion of our  investment  portfolio.  We  regularly  review the
returns from each of our  investments  and may  maintain,  liquidate or increase
selected investments based on this review and our assessment of potential future
returns.  We are  continuing  to adjust our asset  allocation  to  increase  the
portion of our investments that offers the opportunity for higher, but more risk
inherent, returns. In that regard, in October 2004 we invested $100.0 million to
seed a new multi-strategy hedge fund,  Deerfield  Opportunities Fund, LLC, which
we refer to as the Opportunities  Fund, which is managed by a subsidiary of ours
and is currently  consolidated  by us with  minority  interests to the extent of
participation  by  investors  other  than us.  The  Opportunities  Fund  invests
principally  in  various  fixed  income  securities  and their  derivatives,  as
opportunities  arise.  Further,  the Opportunities  Fund employs leverage in its
trading activities,  including securities sold with an obligation to purchase or
under agreements to repurchase as well as the effective leverage  represented by
the  notional  amounts  of  its  various  derivatives.  The  investments  of the
Opportunities  Fund are subject to interest  rate risk and the  inherent  credit
risk related to the  underlying  creditworthiness  of the various  issuers.  The
Opportunities Fund uses hedging  strategies,  including the derivatives it holds
and other  asset/liability  management  strategies,  to  generally  minimize its
overall interest rate risk while retaining an acceptable level of credit risk as
part of its technical trading  strategies.  The Opportunities  Fund monitors its
overall  credit risk and  attempts to maintain an  acceptable  level of exposure
through  diversification  of credit  positions  by industry,  credit  rating and
individual issuer concentrations.  In March 2005 we withdrew $4.8 million of our
investment  from the  Opportunities  Fund to seed  another  new fund  managed by
Deerfield and consolidated by us with minority  interests.  As of April 3, 2005,
the  derivatives  held  in  our  short-term   investment   trading   portfolios,
principally  through the  Opportunities  Fund,  consisted of (1) credit  default
swaps, (2) interest rate swaps and a related option,  (3) bank loan total return
swaps,  (4) forward  contracts on foreign  currencies and (5) futures  contracts
relating to interest rates, foreign currencies and a foreign stock market index.
We did not  designate  any of  these  strategies  as  hedging  instruments  and,
accordingly,  all of these  derivative  instruments  were recorded at fair value
with changes in fair value recorded in our results of operations.

     We maintain  investment  portfolio  holdings of various issuers,  types and
maturities.  As of  April 3,  2005  these  investments  were  classified  in our
condensed consolidated balance sheet as follows (in thousands):



                                                                                              
      Cash equivalents included in "Cash and cash equivalents"...................................$     332,845
      Short-term investments.....................................................................      523,597
      Investment settlements receivable..........................................................      150,565
      Current and non-current restricted cash equivalents........................................       65,934
      Non-current investments....................................................................       84,219
                                                                                                 -------------
                                                                                                 $   1,157,160
                                                                                                 =============

      Certain liability positions related to investments:
         Investment settlements payable..........................................................$    (104,481)
         Securities sold under agreements to repurchase .........................................     (269,810)
         Securities sold with an obligation to purchase included in "Other liability positions
             related to short-term investments"..................................................     (120,249)
         Derivatives held in trading portfolios in liability positions included in "Other
             liability positions related to short-term investments"..............................         (457)
         Remaining payment due for investment in Jurlique International Pty Ltd., an
             Australian company, included in "Accrued expenses and other current liabilities"....      (13,906)
                                                                                                 -------------
                                                                                                 $    (508,903)
                                                                                                 ==============


     Our  cash  equivalents  are  short-term,  highly  liquid  investments  with
maturities of three months or less when acquired and  consisted  principally  of
cash in mutual fund and bank money market accounts,  securities  purchased under
agreements  to  resell  the  following  day   collateralized  by  United  States
government debt securities,  interest-bearing brokerage and bank accounts with a
stable value,  United States  government debt securities and commercial paper of
high credit-quality entities.

     At April 3, 2005 our investments  were classified in the following  general
types or categories (in thousands):



                                                                                          Carrying Value
                                                                         At Fair       --------------------
                         Type                             At Cost       Value (e)      Amount       Percent
                         ----                             -------       --------       ------       -------

                                                                                           
      Cash equivalents (a)............................$   332,845     $   332,845    $   332,845       29%
      Investment settlements receivable (b)...........    150,565         150,565        150,565       13%
      Restricted cash equivalents.....................     65,934          65,934         65,934        6%
      Investments accounted for as:
           Available-for-sale securities (c)..........    122,713         129,970        129,970       11%
           Trading securities.........................    372,457         367,204        367,204       32%
           Trading derivatives........................        874           5,890          5,890       --%
      Non-current investments held in deferred
        compensation trusts accounted for at cost.....     20,001          26,741         20,001        2%
      Other current and non-current investments in
        investment limited partnerships and similar
        investment entities accounted for at cost.....     21,615          33,518         21,615        2%
      Other current and non-current investments
        accounted for at:
           Cost.......................................     36,868          39,746         36,868        3%
           Equity.....................................     14,683          33,803         19,947        2%
           Fair value ................................      6,321           6,321          6,321       --%
                                                      -----------     -----------     ----------      ----
      Total cash equivalents and long investment
        positions.....................................$ 1,144,876     $ 1,192,537     $1,157,160      100%
                                                      ===========     ===========     ==========      ====

      Certain liability positions related to
        investments:
           Investment settlements payable (b).........$  (104,481)    $  (104,481)   $  (104,481)      N/A
           Securities sold under agreements to
              repurchase..............................   (269,306)       (269,810)      (269,810)      N/A
           Securities sold with an obligation to
              purchase................................   (118,820)       (120,249)      (120,249)      N/A
           Derivatives held in trading portfolios in
              liability positions.....................         --            (457)          (457)      N/A
           Remaining payment due for investment
              in Jurlique (d).........................    (12,308)        (13,906)       (13,906)      N/A
                                                      -----------     -----------    -----------
                                                      $  (504,915)    $  (508,903)   $  (508,903)      N/A
                                                      ===========     ===========    ===========

- --------
     (a)  Includes $6,860,000 of cash equivalents held in deferred  compensation
          trusts.
     (b)  Represents  unsettled  security trades as of April 3, 2005 principally
          in the Opportunities Fund.
     (c)  Includes  $15,442,000  of  preferred  shares  of  collateralized  debt
          obligation vehicles,  which we refer to as CDOs, which, if sold, would
          require us to use the proceeds to repay our related  notes  payable of
          $10,572,000.
     (d)  The fair  value of this  liability  does not  reflect  the  offsetting
          effect of a related  foreign  currency  forward  contract  in an asset
          position which had a fair value of $1,492,000.
     (e)  There can be no  assurance  that we would be able to sell  certain  of
          these investments at these amounts.

     Our  marketable  securities  are  reported  at fair  market  value  and are
classified  and accounted for either as  "available-for-sale"  or "trading" with
the  resulting  net  unrealized  holding  gains or losses,  net of income taxes,
reported  either  as a  separate  component  of  comprehensive  income  or  loss
bypassing net income or net loss or included as a component of net income or net
loss,  respectively.  Our investments in preferred  shares of CDOs are accounted
for  similar  to debt  securities  and  are  classified  as  available-for-sale.
Investment  limited  partnerships  and  similar  investment  entities  and other
current  and  non-current  investments  in  which  we do  not  have  significant
influence over the investees are accounted for at cost.  Derivative  instruments
held in trading  portfolios are similar to and classified as trading  securities
which are  accounted  for as  described  above.  Realized  gains  and  losses on
investment  limited  partnerships  and  similar  investment  entities  and other
current and non-current  investments recorded at cost are reported as investment
income or loss in the period in which the  securities  are sold.  Investments in
which we have  significant  influence  over the  investees  are accounted for in
accordance  with the equity  method of  accounting  under  which our  results of
operations  include  our  share  of the  income  or loss of the  investees.  Our
investments  accounted  for under  the  equity  method  consist  of  non-current
investments  in (1) a public  company  and (2) a real  estate  investment  trust
managed by a subsidiary of ours. We also hold restricted stock and stock options
in the real estate investment trust that we received as stock-based compensation
and that we account for at fair value. We review all of our investments in which
we have  unrealized  losses and recognize  investment  losses  currently for any
unrealized losses we deem to be other than temporary.  The cost-basis  component
of  investments  reflected in the table above  represents  original  cost less a
permanent  reduction for any unrealized losses that were deemed to be other than
temporary.

Sensitivity Analysis

     For purposes of this  disclosure,  market risk  sensitive  instruments  are
divided into two categories:  instruments  entered into for trading purposes and
instruments entered into for purposes other than trading. Our estimate of market
risk exposure is presented for each class of financial instruments held by us at
April 3, 2005 for which an immediate  adverse market movement causes a potential
material impact on our financial  position or results of operations.  We believe
that the  rates of  adverse  market  movements  described  below  represent  the
hypothetical  loss to future earnings and do not represent the maximum  possible
loss nor any expected actual loss, even under adverse conditions, because actual
adverse  fluctuations  would likely  differ.  In addition,  since our investment
portfolio is subject to change  based on our  portfolio  management  strategy as
well as market conditions, these estimates are not necessarily indicative of the
actual results which may occur.

     The following tables reflect the estimated market risk exposure as of April
3,  2005  based  upon  assumed  immediate  adverse  effects  as noted  below (in
thousands):



Trading Purposes:

                                                                      Carrying    Interest     Equity        Foreign
                                                                        Value     Rate Risk  Price Risk   Currency Risk
                                                                        -----     ---------  ----------   -------------
                                                                                              
   Equity securities...............................................  $      40    $     --    $      (4)  $         --
   Debt securities.................................................    367,164     (10,357)          --             --
   Trading derivatives in asset positions..........................      5,890      (5,569)          --            (80)
   Trading derivatives in liability positions......................       (457)         --          (27)           (28)


     The sensitivity analysis of financial instruments held for trading purposes
assumes (1) an  instantaneous  10% adverse change in the equity markets in which
we are invested,  (2) an  instantaneous  one percentage  point adverse change in
market interest rates and (3) an instantaneous 10% adverse change in the foreign
currency exchange rates versus the United States dollar,  each from their levels
at April 3, 2005, with all other variables held constant.

     The  interest  rate risk with  respect to our debt  securities  and trading
derivatives  reflects the effect of the assumed adverse  interest rate change on
the fair value of each of those securities or derivative  positions and does not
reflect any  offsetting  of hedged  positions.  The adverse  effects on the fair
values of the respective  securities and derivatives  were  determined  based on
market standard pricing models applicable to those particular instruments. Those
models consider  variables such as coupon rate and frequency,  maturity date(s),
yield  and,  in the case of  derivatives,  volatility,  price of the  underlying
instrument, strike price, expiration,  prepayment assumptions and probability of
default.

Other Than Trading Purposes:



                                                          Carrying     Interest           Equity          Foreign
                                                            Value      Rate Risk        Price Risk      Currency Risk
                                                            -----      ---------        ----------      -------------
                                                                                              
      Cash equivalents.................................$   332,845     $      (2)       $      --         $      --
      Investment settlements receivable................    150,565            --               --                --
      Restricted cash equivalents......................     65,934            --               --                --
      Available-for-sale equity securities.............     47,351            --           (4,735)               --
      Available-for-sale asset-backed securities.......     25,656        (2,052)              --                --
      Available-for-sale preferred shares of CDOs......     20,192        (1,017)              --                --
      Available-for-sale United States government and
         government agency debt securities.............     13,042           (65)              --                --
      Available-for-sale commercial paper..............     11,715           (15)              --                --
      Available-for-sale debt mutual fund..............      8,644          (173)              --                --
      Available-for-sale corporate debt securities,
         other than commercial paper...................      3,370          (135)              --                --
      Investment in Jurlique...........................     25,611            --           (2,561)           (1,241)
      Other investments................................     79,141        (1,683)          (5,365)              (41)
      Foreign currency forward contract in an asset
         position......................................      1,492            --               --            (1,389)
      Foreign currency put and call arrangement in a
         net liability position........................       (581)           --               --            (1,221)
      Investment settlements payable...................   (104,481)           --               --                --
      Securities sold under agreements to repurchase...   (269,810)           (5)              --                --
      Securities sold with an obligation to purchase...   (120,249)       (4,791)            (740)               --
      Remaining payment due for investment in
         Jurlique......................................    (13,906)           --               --            (1,391)
      Notes payable and long-term debt, excluding
         capitalized lease obligations.................   (483,401)      (20,062)              --                --
      Interest rate swap agreement in a payable
         position......................................       (172)         (162)              --                --


     The sensitivity analysis of financial instruments held at April 3, 2005 for
purposes of other than trading assumes (1) an instantaneous one percentage point
adverse change in market interest rates, (2) an instantaneous 10% adverse change
in the equity  markets in which we are  invested  and (3) an  instantaneous  10%
adverse change in the foreign  currency  exchange rates versus the United States
dollar,  each from their levels at April 3, 2005,  with all other variables held
constant.  The equity  price risk  reflects  the impact of a 10% decrease in the
carrying value of our equity securities,  including those in "Other investments"
in the table above. The sensitivity  analysis also assumes that the decreases in
the equity markets and foreign exchange rates are other than temporary.  We have
not reduced the equity price risk for  available-for-sale  investments  and cost
investments to the extent of unrealized  gains on certain of those  investments,
which would limit or eliminate  the effect of the  indicated  market risk on our
results of operations and, for cost investments, our financial position.

     For purposes of this  analysis,  our  investments  in debt  securities  and
preferred  shares  of CDOs  with  interest  rate  risk had a range of  remaining
maturities  and were assumed to have weighted  average  remaining  maturities as
follows:



                                                                                        Range            Weighted Average
                                                                                        -----            ----------------
                                                                                                     
      Cash equivalents (other than money market funds
         and interest-bearing brokerage and bank accounts
         and securities purchased under agreements to resell)...................  4 days - 25 days            10 days
      United States government and government agency debt
         securities.............................................................  23 days - 1 year           6 months
      Asset-backed securities...................................................13 months - 30 years          8 years
      CDOs underlying preferred shares..........................................2 1/3 years - 8 years         5 years
      Commercial paper.......................................................... 38 days - 7 months      1 1/2 months
      Debt mutual fund..........................................................  1 day - 35 years            2 years
      Corporate debt securities, other than commercial paper....................2 1/2 months - 4 years        4 years
      Debt securities included in other investments (principally
         held by investment limited partnerships and similar
         investment entities)...................................................         (a)                 10 years
     ------------
     (a)  Information  is not available for the underlying  debt  investments of
          these entities.



     The interest  rate risk  reflects,  for each of these  investments  in debt
securities  and the  preferred  shares of CDOs,  the  impact on our  results  of
operations.  Assuming  we  reinvest  in  similar  securities  at the time  these
securities  mature,  the effect of the interest  rate risk of an increase of one
percentage  point above the existing levels would continue beyond the maturities
assumed.  The interest rate risk for our preferred shares of CDOs excludes those
portions  of the  CDOs for  which  the risk  has  been  fully  hedged.  Our cash
equivalents  included  $289.4  million  of  mutual  fund and bank  money  market
accounts and interest-bearing  brokerage and bank accounts which are designed to
maintain  a stable  value  and  $38.0  million  of  securities  purchased  under
agreements to resell the following day and, as a result, were assumed to have no
interest  rate risk.  Our  restricted  cash  equivalents  were invested in money
market funds and are assumed to have no interest rate risk since those funds are
designed to maintain a stable value.

     The interest  rate risk  presented  with  respect to our notes  payable and
long-term debt,  excluding  capitalized lease  obligations,  relates only to our
fixed-rate debt and represents the potential impact a decrease in interest rates
of one  percentage  point  has on the fair  value of this  debt,  and not on our
financial  position  or  our  results  of  operations.  The  fair  value  of our
variable-rate debt, as well as almost all of our obligations for securities sold
under  agreements  to  repurchase,  approximates  the  carrying  value since the
floating  interest rate resets daily,  monthly or quarterly and, as a result, we
assumed no associated interest rate risk. However, we have an interest rate swap
agreement with an embedded written call option on our  variable-rate  bank loan.
As interest  rates  decrease,  the fair market  values of the interest rate swap
agreement and the written call option both decrease,  but not necessarily by the
same amount.  The interest rate risk presented with respect to the interest rate
swap agreement  represents the potential  impact the indicated change has on the
net fair value of the swap agreement and embedded written call option and on our
financial position and results of operations.

     The foreign  currency risk  presented for our  investment in Jurlique as of
April 3, 2005  excludes  the  portion  of risk  that is  hedged  by the  foreign
currency put and call  arrangement  and by the portion of Jurlique's  operations
which are  denominated  in United  States  dollars.  The foreign  currency  risk
presented  with  respect to the foreign  currency  forward  contract and foreign
currency put and call arrangement  represents the potential impact the indicated
change  has on the  net  fair  value  of  each  of  these  respective  financial
instruments and on our financial position and results of operations and has been
determined by an independent  broker/dealer.  For investments held since January
2, 2005 in investment limited partnerships and similar investment entities,  all
of which are accounted for at cost, and other non-current  investments  included
in "Other investments" in the table above, the sensitivity analysis assumes that
the  investment  mix  for  each  such  investment  between  equity  versus  debt
securities  and  securities  denominated in United States dollars versus foreign
currencies was unchanged since that date since more current  information was not
readily  available.  The  analysis  also assumed that the decrease in the equity
markets  and the change in foreign  currency  were  other  than  temporary  with
respect to these investments.  To the extent such entities invest in convertible
bonds which trade primarily on the conversion  feature of the securities  rather
than on the stated interest rate, this analysis assumed equity price risk but no
interest  rate  risk.  The  foreign  currency  risk  presented   excludes  those
investments where the investment manager has fully hedged the risk.


Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

     Our management,  with the participation of our Chairman and Chief Executive
Officer and our Executive Vice President and Chief  Financial  Officer,  carried
out an  evaluation  of the  effectiveness  of the  design and  operation  of our
disclosure  controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)
under the Securities  Exchange Act of 1934, as amended (the "Exchange  Act")) as
of the  end of the  period  covered  by this  quarterly  report.  Based  on that
evaluation,  our Chairman and Chief  Executive  Officer and our  Executive  Vice
President and Chief Financial Officer have concluded that, as of the end of such
period,  our  disclosure  controls  and  procedures  were  effective  to provide
reasonable  assurance  that  information  required to be  disclosed by us in the
reports that we file or submit under the Exchange Act was  recorded,  processed,
summarized and reported within the time periods specified in the rules and forms
of the Securities and Exchange Commission.

Change in Internal Control Over Financial Reporting

     No change in our internal control over financial  reporting was made during
our most recent fiscal quarter that materially affected, or is reasonably likely
to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

     There are inherent  limitations in the effectiveness of any control system,
including the potential for human error and the  circumvention  or overriding of
the controls and procedures.  Additionally,  judgments in decision-making can be
faulty and breakdowns can occur because of simple error or mistake. An effective
control  system can provide only  reasonable,  not absolute,  assurance that the
control  objectives  of  the  system  are  adequately  met.   Accordingly,   our
management, including our Chairman and Chief Executive Officer and our Executive
Vice  President and Chief  Financial  Officer,  does not expect that our control
system can  prevent or detect all error or fraud.  Finally,  projections  of any
evaluation or assessment of  effectiveness of a control system to future periods
are subject to the risks that, over time, controls may become inadequate because
of changes in an entity's  operating  environment or deterioration in the degree
of compliance with policies or procedures.


Part II. OTHER INFORMATION

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND PROJECTIONS

     This Quarterly  Report on Form 10-Q contains or  incorporates  by reference
certain statements that are not historical facts,  including,  most importantly,
information  concerning  possible or assumed  future  results of  operations  of
Triarc  Companies,  Inc.  and its  subsidiaries  (collectively  "Triarc"  or the
"Company"),  and those statements  preceded by, followed by, or that include the
words "may,"  "believes,"  "plans,"  "expects,"  "anticipates,"  or the negation
thereof, or similar expressions,  that constitute  "forward-looking  statements"
within the meaning of the Private Securities  Litigation Reform Act of 1995 (the
"Reform Act").  All statements  that address  operating  performance,  events or
developments that are expected or anticipated to occur in the future,  including
statements  relating to revenue growth,  earnings per share growth or statements
expressing general optimism about future operating results,  are forward-looking
statements  within  the  meaning  of  the  Reform  Act.  These   forward-looking
statements are based on our current  expectations,  speak only as of the date of
this Form 10-Q and are susceptible to a number of risks, uncertainties and other
factors. Our actual results,  performance and achievements may differ materially
from any future  results,  performance or  achievements  expressed or implied by
such forward-looking  statements.  For those statements, we claim the protection
of the safe harbor for forward-looking  statements  contained in the Reform Act.
Many  important  factors  could affect our future  results and could cause those
results  to  differ  materially  from  those  expressed  in the  forward-looking
statements  contained herein. Such factors include,  but are not limited to, the
following:

     o    competition,  including  pricing  pressures,  the potential  impact of
          competitors' new units on sales by Arby's(R) restaurants;

     o    consumers'  perceptions of the relative quality,  variety and value of
          the food products we offer;

     o    success of operating initiatives;

     o    development costs;

     o    advertising and promotional efforts;

     o    brand awareness;

     o    the existence or absence of positive or adverse publicity;

     o    new product and concept  development  by us and our  competitors,  and
          market acceptance of such new product offerings and concepts;

     o    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";

     o    changes in spending patterns and demographic trends;

     o    the business and financial viability of key franchisees;

     o    the timely payment of franchisee obligations due to us;

     o    availability,  location and terms of sites for restaurant  development
          by us and our franchisees;

     o    the ability of our  franchisees to open new  restaurants in accordance
          with  their   development   commitments,   including  the  ability  of
          franchisees to finance restaurant development;

     o    delays in opening new restaurants or completing remodels;

     o    anticipated  or  unanticipated  restaurant  closures  by  us  and  our
          franchisees;

     o    our ability to identify, attract and retain potential franchisees with
          sufficient  experience and financial  resources to develop and operate
          Arby's restaurants;

     o    changes in business strategy or development plans, and the willingness
          of our franchisees to participate in our strategy;

     o    business abilities and judgment of our and our franchisees' management
          and other personnel;

     o    availability  of  qualified  restaurant  personnel  to us  and  to our
          franchisees;

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

     o    changes in  commodity  (including  beef),  labor,  supplies  and other
          operating costs and availability and cost of insurance;

     o    adverse weather conditions;

     o    significant  reductions in our client assets under  management  (which
          would reduce our advisory  fee  revenue),  due to such factors as weak
          performance of our investment products (either on an absolute basis or
          relative  to  our   competitors  or  other   investment   strategies),
          substantial  illiquidity  or  price  volatility  in the  fixed  income
          instruments that we trade,  loss of key portfolio  management or other
          personnel,  reduced  investor  demand  for  the  types  of  investment
          products  we offer,  and loss of  investor  confidence  due to adverse
          publicity;

     o    increased competition from other asset managers offering similar types
          of products to those we offer;

     o    pricing  pressure  on the  advisory  fees that we can  charge  for our
          investment advisory services;

     o    difficulty  in  increasing  assets under  management,  or  efficiently
          managing existing assets, due to market-related constraints on trading
          capacity or lack of potentially profitable trading opportunities;

     o    our  removal as  investment  manager of one or more of the  collateral
          debt obligation  vehicles  (CDOs) or other accounts we manage,  or the
          reduction in our CDO  management  fees because of payment  defaults by
          issuers of the underlying collateral;

     o    availability,   terms  (including   changes  in  interest  rates)  and
          deployment of capital;

     o    changes   in  legal   or   self-regulatory   requirements,   including
          franchising  laws,  investment  management   regulations,   accounting
          standards,  environmental laws, overtime rules, minimum wage rates and
          taxation rates;

     o    the costs, uncertainties and other effects of legal, environmental and
          administrative proceedings;

     o    the impact of general  economic  conditions  on  consumer  spending or
          securities  investing,  including  a slower  consumer  economy and the
          effects of war or terrorist activities;

     o    our ability to identify appropriate  acquisition targets in the future
          and  to  successfully  integrate  any  future  acquisitions  into  our
          existing operations; and

     o    other  risks  and  uncertainties  affecting  us and  our  subsidiaries
          referred  to in our  Annual  Report on Form 10-K for the  fiscal  year
          ended January 2, 2005 (see especially "Item 1. Business--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,  all of
          which are difficult or impossible  to predict  accurately  and many of
          which are beyond our control.

     All future written and oral forward-looking  statements  attributable to us
or any person acting on our behalf are expressly  qualified in their entirety by
the cautionary  statements  contained or referred to in this section.  New risks
and  uncertainties  arise  from  time to time,  and it is  impossible  for us to
predict  these  events or how they may  affect  us. We assume no  obligation  to
update any forward-looking statements after the date of this Quarterly Report on
Form 10-Q as a result of new information, future events or developments,  except
as required by federal securities laws. In addition,  it is our policy generally
not to make  any  specific  projections  as to  future  earnings,  and we do not
endorse any projections  regarding future  performance that may be made by third
parties.

Item 1.  Legal Proceedings

     In 2001, a vacant  property  owned by Adams Packing  Association,  Inc., an
inactive  subsidiary  of ours,  was  listed by the United  States  Environmental
Protection Agency on the Comprehensive Environmental Response,  Compensation and
Liability  Information  System,  which we refer to as CERCLIS,  list of known or
suspected  contaminated sites. The CERCLIS listing appears to have been based on
an allegation  that a former tenant of Adams Packing  conducted  drum  recycling
operations  at the site from some time prior to 1971 until the late  1970s.  The
business  operations  of Adams  Packing were sold in December  1992. In February
2003,  Adams  Packing and the Florida  Department of  Environmental  Protection,
which we refer to as the Florida DEP,  agreed to a consent  order that  provided
for development of a work plan for further investigation of the site and limited
remediation  of the  identified  contamination.  In May 2003,  the  Florida  DEP
approved the work plan submitted by Adams Packing's environmental consultant and
the work  under  that  plan has been  completed.  Adams  Packing  submitted  its
contamination  assessment  report to the Florida  DEP in March  2004.  In August
2004,  the Florida DEP agreed to a monitoring  plan  consisting  of two sampling
events after which it will  reevaluate  the need for  additional  assessment  or
remediation.  The results of the first sampling event, which occurred in January
2005, have been submitted to the Florida DEP for its review. Based on provisions
made prior to 2004 of approximately  $1.7 million for costs associated with this
matter, and after taking into consideration  various legal defenses available to
us,  Adams  Packing has  provided  for its  estimate of its  liability  for this
matter, including related legal and consulting fees. Accordingly, this matter is
not expected to have a material  adverse  effect on our  consolidated  financial
position or results of  operations.  See "Item 2.  Management's  Discussion  and
Analysis  of  Financial   Condition   and  Results  of   Operations--Legal   and
Environmental Matters."

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

     On December 16,  2004,  we announced  that our  existing  stock  repurchase
program,  which was originally approved by our board of directors on January 18,
2001, had been extended until June 30, 2006 and that the amount  available under
the program had been  replenished to permit the purchase of up to $50 million of
our Class A Common Stock and Class B Common Stock. No transactions were effected
under our stock repurchase program during the first fiscal quarter of 2005.

Item 5.  Other Information.

     We are engaged in negotiations to acquire RTM Restaurant Group, our largest
franchisee with 774 Arby's restaurants in the United States as of April 3, 2005,
and combine it with our Arby's restaurant business.  We do not anticipate making
any further announcement  concerning the possible acquisition until a definitive
agreement is reached or negotiations  are terminated.  There can be no assurance
that RTM, its owners or we will enter into  definitive  agreements  or that such
acquisition will be consummated.

Item 6.  Exhibits and Reports on Form 8-K.

     (a)  Exhibits

     3.1  Certificate of Incorporation of Triarc  Companies,  Inc., as currently
          in effect, incorporated herein by reference to Exhibit 3.1 to Triarc's
          Current Report on Form 8-K dated June 9, 2004 (SEC file no. 1-2207).

     3.2  By-laws  of  Triarc   Companies,   Inc.,   as   currently  in  effect,
          incorporated  herein by reference  to Exhibit 3.1 to Triarc's  Current
          Report on Form 8-K dated November 5, 2004 (SEC file no. 1-2207).

     3.3  Certificate of Designation of Class B Common Stock, Series 1, dated as
          of August 11, 2003, incorporated herein by reference to Exhibit 3.3 to
          Triarc's  Current  Report on Form 8-K dated  August 11, 2003 (SEC file
          no. 1-2207).

     10.1 Third Amended and Restated Commitment Agreement,  dated as of February
          28,  2005,  by  and  among  Triarc  Companies,   Inc.,  Sachs  Capital
          Management  LLC,  Scott A. Roberts and  Deerfield  Capital  Management
          LLC.*


     10.2 Form of  Restricted  Stock  Agreement  for Class A Common  Stock under
          Triarc's  2002  Equity  Participation  Plan,  incorporated  herein  by
          reference  to Exhibit  10.1 to Triarc's  Current  Report on Form 8-K/A
          dated March 11, 2005 (SEC file no. 1-2207).

     10.3 Form of Restricted Stock Agreement for Class B Common Stock, Series 1,
          under Triarc's 2002 Equity Participation Plan,  incorporated herein by
          reference  to Exhibit  10.2 to Triarc's  Current  Report on Form 8-K/A
          dated March 11, 2005 (SEC file no. 1-2207).

     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 report on Form 10-Q. *
- -----------------------
*    Filed herewith.




                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                             TRIARC COMPANIES, INC.
                                             (Registrant)


Date:  May 12, 2005                          By: /S/ FRANCIS T. McCARRON
                                                 ------------------------------
                                                 Francis T. McCarron
                                                 Executive Vice President
                                                 and Chief Financial Officer
                                                 (On behalf of the Company)


Date:  May 12, 2005                          By: /S/ FRED H. SCHAEFER
                                                 ------------------------------
                                                 Fred H. Schaefer
                                                 Senior Vice President and
                                                 Chief Accounting Officer
                                                 (Principal Accounting Officer)



Exhibit Index


Exhibit
  No.                             Description
- -------                           -----------

     3.1  Certificate of Incorporation of Triarc  Companies,  Inc., as currently
          in effect, incorporated herein by reference to Exhibit 3.1 to Triarc's
          Current Report on Form 8-K dated June 9, 2004 (SEC file no. 1-2207).

     3.2  By-laws  of  Triarc   Companies,   Inc.,   as   currently  in  effect,
          incorporated  herein by reference  to Exhibit 3.1 to Triarc's  Current
          Report on Form 8-K dated November 5, 2004 (SEC file no. 1-2207).

     3.3  Certificate of Designation of Class B Common Stock, Series 1, dated as
          of August 11, 2003, incorporated herein by reference to Exhibit 3.3 to
          Triarc's  Current  Report on Form 8-K dated  August 11, 2003 (SEC file
          no. 1-2207).

     10.1 Third Amended and Restated Commitment Agreement,  dated as of February
          28,  2005,  by  and  among  Triarc  Companies,   Inc.,  Sachs  Capital
          Management  LLC,  Scott A. Roberts and  Deerfield  Capital  Management
          LLC.*

     10.2 Form of  Restricted  Stock  Agreement  for Class A Common  Stock under
          Triarc's  2002  Equity  Participation   Plan,incorporated   herein  by
          reference  to Exhibit  10.1 to Triarc's  Current  Report on Form 8-K/A
          dated March 11, 2005 (SEC file no. 1-2207).

     10.3 Form of Restricted Stock Agreement for Class B Common Stock, Series 1,
          under Triarc's 2002 Equity Participation Plan,  incorporated herein by
          reference  to Exhibit  10.2 to Triarc's  Current  Report on Form 8-K/A
          dated March 11, 2005 (SEC file no. 1-2207).

     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 report on Form 10-Q. *

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





                                                                    EXHIBIT 10.1

                 THIRD AMENDED AND RESTATED COMMITMENT AGREEMENT

     This THIRD AMENDED AND RESTATED  COMMITMENT  AGREEMENT  (this  "Agreement")
dated as of February 28, 2005, by and among Triarc  Companies,  Inc., a Delaware
corporation  ("Triarc"),  Sachs  Capital  Management  LLC,  a  Delaware  limited
liability  company ("SCM"),  Scott A. Roberts  ("Roberts") and Deerfield Capital
Management LLC, a Delaware limited liability company ("DCM"),  hereby amends and
restates  the Second  Amended  and  Restated  Commitment  Agreement  dated as of
December 30, 2004 and shall hereafter govern.

                                    RECITALS

     WHEREAS,  Triarc,  SCM,  Deerfield  Partners Fund II LLC,  Roberts,  Marvin
Shrear and Gregory H. Sachs are parties to the Purchase  Agreement,  dated as of
June 26, 2004 (as amended, supplemented or otherwise modified from time to time,
the "Purchase Agreement"),  relating to the sale of certain membership interests
in Deerfield & Company LLC ("D&C") to Triarc;

     WHEREAS,  each of Triarc,  SCM,  Roberts,  Jonathan  Trutter  and the other
Members party  thereto  previously  executed and delivered a Fourth  Amended and
Restated  Operating  Agreement  of D&C,  dated as of June 26, 2004 (as  amended,
supplemented   or  otherwise   modified  from  time  to  time,   the  "Operating
Agreement");

     WHEREAS,  in  connection  with the  execution  and delivery of the Purchase
Agreement and the consummation of the transactions contemplated thereby, each of
the parties hereto entered into that certain  Commitment  Agreement  dated as of
June 26, 2004 (the "Commitment Agreement");

     WHEREAS,  the parties hereto amended and restated the Commitment  Agreement
as of  September  30, 2004 and again as of December  30, 2004 (the  "Amended and
Restated Commitment Agreement"); and

     WHEREAS, the parties hereto desire to further amend and restate the Amended
and Restated Commitment Agreement.

     NOW, THEREFORE,  in consideration of the mutual agreements set forth herein
and other valuable  consideration,  the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

     1.  Investment  by Triarc in the Fund.  Upon the terms and  subject  to the
conditions set forth herein,  in connection  with the Closing (as defined in the
Purchase Agreement),  Triarc and an affiliate thereof have invested an aggregate
of $100,000,000 (the "Triarc Investment") in Deerfield  Opportunities Fund, LLC,
(the  "Fund"),  a hedge  fund  managed  by DCM that  conducts  its  business  in
accordance  with the Fund's  Confidential  Private  Placement  Memorandum  dated
December 30, 2004 (as amended,  supplemented or otherwise  modified from time to
time, the "Offering  Memorandum")  and the Fund's  Amended and Restated  Limited
Liability  Company  Agreement  dated  as  of  December  30,  2004  (as  amended,
supplemented  or  otherwise  modified  from time to time,  the  "Fund  Operating
Agreement").  Triarc's  obligation  to  maintain  the  investment  of all or any
portion of the Triarc Investment is subject to Triarc's satisfaction in its sole
discretion during the Compliance Period (as defined in the Operating  Agreement)
that the Fund remains in compliance with Section 11.7 of the Operating Agreement
in all  material  respects,  to the  extent  applicable.  References  herein  to
"Triarc"  shall include,  as  applicable,  any affiliate of Triarc that has also
made an investment in the Fund.

     2.  Investment  by SCM and  Roberts.  Upon the  terms  and  subject  to the
conditions  set forth herein,  in connection  with the Closing,  each of SCM and
Roberts  has  invested in the Fund an amount  equal to ten percent  (10%) of the
after-tax  portion of the Estimated  Purchase  Price (as defined in the Purchase
Agreement) received by SCM and Roberts,  respectively,  pursuant to the Purchase
Agreement (each, the "Management Investment").

     3. Lock-Up. Subject to Section 4 below, each of Triarc, SCM and Roberts may
not make a full or partial redemption or withdrawal,  as the case may be, of its
capital  account  in the Fund for a period of two years (the  "Lock-Up  Period")
from October 4, 2004 (the "Start Date").  The foregoing  shall only apply to the
Triarc  Investment  and each  Management  Investment  and not to any  subsequent
investments in the Fund or any DCM Product (as defined below). Each of Triarc's,
SCM's and Roberts' initial investment in the Fund,  together with any subsequent
investments by them in the Fund, is referred to herein as its "Investment".

     4. Redemptions/Withdrawals.

     (a) Notwithstanding anything herein to the contrary:

               (i) Triarc  may,  in  accordance  with the  provisions  governing
          redemptions  by investors in the Fund set forth in the Fund  Operating
          Agreement,  redeem or withdraw all or a portion of its  Investment  in
          the  Fund  if the  Triarc  Investment  constitutes  20% or less of the
          aggregate net asset value of the Fund;

               (ii) if (a) there is a material  adverse  change in the business,
          operations or condition  (financial or otherwise) of the Fund, (b) DCM
          is terminated  or withdraws as investment  manager of the Fund for any
          reason,  (c) there is a decline as of the end of any calendar month of
          more than twenty-five percent (25%) of the Fund's net asset value from
          the  Start  Date  (excluding  any  additions  to,  redemptions  by  or
          distributions  to investors in the Fund from the capital of the Fund),
          (d)  there  is a  failure  by DCM or the  Fund to hold  all  necessary
          registrations,  licenses,  consents  or  approvals  to  carry  out its
          business,  or (e) unless Triarc provides its prior written approval to
          such change,  there is a fundamental change in the investment strategy
          of the Fund from that described in the Offering Memorandum, Triarc may
          redeem or  withdraw  all or a portion of its  Investment  upon 10 days
          prior written notice to DCM;

               (iii) SCM and Roberts, as applicable,  may redeem or withdraw all
          or a portion of its  Investment  at any time after (a) the exercise by
          the Sachs Affiliated  Parties (as defined in the Operating  Agreement)
          or the  Roberts  Affiliated  Parties  (as  defined  in  the  Operating
          Agreement),  as  applicable,  of their Put Rights  (as  defined in the
          Operating Agreement) with respect to all of their remaining Membership
          Interests  (as  defined in the  Operating  Agreement)  pursuant to the
          Operating  Agreement  or (b) the exercise by Triarc of its Call Option
          (as defined in the  Operating  Agreement)  with  respect to all of the
          Membership  Interests of the Sachs  Affiliated  Parties or the Roberts
          Affiliated   Parties,   as  applicable,   pursuant  to  the  Operating
          Agreement;

               (iv) at the election of Triarc, SCM or Roberts, as applicable, at
          any time and from time to time,  all or any portion of its  Investment
          may be subsequently  converted into an indirect investment in the Fund
          by Triarc's,  SCM's or Roberts',  as applicable,  withdrawal  from its
          capital  account  in the  Fund  (without  penalties  or  charges)  and
          reinvestment of the entire withdrawal  proceeds through a total return
          swap transaction or a similar  arrangement  with a counterparty  under
          which the reference asset is a specified interest in the Fund. For the
          avoidance of doubt,  (a) any such indirect  investment,  together with
          any direct  investment,  shall be deemed a part of Triarc's,  SCM's or
          Roberts', as applicable,  "Investment" hereunder, and (b) each party's
          rights and  obligations  hereunder shall continue with respect to such
          Investment; and

               (v) upon the prior written consent of Triarc, SCM and Roberts, at
          any time and from time to time,  Triarc may redeem all or any  portion
          of its Investment if the entire redeemed amount (or an amount equal to
          the entire redeemed  amount) is  simultaneously  (or, in any event, as
          promptly  as  practicable)  invested  in  another  investment  product
          managed by DCM or one of its  affiliates (a "DCM  Product");  provided
          that,  except as  otherwise  agreed to in writing  by Triarc,  SCM and
          Roberts,  any such subsequent  investment shall be subject to the same
          terms  and  conditions  as  Triarc's,  SCM's and  Roberts'  Investment
          hereunder as if such terms and conditions  applied to such  subsequent
          investment.  For the  avoidance  of doubt,  and without  limiting  the
          generality  of the  foregoing,  (a) there  shall be no lock-up  period
          applicable to any such subsequent  investment in a DCM Product, (b) in
          the case of any  management fee payable by Triarc to DCM or one of its
          affiliates  with respect to any such subsequent  investment,  such fee
          shall be the same as that which is charged to other  investors in such
          DCM  Product  but in no event  shall it  exceed  the fee set  forth in
          Section 6, (c) the "Start  Date" for  purposes of any such  subsequent
          investment  shall be the date of Triarc's  initial  investment in such
          DCM Product and (d) references  herein to the Offering  Memorandum and
          the Fund Operating  Agreement  shall be deemed to be references to the
          comparable  documents applicable to any such DCM Product, in each case
          except as otherwise agreed to in writing by Triarc, SCM and Roberts.

     (b)  Notwithstanding  anything herein to the contrary,  if Triarc elects to
redeem or withdraw all or a portion of its  Investment  in the Fund  pursuant to
this Agreement, each of SCM and Roberts may and, in the case of Section 4(a)(v),
shall redeem or withdraw (and, in the case of Section  4(a)(v),  invest in a DCM
Product),  upon the same  terms  and  conditions  applicable  to  Triarc on such
redemption or  withdrawal,  a portion of its  Investment in the Fund equal to an
amount no greater than the percentage that the amount that Triarc has so elected
to redeem or withdraw  bears to the amount of Triarc's  Investment at such time.

     (c) Any partial  redemption  or  withdrawal,  as the case may be, by Triarc
from the Fund that is permitted  under this  Agreement may be made in any amount
of not less than $250,000 as long as Triarc's  remaining capital account balance
in the Fund is at least  $1,000,000  (the parties  will agree on a  case-by-case
basis whether to make this provision applicable to subsequent investments in DCM
Products).

     (d) If the Fund  limits the total  amount of  redemptions  in any  quarter,
Triarc, SCM and Roberts will be treated on a pro rata basis with other investors
in the Fund.

     (e) Each of Triarc, SCM and Roberts will not be charged or obligated to pay
any  subscription,  disposition,  redemption or other similar fees in connection
with the  acquisition or  disposition  of all or any portion of its  Investment,
including in the event that all or any portion of its Investment is compulsorily
redeemed.

     5. Distributions.

     (a)  Distributions  from the Fund in  satisfaction  of a full redemption or
withdrawal,  as the case may be, will be made such that Triarc,  SCM or Roberts,
as the  case may be,  receives,  within  three  business  days of the  effective
redemption  or withdrawal  date,  cash in an amount equal to at least 95% of the
estimated  net asset value of such entity's or person's  capital  account in the
Fund on the effective  redemption or withdrawal  date. The Fund will pay Triarc,
SCM or Roberts,  as the case may be, interest on the balance of such entity's or
person's  redemption  or  withdrawal,  as the  case may be,  from the  effective
redemption  or withdrawal  date to the date such balance is actually  paid, at a
rate per annum equal to the average  (calculated  weekly) annual 91 day Treasury
Bill rate. The Fund will pay the balance (subject to audit  adjustments) and all
of the accrued  interest in cash within five business  days after  completion of
the Fund's monthly books.

     (b) Distributions  from the Fund in satisfaction of a partial redemption or
withdrawal,  as the case may be, will be made such that Triarc,  SCM or Roberts,
as the  case may be,  receives,  within  three  business  days of the  effective
redemption  or  withdrawal  date,  cash in an amount equal to 100% of the amount
requested to be redeemed or withdrawn.

     6. Fees.  Notwithstanding the constituent  documents of the Fund (the "Fund
Agreement"),  the management fee borne by each of Triarc,  SCM and Roberts on an
annual basis shall be equal to 1.5% of such entity's  capital account balance in
the Fund.

     7. Right of First Refusal. Each of Triarc, SCM and Roberts may have a right
of first refusal on additional  interests  offered by the Fund.  Any offering of
shares or other  interests in a vehicle  (other than the Fund) managed by DCM or
an affiliate  thereof with  investment  objectives and guidelines  substantially
similar to those of the Fund will be deemed to be an offering of the Fund.

     8. Assignment.  Each of Triarc, SCM and Roberts may assign its interests in
the  Fund to any of its  affiliates  without  the  consent  of the  Fund or DCM.
Triarc, SCM and Roberts,  as the case may be, will have no obligation to pay any
redemption or withdrawal fee or penalty in connection with any such  assignment.
For purposes of this  Agreement,  (a) affiliates of any entity  (including  SCM)
shall include any person who is an  "affiliate"  as defined in Rule 12b-2 of the
General  Rules and  Regulations  under the  Securities  Exchange Act of 1934, as
amended from time to time,  (b)  affiliates of an  individual  shall include (i)
members  of such  individual's  Immediate  Family (as  defined in the  Operating
Agreement),  (ii)  the  heirs  or legal  representatives  of any  such  deceased
individual,  and (iii) a trust,  corporation,  partnership or limited  liability
company,  all of the  beneficial  interests  in  which  shall  be  held  by such
individual  or such  individual's  Immediate  Family  members  or such  deceased
individual's  heirs or legal  representatives,  and (c)  affiliates of SCM shall
also include any person who would be an affiliate of Gregory H. Sachs if he were
a party to this Agreement.

     9.  Notice.  DCM will  provide  written  notice to each of Triarc,  SCM and
Roberts upon the occurrence of:

     (a) any material amendment or modification to the Fund Operating Agreement;

     (b) to the knowledge of DCM or any of its representatives, the commencement
with respect to the Fund of any tax audit or other investigations or proceedings
with respect to taxes;

     (c) a termination of the Fund's  investment  management,  administration or
custodian  agreements  or a change  in, or  termination  of,  the  Fund's  legal
counsel, administrator, prime broker or auditor;

     (d)  to  the  knowledge  of  DCM  or  any  of  its   representatives,   any
investigation  of the  Fund,  DCM or their  principals  by a  federal,  state or
regulatory body with authority over the Fund, DCM or their principals;

     (e)  to  the  knowledge  of  DCM  or  any  of  its   representatives,   any
administrative, civil or criminal legal actions in which the Fund, DCM or any of
their principals are named a party or material  witness,  or which may limit the
Fund's ability to perform its duties;

     (f) any material changes to investment strategies of the Fund, any material
changes to  valuation  policies  relating  to the Fund or any  material  changes
relating to soft dollar arrangements;

     (g)  any  reduction  of  aggregate  investments  in the  Fund by any of the
members,  employees  and  principals  of DCM by twenty  percent (20%) or more of
their value as of the end of any calendar month;

     (h) any  substantial  reduction  from the date of the first  closing of the
Fund of the time  commitment  of any of Gregory H.  Sachs,  Scott A.  Roberts or
Jonathan W. Trutter to the  investments,  business and operation of the Fund; or

     (i) any of the events specified in Section 4(a)(ii) above.

     If such notice is not provided to any of Triarc,  SCM or Roberts  within 30
days, any redemption or withdrawal fees or penalties with respect to such person
will be waived by the Fund.

     10. Most Favored  Nations.  DCM hereby confirms and agrees that none of the
Fund, DCM or any of their respective affiliates has entered into any side letter
or similar  agreement  or  arrangement  with any other  investor or  prospective
investor in the Fund on or prior to the date hereof.  If the Fund, DCM or any of
their  respective  affiliates  shall in the future enter into any side letter or
similar  agreement or  arrangement  with a proposed or existing  investor in the
Fund (collectively,  "Side Letters"),  Triarc, SCM and Roberts shall be promptly
furnished with a copy of such Side Letters.  DCM, on behalf of the Fund,  hereby
agrees that Triarc,  SCM and Roberts  shall have the benefit of any provision in
any Side Letter.

     11. Tax Reporting.  DCM shall cause the Fund to be treated as a partnership
for  U.S.,  state  and  local  tax  purposes  and to  prepare  IRS Form 1065 and
Schedules K-1 (and related state and local filings) within 90 days of year end.

     12. Subsequent Investments.  The terms of the Investment by each of Triarc,
SCM and Roberts will also apply to any subsequent  investments by Triarc, SCM or
Roberts, as the case may be, in the Fund.

     13. Insurance.  DCM shall cause the Fund to maintain with financially sound
and  reputable  insurers,  insurance  in amounts and  against  such risks as are
customarily  maintained by reputable  companies under similar  circumstances and
shall furnish copies of such insurance  upon written  request by Triarc,  SCM or
Roberts.

     14. Amendment;  Waiver.  Any amendment,  supplement or modification of this
Agreement or any waiver of the terms and conditions  hereof shall not be binding
upon any party,  unless approved in writing by each of the parties hereto.  Each
party  agrees  that no failure or delay by another  party to this  Agreement  in
exercising  any right,  power or privilege  hereunder  shall operate as a waiver
thereof,  nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right,  power or privilege
hereunder.

     15.  Governing  Law. This  Agreement  shall be governed by and construed in
accordance  with the laws of the  State of New York  without  giving  effect  to
applicable  principles  of conflict of laws (if as a result the governing law of
another jurisdiction would apply).

     16.  Counterparts.  This Agreement may be executed in counterparts,  which,
taken together, shall constitute a single original document.

     17. WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO,  ON BEHALF OF ITSELF
AND EACH OF ITS  AFFILIATES,  IRREVOCABLY  WAIVES  ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL  PROCEEDINGS  ARISING OUT OF OR RELATING TO THIS  AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY.

     18. Third Party Beneficiaries;  Assignment.  This Agreement is not intended
to and does not confer upon any person other than the parties hereto any rights,
claims or remedies  hereunder.  Without the written  consent of each other party
hereto,  none of the parties hereto may assign any of its rights or delegate any
of its  obligations  under this Agreement,  except that each of Triarc,  SCM and
Roberts may assign, in its sole discretion,  any or all of its rights, interests
and obligations under this Agreement to any of its affiliates;  provided,  that,
no such assignment shall relieve Triarc, SCM and Roberts, as the case may be, of
any of its  obligations  under  this  Agreement.  Any  purported  assignment  or
delegation in violation of this provision shall be void.

     19. Entire  Agreement.  This Agreement  (including the Exhibits),  together
with the Purchase Agreement,  the Operating Agreement,  the Offering Memorandum,
the Fund  Operating  Agreement and, as  applicable,  the  definitive  agreements
relating to the  organization and management of any DCM Product in which Triarc,
SCM and Roberts  invest  pursuant  hereto,  sets forth the entire  agreement and
understanding  among the  parties  relating  to the  subject  matter  hereof and
supersedes  any prior  agreement  or  understanding,  whether  written  or oral,
relating to the subject matter hereof.


                  [Remainder of Page Intentionally Left Blank]





     IN WITNESS WHEREOF,  the parties hereto, each intending to be legally bound
hereby,  have  caused this  Agreement  to be executed as of the date first above
written.

                                          TRIARC COMPANIES, INC.


                                          By:   /S/ DAVID I. MOSSE
                                                -------------------------------
                                        Name:   David I. Mosse
                                       Title:   Vice President and
                                                Assistant General Counsel


                                          DEERFIELD CAPITAL MANAGEMENT LLC


                                          By:   /S/  MARVIN SHREAR
                                                -------------------------------
                                        Name:   Marvin Shrear
                                       Title:   Chief Financial Officer

                                          SACHS CAPITAL MANAGEMENT, LLC


                                          By:   /S/  GREGORY H. SACHS
                                                -------------------------------
                                        Name:   Gregory H. Sachs
                                       Title:   Trustee of the Gregory H. Sachs
                                                Revocable Trust, Member


                                                /S/ SCOTT A. ROBERTS
                                                -------------------------------
                                                SCOTT A. ROBERTS




                                                                    EXHIBIT 31.1
                                 CERTIFICATIONS

     I,  Nelson  Peltz,  the  Chairman  and Chief  Executive  Officer  of Triarc
Companies, Inc., certify that:

     1. I have reviewed this quarterly report on Form 10-Q of Triarc Companies,
Inc.;

     2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

     4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

         a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

         b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

         c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

         d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and

     5. The registrant's other certifying officer(s) and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

         a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

         b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control
over financial reporting.



Date:  May 12, 2005
                                                      /S/ NELSON PELTZ
                                           ------------------------------------
                                                        Nelson Peltz
                                           Chairman and Chief Executive Officer





                                                                    EXHIBIT 31.2
                                 CERTIFICATIONS

     I, Francis T. McCarron,  the Executive  Vice President and Chief  Financial
Officer of Triarc Companies, Inc., certify that:

     1. I have reviewed this quarterly report on Form 10-Q of Triarc Companies,
Inc.;

     2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

     4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

         a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

         b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

         c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

         d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and

     5. The registrant's other certifying officer(s) and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

         a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

         b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control
over financial reporting.



Date:  May 12, 2005
                                                      /S/ FRANCIS T. McCARRON
                                                   ----------------------------
                                                       Francis T. McCarron
                                                     Executive Vice President
                                                    and Chief Financial Officer





                                                                    EXHIBIT 32.1


                            Certification Pursuant to
                             18 U.S.C. Section 1350
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

     Pursuant to section 906 of the  Sarbanes-Oxley Act of 2002 (subsections (a)
and (b) of section 1350,  chapter 63 of title 18,  United States Code),  each of
the undersigned officers of Triarc Companies,  Inc., a Delaware corporation (the
"Company"), does hereby certify, to the best of such officer's knowledge, that:

     The Quarterly  Report on Form 10-Q for the quarter ended April 3, 2005 (the
"Form 10-Q") of the Company  fully  complies  with the  requirements  of section
13(a) or 15(d) of the Securities Exchange Act of 1934 and information  contained
in the Form 10-Q  fairly  presents,  in all  material  respects,  the  financial
condition and results of operations of the Company.

Dated:   May 12, 2005                      /S/ NELSON PELTZ
                                           ------------------------------------
                                           Nelson Peltz
                                           Chairman and Chief Executive Officer



Dated:   May 12, 2005                      /S/ FRANCIS T. McCARRON
                                           ------------------------------------
                                           Francis T. McCarron
                                           Executive Vice President and Chief
                                           Financial Officer




     A signed  original of this  written  statement  required by Section 906, or
other document authenticating, acknowledging or otherwise adopting the signature
that  appears  in typed  form  within the  electronic  version  of this  written
statement  required by Section 906, has been provided to Triarc Companies,  Inc.
and will be retained by Triarc  Companies,  Inc. and furnished to the Securities
and Exchange Commission or its staff upon request.

     The foregoing  certification  is being furnished solely pursuant to section
906 of the  Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350,
chapter 63 of title 18,  United  States  Code) and is not being filed as part of
the Form 10-Q or as a separate disclosure document.