Friendly's Announces Organizational Changes To Support Long-term Business Strategy

WILBRAHAM, MASS (Monday, February 27, 2006) - Friendly Ice Cream Corporation (Amex: FRN) has announced organizational changes that will better align its business strategies and provide for increased responsibility and accountability.

"As we move into 2006, we are confident that our strategic direction and key initiatives will produce great results," said John L. Cutter, Friendly's president and chief executive officer. "These changes will provide the leadership and resources that Friendly's needs as we continue to grow."

Central to Friendly's long-term business strategy is growing the company's franchise business, and Cutter announced two promotions that directly support its Friendly's Restaurants Franchise, Inc. (FRFI) subsidiary.

Jim Sullivan, director, franchise business, has been promoted to the position of vice president, franchise and real estate development-FRFI. Sullivan will have responsibility for identifying and selecting franchisee partners, working with franchisees to open new restaurants, and identifying real estate sites for both company and franchisees.

Bob Sawyer, associate general counsel, has been promoted to the position of vice president and general counsel, FRFI. Sawyer has significant expertise in franchise negotiations, contract administration and financing.

"We're extremely proud to have these and other talented executives at Friendly's," said Cutter. "We're confident that the year ahead holds great promise for our company and our brand."

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 520 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.

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