PRESS RELEASE

CONTACT:    MARTIN M. SHEA                                FOR IMMEDIATE RELEASE
            TRIARC COMPANIES, INC.
             212/451-3030

                            TRIARC COMPLETES SALE OF C.H. PATRICK

NEW YORK,  New York -- December 23, 1997 -- Triarc  Companies,  Inc.  (NYSE:TRY)
announced  today  that it has  completed  the  sale of its  dyes  and  specialty
chemicals subsidiary,  C.H. Patrick & Co., Inc. to B.F. Goodrich Company for $72
million  in  cash  subject  to  certain  post-closing  adjustments.   With  this
transaction,  Triarc  has  completed  the  sale  of  all  of  its  wholly-owned,
non-consumer businesses.

Triarc Companies, Inc., predominantly a holding company,  anticipates annualized
sales of approximately $1 billion,  with a focus in beverages (Snapple,  Mistic,
Royal Crown and Stewart's) and restaurants (Arby's). In addition,  Triarc has an
equity interest in liquefied petroleum gas (National Propane).
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