News Release

``All You Can Eat Pancakes'' Returns to IHOP; Promotion Sure to Please Hungry Breakfast Lovers and Spent Pocketbooks Alike

January 3, 2006
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GLENDALE, Calif.--(BUSINESS WIRE)--Jan. 3, 2006--Everyone looking for more bang for their buck after the holidays will flip for "All You Can Eat" pancakes -- available morning, noon and night -- at IHOP (NYSE:IHP) restaurants starting today. Through February 19, 2006, breakfast lovers can enjoy stacks of IHOP's award-winning, world-famous, Buttermilk Pancakes served with their choice of syrup until they've had their fill.

"We know our guests give all of themselves to family and friends over the holidays," said Carolyn O'Keefe, chief marketing officer, IHOP Corp. "Pancakes are our heritage and our `All You Can Eat' pancakes offer is IHOP's way of giving back to those we consider part of our extended family."

The pancakes are just the beginning! Complete meals, including unlimited pancakes, start at $4.99. The breakfast combos are available with all the IHOP favorites -- eggs any style, crispy hash browns, pork sausage links, hickory-smoked bacon or ham. Those who come hungry won't be hungry for long.

"All You Can Eat" pancakes are available for a limited time only at participating IHOP locations. Pricing is suggested and may vary by location. For more information on IHOP's "All You Can Eat" pancakes, please visit www.ihop.com.

About IHOP

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 45 years. Offering more than 14 types of pancakes as well as omelettes, breakfast specialties, burgers, sandwiches, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are franchised and operated by Glendale-based IHOP Corp. As of September 30, 2005, the end of IHOP's third quarter, there were 1,218 IHOP restaurants in 48 states and Canada. IHOP Corp. common stock is listed and traded on the NYSE under the symbol "IHP." For more information, call the Company's Restaurant Support Center at 818-240-6055 or visit the Company's Website located at www.ihop.com.


    CONTACT: IHOP News Bureau
             Jill Hoffman, 323-988-4645
             ihopnews@carryonpr.com
             or
             IHOP Corp.
             Patrick Lenow, 818-637-3629
             patrick.lenow@ihop.com

    SOURCE: IHOP Corp.