Aaron Parker Named VP, General Counsel and Secretary of Friendly Ice Cream Corporation.

Business Editors

WILBRAHAM, Mass.--(BUSINESS WIRE)--Nov. 7, 2001

Friendly Ice Cream Corporation (AMEX: FRN) has named Aaron B. Parker Vice President, General Counsel and Secretary, the company announced today. Parker, 44, served most recently as Acting General Counsel and Secretary.

"We are pleased that Aaron has accepted expanded responsibilities as an officer of Friendly's," said Donald N. Smith, Chairman and CEO. "He has made many contributions to the growth of the company in many important areas, including legal, financial and international and the Board wanted to recognize all he has done."

In his new position, Parker counsels management on all material company activities including corporate governance, corporate finance, securities regulation, franchise regulation, significant corporate transactions, intellectual property matters and litigation. John L. Cutter, Friendly's President and Chief Operating Officer stated, "Aaron continues to play a major role in managing the legal resources of Friendly's. Over the years, Aaron has demonstrated his capabilities as a skilled lawyer and an insightful business person and has accumulated significant breadth of knowledge about the restaurant business."

Parker joined Friendly's in 1988 as Associate General Counsel and Assistant Secretary. From 1994 to 1997 he was Managing Director for International Business and Associate General Counsel. He became Acting General Counsel and Secretary in 1997.

Also, from 1986 through 1997, Parker was Special Counsel to The Restaurant Company, an affiliate of Friendly's and of Perkins Family Restaurants, a chain of 500 restaurants and the manufacturer of bakery products.

"I appreciate the confidence shown in me by the Board and Executives of Friendly's," Parker said. "The next several years will provide exciting opportunities for Friendly's as we work to keep our strong regional brand vital and relevant to our customers, while maintaining high quality products and services."

Parker began his legal career in 1982 in the Memphis office of Chicago law firm Wildman, Harrold, Allen & Dixon. He is a graduate of Emory University School of Law and holds a BA in economics cum laude from Washington University, St. Louis, MO. He is a member of the Tennessee and Massachusetts Bar.

Mr. Parker and his wife, Laurie, are both natives of Nashville, TN who along with their children, Jessica, 14 and Gavin, 11, currently reside in Longmeadow, MA.

Friendly Ice Cream Corporation currently has operations in 17 states with a high concentration in the Northeast with 394 company restaurants, 160 franchised restaurants and 6 franchised cafes. Friendly's offers its customers a unique dining experience by serving a variety of high-quality, reasonably priced breakfast, lunch and dinner items, as well as its signature frozen desserts, in a fun neighborhood setting. Additional information on Friendly Ice Cream Corporation can be found on the Company's website (www.friendlys.com).