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 CHESAPEAKE, VIRGINIA

Wilbraham, MA (December 15, 2004) - The arrival of a Friendly's Restaurant will mean some sweet economic benefits for Chesapeake, Virginia, as well as the best ice cream in town.

The restaurant, which opens December 15, 2004 at the Greenbriar Mall on 1625 Ring Road will bring jobs, tax revenues, and other benefits, according to Harold Lloyd, President of The Friendly Folks Company, which owns the restaurant.

"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 Chesapeake probably don't realize that the franchisee will hire approximately 70 full and part-time employees for the new restaurant and is buying local services like construction and landscaping," said Larry Rusinko, Senior Vice President, Marketing for Friendly's. "They also support area schools and charities through programs as the Easter Seals 'Cones for Kids' program".

For a limited time, guests at the Chesapeake Friendly's can also enjoy some extra special treats: a free Happy Ending Sundae with the purchase of any of our "Comforts of Home" meals. Guests can also indulge on the featured ice cream flavor - Hazel 'n Joe.

The 165-seat restaurant will be open from 6AM to 11PM Monday through Thursday and 6AM to 12AM Friday and Saturday and 6AM to 10PM Sunday.

Wanda Figueroa, General Manager has over 21 years of experience in the food and hospitality business. "We are a locally owned and cared for restaurant and we are proud to be a restaurant that serves up family fun and good food" Harold Lloyd said.

The Chesapeake restaurant is one of approximately 12 new Friendly's Restaurants that has opened or planned for opening this year throughout the chain. The company has enjoyed strong comparable sales growth in the past few years.

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.