
<PAGE>



                       TRIARC CONSUMER PRODUCTS GROUP, LLC
                         TRIARC BEVERAGE HOLDINGS CORP.

                          NOTICE OF GUARANTEED DELIVERY

                          TO TENDER FOR EXCHANGE THEIR
                   10 1/4% SENIOR SUBORDINATED NOTES DUE 2009

         As set forth in the Prospectus dated ____________, 1999 (the
"Prospectus"), of Triarc Consumer Products Group, LLC, (the "Company") and
Triarc Beverage Holdings Corp. (together with the Company, the "Issuers")
and the accompanying Letter of Transmittal and the instructions thereto,
registered holders of outstanding 10 1/4% Senior Subordinated Notes due 2009
of the Issuers (the "Initial Notes") who wish to tender their Initial Notes
for a like principal amount of 10 1/4% Senior Subordinated Notes due 2009 of the
Issuers (the "Exchange Notes") and whose Initial Notes are not immediately
available or who are unable to deliver their certificates (or obtain
confirmation of the procedure for book-entry transfer on a timely basis) and
all other required documents to reach The Bank of New York (the "Exchange
Agent") prior to 5:00 p.m., New York City time, on ____________, 1999
(the "Expiration Date") may use this form or one substantially equivalent
hereto. This Notice of Guaranteed Delivery may be delivered or transmitted by
telegram, telex, facsimile transmission, mail or hand delivery to the Exchange
Agent as set forth below. In addition, in order to utilize the guaranteed
delivery procedure to tender Initial Notes, a completed, signed and dated Letter
of Transmittal (or facsimile thereof) must also be received by the Exchange
Agent prior to 5:00 p.m., New York City time, on the Expiration Date.
Capitalized terms not defined herein are defined in the Prospectus.

               Delivery to: The Bank of New York, Exchange Agent


<TABLE>
<S>                                   <C>                               <C>
By Registered or Certified Mail:         By Facsimile in New York:          By Overnight Courier or Hand:
     The Bank of New York            (for Eligible Institutions only)            The Bank of New York
  101 Barclay Street-Floor 7E                  (212) 815-6339                     101 Barclay Street
   New York, New York 10286                                                 Corporate Trust Service Window
    Attention: [_________]                 Confirm by Telephone:                     Ground Floor
                                             (212) [_________]                 New York, New York 10286
                                                                                Attention: [_________]
</TABLE>


         DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH
ABOVE, OR TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE OTHER THAN AS SET FORTH
ABOVE, WILL NOT CONSTITUTE A VALID DELIVERY.

         THIS FORM IS NOT TO BE USED TO GUARANTEE SIGNATURES. IF A SIGNATURE ON
THE LETTER OF TRANSMITTAL TO BE USED TO TENDER INITIAL NOTES IS REQUIRED TO BE
GUARANTEED BY AN "ELIGIBLE INSTITUTION" UNDER THE INSTRUCTIONS THERETO, SUCH
SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE LETTER
OF TRANSMITTAL.




<PAGE>


                                                                               2

Ladies and Gentlemen:

         Upon the terms and conditions set forth in the Prospectus and the
accompanying Letter of Transmittal, the undersigned hereby tenders to the
Issuers the principal amount of Initial Notes set forth below, pursuant to the
guaranteed delivery procedure described in "The Exchange Offer--Procedures for
Tendering Initial Notes--Guaranteed Delivery Procedure" section of the
Prospectus, receipt of which is hereby acknowledged.


<TABLE>
<S>                                                 <C>
Principal Amount of Initial Notes Tendered             Name of Record Holder:
(must be in integral multiples of $1,000):
                                                       ------------------------------------------------------
$______________________________________                                   (PLEASE TYPE OR PRINT)


                                                       ------------------------------------------------------
                                                                          (PLEASE TYPE OR PRINT)

Certificate Nos. (if available):                       If Initial Notes will be delivered by book-entry
                                                       transfer to The Depository Trust Company:

---------------------------------------                Name of Tendering Institution:________________________

---------------------------------------                Account Number: ______________________________________
Total Principal Amount Represented by
Initial Notes Certificates(s):

$--------------------------------------
</TABLE>


         ANY AUTHORITY HEREIN CONFERRED OR AGREED TO BE CONFERRED SHALL SURVIVE
THE DEATH OR INCAPACITY OF THE UNDERSIGNED AND EVERY OBLIGATION OF THE
UNDERSIGNED HEREUNDER SHALL BE BINDING UPON THE HEIRS, PERSONAL REPRESENTATIVES,
SUCCESSORS AND ASSIGNS OF THE UNDERSIGNED.





<PAGE>


                                                                               3

                                PLEASE SIGN HERE
                   (TO BE COMPLETED BY ALL TENDERING HOLDERS)
<TABLE>
<S>                                                   <C>
x__________________________________________________    _______________________________


x__________________________________________________    _______________________________

 Signature(s) of Owner(s) or Authorized Signatory                    Date

AREA CODE AND TELEPHONE NUMBER: __________________
</TABLE>



        This Notice of Guaranteed Delivery must be signed by the registered
holder(s) of Initial Notes exactly as their name(s) appear(s) on certificate(s)
for Initial Notes or on a security position listing as the owner of Initial
Notes, or by person(s) authorized to become registered holder(s) by a properly
completed bond power from the registered holder(s), a copy of which must be
transmitted with this Notice of Guaranteed Delivery. If Initial Notes to which
this Notice of Guaranteed Delivery relates are held of record by two or more
joint holders, then all such holders must sign this Notice or Guaranteed
Delivery. If signature is by a trustee, executor, administrator, guardian,
attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must (i) set forth his or her full title
below and (ii) unless waived by the Issuers, submit evidence satisfactory to the
Issuers of such person's authority to so act.

NAME(S):________________________________________________________________________
                               (Please Type or Print)

--------------------------------------------------------------------------------
                                (Please Type or Print)

CAPACITY:_______________________________________________________________________

ADDRESS: _______________________________________________________________________


--------------------------------------------------------------------------------
                                 (Including Zip Code)





<PAGE>


                                                                               4

                                    GUARANTEE

         The undersigned, a member of a registered national securities exchange,
or a member of the National Association of Securities Dealers, Inc., or a
commercial bank, a clearing agency, insured credit union, a savings association
or, or trust company having an office or correspondent in the United States or
an "eligible guarantor" institution within the meaning of Rule 17Ad-15 under the
Securities Exchange Act of 1934, as amended, hereby guarantees to deliver the
certificates representing the principal amount of Initial Notes tendered hereby
in proper form for transfer (or confirmation of the book-entry transfer of such
Initial Notes into the Exchange Agent's account at The Depository Trust Company
pursuant to the procedures for book-entry transfer set forth in the Prospectus),
together with a properly completed and duly executed Letter of Transmittal (or a
manually signed facsimile thereof), with any required signature guarantee and
any other documents required by the Letter of Transmittal, to the Exchange Agent
at one of the addresses set forth above, no later than three New York Stock
Exchange trading days after the date of execution hereof.

         THE UNDERSIGNED ACKNOWLEDGES THAT IT MUST DELIVER THE LETTER OF
TRANSMITTAL AND INITIAL NOTES TENDERED HEREBY TO THE EXCHANGE AGENT WITHIN THE
TIME PERIOD SET FORTH HEREIN AND THAT FAILURE TO DO SO COULD RESULT IN FINANCIAL
LOSS TO THE UNDERSIGNED.

Name of Firm:  ___________________________________________________________

Address:  ________________________________________________________________

          ----------------------------------------------------------------
                            (INCLUDING ZIP CODE)

Area Code and Telephone Number:  ________________________________________

Authorized Signature:  ____________________________________________________

Name:  __________________________________________________________________
                           (PLEASE TYPE OR PRINT)

Title:  ___________________________________________________________________

Dated:_________________________, 1999

NOTE:        DO NOT SEND CERTIFICATES FOR INITIAL NOTES WITH THIS FORM.
             CERTIFICATES FOR INITIAL NOTES SHOULD ONLY BE SENT WITH
             YOUR LETTER OF TRANSMITTAL.



