Friendly Ice Cream Corporation today announced that effective Thursday, June 8, 2000, its common stock will begin trading on the American Stock Exchange (Amex) under the symbol “FRN”. The Company has selected AGS Specialist Partners as its specialist firm.

Friendly Ice Cream Corporation’s Chairman & CEO Donald N. Smith commented, “We are looking forward to having our stock trade on the American Stock Exchange and believe that the move should, over time, result in a higher level of liquidity and a more orderly marketplace for the Company’s stock. Also, the AMEX offers many opportunities to increase Friendly’s visibility with key investment professionals.”

Currently, the Company has operations in 16 states with a high concentration in the Northeast with 488 Company operated and 105 franchised restaurants. Additional information on Friendly Ice Cream Corporation can be found on the Company’s website (www.friendlys.com).

Certain statements in this press release may be forward looking in nature, or “forward looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. All forward looking statements are subject to risks and uncertainties which could cause results to differ materially from those anticipated. These factors include the Company’s highly competitive business environment, exposure to commodity prices, risks associated with the food service industry, the ability to retain and attract new employees, government regulations, the Company’s high geographic concentration in the Northeast and its attendant weather patterns, conditions needed to meet re-imaging and new opening and franchising targets and costs associated with improved service and other initiatives.