Triarc Announces $30 Million Stock Repurchase Program

Business Wire, May 3, 1999

NEW YORK--(BUSINESS WIRE)--April 29, 1999--

Triarc Companies, Inc. (NYSE: TRY) announced today that its management has been authorized, when and if market conditions warrant and to the extent legally permissible, to purchase over the next twelve months, up to $30 million worth of Triarc Class A Common Stock.

Commenting on the share repurchase program, Nelson Peltz, Triarc's Chairman and Chief Executive Officer, said: "Our goal is to create value for our shareholders. Triarc's operating results remain strong and our outlook is positive. However, we believe that our stock price does not properly reflect the value of our company. Today, our Board authorized a new share repurchase program which will allow us to repurchase Triarc shares going forward, as market conditions warrant."

As previously announced, Triarc recently completed a Dutch Auction self-tender offer under which 3,805,015 shares were validly tendered and accepted for payment at a price of $18.25 per share. Triarc's tender offer was for up to 5.5 million shares of the Company's common stock at a price of not less than $16.25 and not more than $18.25 per share. All shares validly tendered at $18.25 and below were accepted.

Triarc currently has 25,524,804 shares of common stock outstanding, consisting of 19,527,182 shares of Class A Common Stock and 5,997,622 shares of Class B Common Stock.

Triarc is a leading premium beverage company (Snapple(R), Mistic(R) and 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) and Nehi(R)).

Note to Follow

Note

1. No share repurchases have been made to date and there can be no assurance that any such purchases will be made in the future.