Contact:
Maura C. Tobias Friendly's Restaurants 413-543-2400	....or....	Noah Lewinger NL ARK Development, LLC 305- 932-0203 ext. 203

FRIENDLY'S ANNOUNCES FRANCHISE AGREEMENT

WILBRAHAM, MASSACHUSETTS - September 22, 2004 - - Friendly's Restaurants Franchise, Inc., a subsidiary of Friendly Ice Cream Corporation (Friendly's) of Wilbraham, Massachusetts, announced today they have entered into a franchise agreement with NL ARK Development, LLC to build and operate Friendly's branded restaurants in Palm Beach County, Florida.

Noah and Nathan Lewinger, have extensive food service experience and are based in Aventura, FL. They have an exclusive agreement to develop Friendly's branded restaurants in Palm Beach County, Florida. Specifics of the agreement include five new Friendly's restaurants by February 2009 with the first slated to open in early 2006.

Friendly's Chief Executive Officer and President, John L. Cutter, said, "We're pleased to welcome the Lewingers into the Friendly's franchise family. Given the depth of their experience, their track record of operational excellence and their passion for guest satisfaction, the Lewingers are the ideal franchise partner".

Noah Lewinger, stated, "We are pleased to be partnering with Friendly's. It is a great company with strong brand recognition and a rich heritage. I'm sure that many transplanted northerners will be excited to be able to find the Friendly's ice cream treats that they have come to know and love".

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 535 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 69-year operating history, Friendly's enjoys strong brand recognition and is currently revitalizing its restaurants and introducing new products to grow its customer base. Additional information on Friendly Ice Cream Corporation can be found on the Company's website www.friendlys.com.