News Release

IHOP Serves Up Never Ending Pancakes Promotion to Ring in New Year

January 6, 2003

National Promotion Guarantees Guests Who Come Hungry Will Leave Happy

GLENDALE, Calif., Jan. 6 /PRNewswire-FirstCall/ -- In the winter months, nothing warms the belly like a stack of steaming pancakes topped with whipped butter and syrup. IHOP, famous for its mouth-watering pancakes, is offering its guests all the piping hot buttermilk pancakes they can eat through its first Never Ending Pancakes Promotion.

Starting today and running through February 23, 2003, IHOP guests with a hearty appetite can order unlimited farm-fresh buttermilk pancakes, IHOP's best selling menu item.

"IHOP's pancakes have won numerous awards and are consistently named to 'Best of Breakfast' lists across the country. Although we offer a wide variety of breakfast, lunch and dinner items on our menu, our buttermilk pancakes are always the most popular item on the menu-we serve more than 700 million each year," said Gregg Nettleton, chief marketing officer, IHOP Corp. "Never Ending Pancakes is a way for us to treat our guests to even more of their favorite IHOP dish and to bring in new guests who simply love pancakes."

The promotion, which is scheduled to run at IHOP locations across the country, offers guests the opportunity to purchase Never Ending Pancakes for $3.99, however, price and participation may vary by location. Guests will be served a stack of five pancakes followed by stacks of three pancakes until satisfied. Never Ending Pancakes are available for guests dining in the restaurant during breakfast, lunch or dinner.

The IHOP family restaurant chain has been serving up a variety of mouthwatering selections for breakfast, lunch and dinner for more than 40 years. Offering more than 16 types of pancakes, omelettes and other breakfast specialties, as well as burgers, chicken and steaks, IHOP's diverse menu appeals to people of all ages. Restaurants are developed, operated and franchised by Glendale, Calif.-based IHOP Corp., which is publicly traded on The New York Stock Exchange under the ticker symbol "IHP." As of September 30, 2002, the end of the company's third quarter, there were 1,063 IHOP restaurants in 44 states and Canada. For more information, please call the company's headquarters at (818) 240-6055 or visit their Web site at http://www.ihop.com .