IHOP Corp., incorporated in 1976, develops, franchises and operates family restaurant chain under the name International House of Pancakes (IHOP). At December 31, 2005, there were 1,242 IHOP restaurants. Franchisees operated 1,082 of these restaurants, area licensees operated 153 restaurants, and the Company operated seven restaurants. Franchisees and area licensees are independent third parties who are licensed by IHOP Corp. to operate their restaurants using the Company's trademarks, operating systems and methods. IHOP restaurants are located in 48 states and Canada. IHOP restaurants feature table service and moderately priced food and beverage items in an attractive and comfortable atmosphere. Although the restaurants are known for their pancakes, omelets and other breakfast specialties, IHOP restaurants offer an array of lunch, dinner and snack items as well. They are open throughout the day and evening hours, and many operate 24 hours a day. The Company has long-term area licensing agreements covering the state of Florida and the southern-most counties of Georgia and the province of British Columbia, Canada. At December 31, 2005, the area licensee for the state of Florida and certain counties in Georgia operated or sub-franchised a total of 141 IHOP restaurants and the area licensee for the province of British Columbia, Canada operated or sub-franchised a total of 12 IHOP restaurants. The area license agreements provide for royalties ranging from 0.5% to 2% of sales, and advertising fees of 0.25% of sales and give the area licensees the right to develop new IHOP restaurants in their territories. IHOP Corp. also derives revenue from the sale of products to these area licensees and their sub-franchisees. In 2005, IHOP Corp. entered into 34 franchise development agreements. At December 31, 2005, the Company had signed commitments from its franchisees to build 331 restaurants over the next several years plus options for an additional 46 restaurants. This number includes 15 Single-Store Development Agreements and 66 Multi-Store Development Agreements. In 2006, IHOP Corp. expects to open a total of 64 to 72 new restaurants, of which 55 to 60 new restaurants will be opened by franchisees; four will be opened by the Company in its dedicated company market in Cincinnati, Ohio, and five to eight restaurants will be opened by an area licensee in Florida. IHOP Corp. expects the majority of openings to occur in the second half of 2006.

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