Triarc Completes Acquisition of Controlling Interest in Deerfield & Company LLC For Approximately $86.5 Million

Business Wire, July 22, 2004

NEW YORK & CHICAGO -- Triarc Companies, Inc. (NYSE: TRY; TRY.B)

--$100 million capital commitment to seed new Deerfield multi-strategy hedge fund is planned

--Deerfield senior team to remain in current roles

Triarc Companies, Inc. (NYSE: TRY; TRY.B) and Deerfield & Company LLC ("Deerfield") announced today that Triarc has completed its acquisition from certain owners of Deerfield of an approximate 64% economic interest in Deerfield, representing in excess of 90% of the outstanding voting interests, for a cash purchase price of approximately $86.5 million. The remainder of the economic and voting interests in Deerfield will be retained or owned by senior management of Deerfield. The purchase price reflects an enterprise value for Deerfield of approximately $145 million.

In connection with the acquisition, Triarc has also committed to invest $100 million to seed a new multi-strategy hedge fund to be managed by Deerfield.

Deerfield's senior management, including its Chairman and Chief Executive Officer, Gregory Sachs, its President, Scott Roberts, and its Chief Investment Officer, Jonathan Trutter, will remain in their current roles, and Deerfield's portfolio management teams will remain intact. Deerfield currently has approximately 75 employees, including over 30 investment professionals.

Deerfield, a Chicago-based alternative asset manager, offers a diverse range of fixed income strategies to institutional investors. Founded in 1993, Deerfield specializes through DCM in managing government securities, investment grade debt, asset-backed securities, bank loan portfolios and other fixed income asset classes. DCM manages these assets in the form of collateralized debt obligations ("CDOs"), single strategy hedge funds and separate managed accounts. The CDOs invest in bank loans, investment grade corporate bonds, and asset-backed securities. The hedge funds engage in relative value trading of fixed income securities and related instruments. The separate accounts utilize core fixed-income and duration management strategies.

As of July 1, 2004, DCM had over $8.1 billion in assets under management composed of approximately $7.2 billion in CDOs, approximately $700 million in fixed income arbitrage hedge funds and approximately $250 million in separately managed accounts. For the 12 months ended December 31, 2003, Deerfield generated revenues of approximately $36.9 million.

Commenting on the Deerfield acquisition, Triarc's Chairman and Chief Executive Officer, Nelson Peltz, said: "We are delighted to welcome Gregory Sachs and the entire Deerfield team to the Triarc family of companies. We look forward to working with them in growing their valuable investment advisory brand, both organically and through extensions of its existing platform."

Triarc and Deerfield previously formed an investment adviser, TDM Advisors LLC ("TDM"), to manage the assets of Triarc Deerfield Investment Corporation ("Triarc Deerfield"), a newly-formed business development company that, as previously announced, filed a registration statement with the Securities and Exchange Commission relating to a proposed $500 million initial public offering of its common stock. As a result of the acquisition, TDM is now a wholly-owned subsidiary of Deerfield and an indirect subsidiary of Triarc.

Triarc is a holding company and, through its subsidiaries, the franchisor of the Arby's(R) restaurant system and the operator of approximately 235 restaurants located in the United States.

Deerfield Capital Management LLC is a Chicago-based alternative asset manager offering a diverse range of fixed income strategies to institutional investors.

Notes To Press Release

1. There can be no assurance that we will be able to successfully integrate Deerfield into our existing operations. The description of the acquisition contained herein is only a summary and is qualified in its entirety by reference to the definitive agreements relating to the acquisition, copies of which have been or will be filed by us with the Securities and Exchange Commission as exhibits to Current Reports on Form 8-K.

2. There can be no assurance that the initial public offering of common stock of Triarc Deerfield will be completed or, if completed, that the terms of such offering will not change from those described in the Registration Statement previously filed with the Securities and Exchange Commission.

3. A registration statement relating to the securities to be issued by Triarc Deerfield Investment Corporation has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. Investors should consider the investment objectives, risks, charges and expenses of Triarc Deerfield carefully before investing. This and other information about Triarc Deerfield will be contained in a preliminary prospectus, which may be obtained, once available, from Triarc Deerfield. The preliminary prospectus should be read carefully before investing. The information in the registration statement filed with the Securities and Exchange Commission, in any preliminary prospectus and in this press release is not complete and may be changed.