The largest full-service dining company in the world.

In the past, the world knew us as IHOP, an American icon to our guests and a franchising company that was focused on providing strategic leadership and vision for our franchisees and on enhancing value for our shareholders. With this dedicated focus, we cultivated a core expertise in brand revitalization and franchising know-how which became the basis for the winning formula that has defined the financial success of our business in recent years. With the addition of Applebee’s to the IHOP family of restaurants in November 2007, we made a bold new commitment to our brand revitalization abilities and to the power of franchising. DineEquity promises to make our two businesses more powerful and more successful than either brand could have been apart.

Along with our new name comes a new opportunity to focus even more clearly on how we win: energizing our brands, improving the operational performance of our franchise systems, and maximizing franchise development. These goals, along with our intention to transform Applebee’s to a nearly 99% franchised system, will inform how DineEquity provides leadership for our Applebee’s and IHOP brands, today and into the future.

Applebee’s

With more than 1,900 restaurants in 49 states, Applebee’s is the world’s largest casual dining brand. Founded in 1980 in Atlanta, Georgia by Bill and T.J. Palmer, Applebee’s has always been dedicated to full service, consistently good food, reasonable prices and quality service in a neighborhood setting. Today, we are focused on building upon this heritage and revitalizing the Applebee’s brand to become more competitive and differentiated in the casual dining segment of the restaurant industry. We expect to generate sustainable same-store sales momentum for the Applebee’s brand by significantly increasing the effectiveness of Applebee’s marketing efforts and by making meaningful improvements to the operational performance of our restaurants. At the same time, we expect to improve the free cash flow performance of Applebee’s business by transitioning to a more highly-franchised model with the sale of the large majority of Applebee’s company-operated restaurants.

IHOP

When Al Lapin opened the first International House of Pancakes in Toluca Lake, California on July 7, 1958, he never dreamed that five decades later the family restaurant he founded would become the American icon it is today. From humble beginnings, we have grown to more than 1,400 IHOP restaurants in 50 states and internationally with locations in Canada and Mexico. Today, IHOP is the leader in the family dining segment of the restaurant industry with six consecutive years of same-store sales growth and annual franchise restaurant openings that significantly outpaces the competition. And, our 99% franchised system delivers strong free cash flow results that have been a hallmark of IHOP’s financial performance over the past several years.