News Release

GLENDALE, Calif.--(BUSINESS WIRE)--Feb. 1, 2006--There's a new batter in town making its debut during "Spring Training"...IHOP's pancake batter will be hitting 'em out of the park on National Pancake Day, Tuesday, February 28, 2006, when a free short stack of pancakes will be given away at IHOP restaurants nationwide from 7:00 a.m. - 2:00 p.m. Former Baltimore Orioles pitcher and Hall of Famer Jim "Cakes" Palmer, whose pre-game ritual included devouring a short stack of pancakes, is teaming up with IHOP to celebrate National Pancake Day, putting a modern twist on Pancake Day festivities that can be traced back to 16th century England.

"In exchange for free short stacks of pancakes, we invite guests to make a donation to First Book, a national nonprofit organization that provides free, new books to children from low-income families, or to other local charities," explained Carolyn O'Keefe, chief marketing officer of IHOP Corp. "National Pancake Day is the perfect occasion to bring together families to support the communities in which we do business."

"I'm looking forward to National Pancake Day, which promises to transform stacks of pancakes into stacks of books to support children's literacy, and benefit other worthy causes," said Palmer, who continues to broadcast Orioles games to this day. "More than a fun-filled family event, it's a chance to hit a homerun for kids in need."

With free short stacks available at IHOP restaurants nationwide, National Pancake Day is the biggest one-day celebration in IHOP's history. 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. For more information about National Pancake Day, please visit www.ihop.com.

ABOUT (NATIONAL) PANCAKE DAY

For centuries, the English have "flipped" for pancakes in celebration of Shrove Tuesday, which heralds the beginning of fasting during Lent. Long ago, strict rules prohibited the eating of all dairy products during Lent, so pancakes were made to use up the supply of eggs, milk, butter and other fats...hence the name Pancake Day.

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 December 31, 2005, the end of IHOP's fourth quarter, there were 1,242 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.

ABOUT FIRST BOOK

First Book is a national nonprofit organization that gives new books to children in need. In neighborhoods across the country, First Book Advisory Boards unite leaders from all sectors of the community to identify the most effective community-based literacy programs reaching children living at or below the poverty line and provide them with First Book grants of free books and educational materials. The First Book National Book Bank, a subsidiary program of First Book, is the first centralized system that enables publishers to donate books and educational materials online to reach millions of children who need them the most. Recently named one of the top 25 social entrepreneurs in the country by Fast Company, First Book has distributed more than 40 million new books to children in need in hundreds of communities nationwide. To learn more about First Book, please visit www.FirstBook.org.

ABOUT JIM PALMER

A powerful persona in the sports field, Jim Palmer maintains a strong presence off the playing field through a variety of business, charity and personal interests. The most successful and best-known pitcher in Baltimore Orioles history, Palmer became the youngest player ever to pitch a shutout in the World Series in 1966. He pitched his entire career without ever allowing a grand slam, was a six-time American League All Star and was a three-time Cy Young Award winner, joining Sandy Koufax, Tom Seaver, Steve Carlton, Roger Clemens and Greg Maddux as the only pitchers to have won the award that many times. Also known as "Cakes" because of his pre-game ritual of eating pancakes, Palmer retired from the Orioles in 1984. However, "retirement," in the true sense, was not one of the options he considered. He began building a very successful career as a broadcaster for ABC, ESPN, HTS and local Baltimore stations, and has been highly acclaimed by viewers for being "bright, opinionated, articulate," "having a sense of humor," and a "tenacious memory" for the details of the game. He continues his role as the "voice of the Orioles," as the analyst for O's TV broadcasts on the team's television network (Mid-Atlantic Sports Network) and on Comcast Sports Net.

    CONTACT: IHOP News Bureau
             Jill Hoffman, 323-988-4645
             ihopnews@carryonpr.com
             or
             James Doyle, 323-988-4688
             ihopnews@carryonpr.com

    SOURCE: IHOP Corp.