Triarc Completes Sale of National Propane

Business Wire, July 19, 1999

NEW YORK--(BUSINESS WIRE)--July 19, 1999--

Triarc Companies, Inc. (NYSE:TRY) announced today that it has completed the sale of its interest in National Propane Partners, L.P. (NYSE:NPL) to Columbia Propane Corporation, an indirect subsidiary of Columbia Energy Group (NYSE:CG).

Through a merger with Columbia Propane, all common units of the Partnership (other than those owned by Columbia Propane, L.P. or any of its affiliates) received $12.00 in cash, without interest. Simultaneously with the merger, Columbia Propane acquired the general partnership interests and subordinated unit interests of National Propane from subsidiaries of Triarc.

Triarc is a leading premium beverage company (Snapple(R), Mistic(R), Stewart's(R)), a restaurant franchisor (Arby's(R), T.J. Cinnamons(R) and Pasta Connection(TM)) and a producer of soft drink concentrates (Royal Crown(R), Diet Rite(R), Nehi(R)).