Exhibit 99.2

                         NOTICE OF RIGHT TO CONVERT
                               To the Holders of
                            Triarc Companies, Inc.
                       5% Convertible Notes due 2023
                           (CUSIP No. 895927 AC 5)
                            (CUSIP No. 89592 AD 3)

          NOTICE  IS HEREBY  GIVEN by Triarc  Companies,  Inc.  (the  "Company")
pursuant  to  Section  14.01 of the  Indenture,  dated as of May 19,  2003  (the
"Original  Indenture"),   and  as  supplemented  by  that  certain  Supplemental
Indenture,  dated as of November  21, 2003 (the  "Supplemental  Indenture"  and,
together  with the  Original  Indenture,  the  "Indenture"),  related  to the 5%
Convertible  Notes due 2023 of the Company (the  "Notes"),  of the occurrence of
the event  specified in Section  14.01(a)(v)  triggering the right of holders of
Notes to convert the Notes (the "Conversion  Right Trigger Event").  Capitalized
terms used and not otherwise  defined herein shall have the meaning  ascribed to
such terms in the  Indenture.  As a result of the  occurrence of the  Conversion
Right Trigger Event,  during the fiscal quarter  commencing on April 3, 2006 and
ending on July 2, 2006,  each holder of Notes has the right,  at its option,  to
convert  each  $1,000  principal  amount  of the  Notes  into 25  shares  of the
Company's  Common  Stock,  subject to the terms and  conditions of the Indenture
(including  the  Company's  right to elect  instead to pay each such  holder the
amount  of cash  determined  pursuant  to  Article  14 of the  Indenture  (or an
equivalent  amount in a combination of cash and shares of Common Stock), in lieu
of delivering such Common Stock) and, upon  conversion of each $1,000  principal
amount of Notes, the holder shall also be entitled to receive 50 shares of Class
B Stock. Any  determination  regarding the right to convert the Notes during any
subsequent  fiscal  quarter  shall be made in  accordance  with the terms of the
Indenture.

     To  convert  a Note,  a holder  must (a)  complete  and  manually  sign the
Conversion  Notice or a facsimile  of the  Conversion  Notice on the back of the
Note and deliver such notice to the Conversion  Agent, (b) surrender the Note to
the  Conversion  Agent,  (c)  furnish  appropriate   endorsements  and  transfer
documents if required by the Conversion  Agent,  (d) pay any transfer or similar
tax, if required and (e) if required, pay funds equal to the interest payable on
the next interest  payment date.  In the case of a Global Note,  the  Conversion
Notice  shall be  completed  by a DTC  participant  on behalf of the  beneficial
holder.  A copy of this notice has been filed with the Commission by the Company
on March 20, 2006 as an exhibit to an 8-K dated March 20, 2006,  copies of which
are available on the Company's website (www.triarc.com).




            The Company's Conversion Agent is:

                        Wilmington Trust Company
                         Corporate Trust Office
                          Rodney Square North
                       1100 North Market Street
                       Wilmington, DE 19890-1600
                 Attention: Corporate Trust Administration
                       Telephone: (302) 639-6410
                       Facsimile: (302) 636-4145.

Dated: March 20, 2006
TRIARC COMPANIES, INC.