Contact:

Maura C. Tobias Friendly's Restaurants 413-543-2400, ext. 2814

FRIENDLY'S DISHES OUT ECONOMIC BENEFITS AS WELL AS ICE CREAM AT NEW RESTAURANT IN WAKEFIELD, RHODE ISLAND

Wilbraham, MA (August 18, 2004) - The arrival of a new Friendly's Restaurant will mean some sweet economic benefits for Wakefield, Rhode Island, as well as the best ice cream in town.

The restaurant, which opens August 21, 2004 at 600 Kingstown Road, will bring jobs, tax revenues, and other benefits to the area.

"When people see a new Friendly's Restaurant, they think of family-friendly dining, and favorites like our Big Beef Hamburgers and Fribbles®. People in Wakefield probably don't realize that we will be hiring approximately 97 full-and part-time employees for our new restaurant and buying local services like construction and landscaping," said Larry Rusinko, Senior Vice President, Marketing for Friendly's. "We also support area schools and charities through programs like 'Cones for Kids'".

The new 4,700-square-foot restaurant has ice cream colors and a soda fountain counter, which evokes the heritage that has made Friendly's a family favorite for decades. For a limited time, guests at the Wakefield Friendly's can also enjoy some extra special treats: a free Happy Ending Sundae with the purchase of any of our featured chicken meals. Guests can also indulge on the featured ice cream flavor - Velvet Praline Crunch.

The 142-seat restaurant will be open from 7 AM to 12 AM everyday.

District Manager, Todd Wade and General Manager, Don Greenwood, have more than 45 years of combined experience in the food and hospitality business. "We're looking forward to serving the people of Wakefield the great food and ice cream that Friendly's is known for and to being an active member of the community," said Todd Wade.

The Wakefield restaurant is one of approximately 12 new Friendly's Restaurants planned for opening this year.

Friendly Ice Cream Corporation (Amex: FRN) is a vertically integrated restaurant company serving signature sandwiches, entrees and ice cream desserts in a friendly, family environment in more than 540 company and franchised restaurants throughout the Northeast. The company also manufactures ice cream, which is distributed through more than 4,500 supermarkets and other retail locations. With a 68-year operating history, Friendly's enjoys strong brand recognition and is currently revitalizing its restaurants and introducing new products to grow its customer base.