Company's Second Largest Franchisee Will Develop 33 New Restaurants in Nassau and Suffolk Counties

WILBRAHAM, MASSACHUSETTS - October 24, 2005 - - Friendly's Restaurants Franchise, Inc., a subsidiary of Friendly Ice Cream Corporation (Friendly's) of Wilbraham, Massachusetts, today announced a long-term development agreement with J&B Restaurant Partners of Long Island, LLC that will significantly strengthen Friendly's presence in Nassau and Suffolk Counties on Long Island, N.Y.

Under the development agreement, J&B Restaurant Partners - which is already Friendly's second largest franchisee with 34 locations - will almost double its Friendly's Restaurants by opening 33 new restaurants over the next 27 years. A total of four new restaurants will open by 2010 with all 33 new restaurants to be opened by 2033. J&B Restaurant Partners already owns 34 Friendly's franchises in Nassau and Suffolk Counties.

Friendly's Chief Executive Officer and President John L. Cutter said, "The commitment of J&B Restaurant Partners to Friendly's is exceptional and speaks volumes for the strength of the Friendly's brand and the success of our business strategy and operations team. Because of the depth of their experience, their track record of operational excellence and their passion for guest satisfaction, we are looking forward to continuing to work with J&B President, Joe Vitrano and his team over the next three decades to make these restaurants as successful as they can possibly be."

J&B Restaurant Partners opened its first Friendly's franchise in 2001. "Friendlyss has been very successful for us, with superb products and tremendous brand loyalty among consumers," noted Joe Vitrano."Friendly's has a historic past, but more important it has a phenomenal future, and we want to be part of that future. Expanding our development agreement made great business sense, and I'm very pleased to be partnering with Friendly's for the long-term."

The agreement is part of a continued franchise expansion strategy by Friendly's, which has announced development agreements for 81 restaurants in the last 15 months. Each restaurant brings jobs, tax revenues, and other economic benefits to the local community.

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 525 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 70-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 web site (www.friendlys.com).

For more information on Friendly's franchise program please contact Jim Sullivan, at (800) 576-8088 ext. 2597 or at jim.sullivan@friendlys.com.