News Release

Free Pancakes to be Given Away on February 20, 2007

GLENDALE, Calif.--(BUSINESS WIRE)--Dec. 4, 2006--IHOP Corp. (NYSE:IHP) today announced it has selected Children's Miracle Network, a non-profit organization dedicated to saving and improving the lives of children by raising funds for children's hospitals throughout the United States, as its national charity partner to celebrate National Pancake Day on February 20, 2007.

IHOP's National Pancake Day 2007 will mark the second national celebration for one of America's favorite family restaurants. On National Pancake Day, also known as Mardi Gras and Shrove Tuesday, IHOP will give away one free short stack of its famous buttermilk pancakes from 7 a.m. to 10 p.m. to all guests. In return, IHOP guests are asked to donate what they would have spent on the free pancakes, or more, to their local children's hospital through Children's Miracle Network.

"Building upon the success of National Pancake Day 2006, on which we raised more than $340,000 for charity, our goal in 2007 is to raise $500,000, which will directly benefit children in the communities where IHOP does business," said Carolyn O'Keefe, chief marketing officer for IHOP Corp.

"We are honored to be selected as IHOP's partner in celebration of National Pancake Day," said Jim Hall, chief executive officer of Children's Miracle Network. "We know that by working together, we can help turn pancakes into miracles for children throughout the country."

Pancake Day has been celebrated for centuries in England on the day before Lent, with a tradition and lore all its own. Tradition prohibited the eating of all dairy products during Lent, so pancakes were made to use up the supply of eggs, milk and butter, hence the name Pancake Day.

Each IHOP restaurant will have a designated Children's Miracle Network hospital or other local charity as the recipient of funds raised on National Pancake Day. There is a limit of one free short stack per guest. The offer is valid at participating restaurants for dine-in only while supplies last, and is not valid with any other offer, special, coupon or discount.

ABOUT IHOP CORP.

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 45 years. Offering 14 types of pancakes as well as omelettes, breakfast specialties, burgers, sandwiches, salads, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are franchised and operated by Glendale, California based IHOP Corp. As of September 30, 2006, the end of IHOP's third quarter, there were 1,278 IHOP restaurants in 49 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 Web site located at www.ihop.com.

ABOUT CHILDREN'S MIRACLE NETWORK

Children's Miracle Network -- the alliance of premier hospitals for children -- is a non-profit organization dedicated to saving and improving the lives of children by raising funds for children's hospitals across North America. Each year the 170 Children's Miracle Network hospitals provide the finest medical care, life-saving research and preventative education to help millions of kids overcome diseases and injuries of every kind. To learn more go to www.childrensmiraclenetwork.org.

    CONTACT: IHOP Corp.
             Jennifer Pendergrass, 818-637-3603
             or
             IHOP News Bureau
             James Doyle/Tracy Garcia, 866-202-6688

    SOURCE: IHOP Corp.