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 current fiscal quarter ending on April 1, 2007,  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 January 18, 2007 as an exhibit to a Form 8-K dated  January 18, 2007,  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:   January 18, 2007
TRIARC COMPANIES, INC.