News Release

    Sweet and Savory Additions Promise to Satisfy Guests Who 'Come
                                Hungry'

GLENDALE, Calif.--(BUSINESS WIRE)--Dec. 18, 2006--Whether you're hungry for burgers or crepes, there is sure to be something to please everybody on IHOP's new menu. Just in time for the hungry holiday rush, IHOP (NYSE:IHP), one of America's favorite family restaurants, is serving up a revamped menu including eight new items that are sure to satisfy any breakfast, lunch or dinner craving.

"We know that our guests are always looking for new tastes," said Carolyn O'Keefe, chief marketing officer for IHOP Corp. "Our new menu retains everything our guests love, and ensures our menu stays fresh, filled with delicious new choices that our guests will crave."

The new menu is the result of extensive consumer research, and is part of IHOP's ongoing commitment to providing guests a great restaurant experience. The new menu items can be enjoyed at any time of the day, and include:

   -- Corn Cake Pancakes - these fluffy, moist and savory pancakes
      made with just the right amount of cornmeal, and topped with
      sweet butter.

   -- Spinach & Mushroom Omelette - fresh spinach, mushrooms, onions
      and Swiss cheese rolled in a fluffy omelette, and topped with
      rich hollandaise and diced tomatoes.

   -- Sweet & Savory Crepes - a new category of sweet and savory crepe
      choices, including:

      -- Chicken Florentine Crepes - chicken breast strips sauteed
         with fresh spinach, mushrooms and onions in light seasonings,
         rolled inside two delicate crepes with Swiss cheese and
         topped with rich hollandaise.

      -- Garden Stuffed Crepes - two crepes stuffed with Swiss cheese
         and eggs scrambled with fresh spinach, mushrooms and onions,
         and topped with rich hollandaise and diced tomatoes.

      -- Cheesy Ham & Egg Crepes - two crepes stuffed with grilled
         ham, American cheese and scrambled eggs, and topped with rich
         hollandaise.

   -- Ham & Egg Melt - grilled sourdough bread stuffed with ham,
      scrambled eggs, Swiss and American cheeses.

   -- BBQ Bacon Cheeseburger - a juicy burger basted with sweet and
      tangy BBQ sauce and topped with Cheddar cheese and bacon, served
      with lettuce, tomato and red onion on a Romano-Parmesan bun.

   -- Bacon & Egg Cheeseburger - a juicy burger topped with Cheddar
      cheese, one egg cooked over-medium and crisp bacon on a
      Romano-Parmesan bun, served with lettuce, tomato, red onion and
      mayonnaise.

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.

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

    SOURCE: IHOP Corp.