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<p align="center">PRESS RELEASE </p>

<p>FOR IMMEDIATE RELEASE<br>
WEDNESDAY<br>
MARCH 22, 2000 </p>

<p>CONTACT PERSON:<br>
STACY DUCKETT, VICE PRESIDENT, <br>
INVESTOR RELATIONS <br>
TCBY ENTERPRISES, INC. <br>
(501) 688-8229 </p>

<p align="center">TCBY REPORTS OPERATING RESULTS FOR FIRST QUARTER </p>

<p>LITTLE ROCK, AR -(Wednesday, March 22, 2000)- TCBY ENTERPRISES, INC. (NYSE:TBY) today
announced operating results for the first quarter of 2000. Net income before write-off of
accounts receivable in 2000 was $519,878, or $.02 per share (basic and diluted), as
compared to $610,056, or $.03 per share (basic and diluted), for the same period in 1999.
As previously reported, the Company's primary distributor, AmeriServe Food Distribution,
Inc., filed for reorganization under Chapter 11 of the Bankruptcy Code. After a reserve of
approximately $2.9 million ($.08 per share, basic and diluted) primarily related to the
Chapter 11 filing of AmeriServe, the Company's reported net loss was $1,360,351, or $.06
per share (basic and diluted) in the first quarter of 2000 compared to net income of
$598,563, or $.03 per share (basic and diluted), for the same period in 1999. </p>

<p>Sales and franchising revenues were $19,005,494 for the first quarter of 2000 compared
to $21,006,003 for the same period in 1999. Several factors affect the comparison of
sales: (1) limited shipments of products from TCBY's manufacturing subsidiary were
released to AmeriServe during February while post-reorganization arrangements were
negotiated; AmeriServe's inventory was replenished in early March; (2) most private label
customers pay the cost of materials plus a fixed rate for TCBY to manufacture their
products; revenues are $1.2 million lower due to the decline in dairy costs during the
first quarter of 2000 as compared to 1999. Actual units of private label products sold
were up 47% in 2000; and (3) revenue from initial international fees was approximately
$560,000 higher in 1999 than 2000. These fees are cyclical and the current international
activity indicates the sale of several master franchise agreements may be completed during
the second quarter of 2000. </p>

<p>As of February 27, 2000, there were 3,014 TCBY(registered) and Juice Works(registered)
locations open, as well as several thousand retail points of sale for TCBY(registered)
products worldwide. In addition, there were over 300 TCBY(registered) locations under
agreement for development. Most of the TCBY(registered) locations under development will
be co-branded locations with other food or petroleum operations. As previously announced,
Multi-Unit Solutions, Inc. (MUS), a division of Pocahontas Foods USA will be the Company's
primary distributor. The process of establishing inventories at MUS is nearing completion
and MUS should be delivering throughout most of the United States by April 1. During this
transition from AmeriServe to MUS, store openings, in some cases, have been delayed. </p>

<p>During the first quarter, the Company announced an agreement had been reached with
Capricorn Investors III, L.P., in which all shares of the common stock of TCBY will be
acquired in a merger transaction for $6.00 per share. An affiliate of Capricorn is the
principal shareholder of Mrs. Fields' Holdings, Inc. which controls other food concepts
including Mrs. Fields and Pretzel Time. The Company expects the sale to close during the
second quarter. </p>

<p>The Company will not mail an annual report to stockholders for 1999. The Form 10-K for
1999 was filed on February 25 and is available at the SEC's website (www.sec.gov), or by
calling the Company. Proxy materials were mailed on March 17 to stockholders of record as
of March 14. A special meeting of stockholders will be held April 18 for purposes of
voting on the proposed merger. </p>

<p>The forward-looking statements contained in this release are based upon certain
assumptions regarding U. S. and foreign economic conditions, no significant disruptions of
business related to the distribution systems for the Company's products, competition, cost
of raw materials, unit openings and closings, sales volumes per unit, other manufacturing
opportunities, no changes in governmental regulation of the food industry, and no material
event which would impact the reputation of the Company's manufacturing facility or the
Company's ability to utilize that facility. Statements regarding the timing and likelihood
of closing of the Company's merger agreement with Capricorn are conditional upon the
satisfaction or waiver of all conditions set forth in the merger agreement, a copy of
which has been filed with the U. S. Securities and Exchange Commission. Such conditions
include receipt of approval for the merger by the Company's shareholders and receipt of
financing by Capricorn. Should the Company's performance differ materially from the
assumptions regarding these areas, actual results could vary significantly from the
performance noted in the forward-looking statements. Thus, the Company cautions readers
not to place undue reliance on any forward-looking statements, which speak as of the date
made. </p>

<p>TCBY Enterprises, Inc., through subsidiary companies, manufactures and sells soft serve
frozen yogurt and sorbet, hardpack frozen yogurt and ice cream, and frozen novelty
products; franchises locations under the TCBY(registered) and Juice Works(registered)
brands; and markets foodservice equipment. </p>

<table cellspacing="0" cellpadding="0" height="605">
  <tr>
    <td colspan="7" align="center" valign="top" height="21">TCBY Enterprises, Inc.</td>
  </tr>
  <tr>
    <td colspan="7" align="center" valign="top" height="21">Selected Financial Highlights</td>
  </tr>
  <tr>
    <td colspan="7" align="center" valign="top" height="21">($000, Except Per Share Amounts)</td>
  </tr>
  <tr>
    <td colspan="7" align="center" valign="top" height="21">(Unaudited)</td>
  </tr>
  <tr>
    <td width="326" align="center" valign="top" height="21"></td>
    <td width="50" align="center" valign="top" height="21"></td>
    <td width="21" align="center" valign="top" height="21"></td>
    <td width="111" align="center" valign="top" height="21"></td>
    <td width="66" align="center" valign="top" height="21"></td>
    <td width="18" align="center" valign="top" height="21"></td>
    <td width="111" align="center" valign="top" height="21"></td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="4" align="center" valign="top" height="21">Quarter Ended</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">February 27</td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">February 28</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">2000</td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">1999</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Operating Results</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Sales & Franchising
    Revenue</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">19,005</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">21,006</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Net (Loss) Income</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">(1,360)</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">599</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Basic Earnings Per Share</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">(.06)</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">.03</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Average Shares Outstanding</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="right">22,896</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="right">22,899</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Diluted Earnings Per Share</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">(.06)</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">.03</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Diluted Shares</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="right">22,913</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="right">23,328</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Dividends Paid Per Share</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">.05</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">.05</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">February 27</td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">November 28</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">2000</td>
    <td align="center" valign="top" height="21"></td>
    <td colspan="2" align="center" valign="top" height="21">1999</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Financial Position</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Current Assets</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">43,839</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">43,657</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Current Liabilities</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">9,272</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">8,247</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Property, Plant &
    Equipment, net</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">32,966</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">33,463</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Total Assets</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">89,398</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">91,145</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Long-term Debt, less current
    portion</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">728</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">994</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Stockholders' Equity</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">108,600</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">111,105</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="17"><p align="left">Less Treasury Stock</td>
    <td align="center" valign="top" height="17"></td>
    <td align="center" valign="top" height="17"><p align="left">$</td>
    <td align="center" valign="top" height="17"><p align="right">(32,536)</td>
    <td align="center" valign="top" height="17"></td>
    <td align="center" valign="top" height="17"><p align="left">$</td>
    <td align="center" valign="top" height="17"><p align="right">(32,536)</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"><p align="left">Total Stockholders' Equity</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">76,064</td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"><p align="left">$</td>
    <td align="center" valign="top" height="21"><p align="right">78,569</td>
  </tr>
  <tr>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
    <td align="center" valign="top" height="21"></td>
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