IHOP Corp. (NYSE: Ihp), the developer, franchiser and operator of International House of Pancakes Restaurants, has engaged foodbuy.com (http://www.foodbuy.com), a leading e-services firm in the foodservice industry, to consolidate purchasing data from all 34 of its foodservice distribution centers nationwide.

The multi-faceted agreement delivers IHOP a complete purchasing data management solution to include manufacturer’s deviation agreement tracking for national programs, auditing, price verification and detailed reporting of manufacturers regarding IHOP purchases through distributors.

IHOP franchisees, which make up the majority of the store locations (and are in many cases existing foodbuy.com members), may still independently take advantage of the foodbuy.com audit program, which electronically verifies prices and margins on all items purchased. In addition, foodbuy.com will continue to offer IHOP franchisees their rebate management program, which provides an electronic tracking of standard allowances for all members based on agreements with name-brand manufacturers.

As a result of foodbuy.com’s recent acquisition of Foodservice.com, IHOP franchisees also will be able to take advantage of foodbuy.com’s other services, including an online community that provides a forum for honoring industry excellence and providing current news and trends. The acquisition establishes foodbuy.com as the first and only portal offering a one-stop-shop of services — everything from industry information to job listings, technology news and e-commerce services — that will help foodservice manufacturers, distributors and operators conduct business efficiently and cost-effectively via the Internet.

“With restaurants located all over the United States, and plans to open 75-85 new restaurants in 2000, we needed a single database to access and track all of our foodservice contracts,” said Mike Smith, director purchasing and distribution, IHOP Corp. “Because foodbuy.com is continuously developing new services for the foodservice industry, we now will be able to help our franchisees save money by capturing all rebates and assist franchisees in ensuring that contracts negotiated on their behalf by IHOP Corp. are being delivered.”

The foodservice industry is plagued with a supply chain that is cumbersome, fragmented and inefficient. Through proprietary technology, foodbuy.com has created back office solutions that streamline the data flow through the supply chain, allowing manufacturers, distributors and operators to realize significant savings. In addition, foodbuy.com has proven group-purchasing programs that leverage the buying power of more than 4,000 members, representing more than $1.4 billion in annual purchases.

“One of our goals is to help IHOP franchisees, as well as other foodservice operators, save significant time and money by giving them the tools that will run their business more efficiently,” said Scott MacLellan, president and CEO, foodbuy.com. “The powerful combination of foodbuy.com’s purchasing and technology solutions will enable all IHOP locations to deliver the best service to their customers.”

Foodbuy.com currently offers solutions for purchasing services, online order entry, rebate and data management services and auditing. The company works with customers from various foodservice markets, including restaurants, hotels, schools, universities, prisons, military bases and healthcare institutions.

About IHOP Corp.

The IHOP (NYSE: IHP) national family restaurant chain has been serving up a wide variety of mouthwatering selections for breakfast, lunch and dinner for more than 40 years. Offering more than 16 types of pancakes, omelettes and other breakfast specialties as well as burgers, chicken and steaks, IHOP’s diverse menu appeals to people of all ages. Restaurants are developed, operated and franchised by Glendale, Calif.-based IHOP. As of June 30, 2000, the end of the company’s 2nd quarter, there were 923 IHOP restaurants in 38 states, Canada and Japan. For more information, please call the company’s headquarters at (818) 240-6055 or visit their website at http://www.ihop.com.

About foodbuy.com

Foodbuy.com is a leading provider of business-to-business e-commerce services for the $150 billion foodservice marketplace. The company, which has more than $1.4 billion in aggregated purchasing power, offers foodservice operators, distributors and manufacturers a comprehensive suite of online services, which includes an e-Marketplace, content, community, data management services and group purchasing, that optimize the way their organizations operate.

Foodbuy.com is headquartered in Atlanta, Ga., and has a growing group of investors, including CMGI @Ventures, CMGI’s venture capital affiliate and Morrison Management Specialists Inc. For more information, visit the company’s Web site at www.foodbuy.com or call 800-896-4442