News Release

GLENDALE, Calif., Jul 10, 2003 /PRNewswire-FirstCall via COMTEX/ -- In support of its continuing brand building strategies, IHOP Corp. (NYSE: IHOP) launched its first non-breakfast promotional item of the year with the introduction of a new sandwich line: Super Stackers. The hot premium sandwiches are designed to attract new guests and entice current guests to visit IHOP more often as well as to build upon the positive comparable store sales trends established by previous limited time offers launched in the first half of 2003. Network advertising is supporting the introduction of the new product line.

Gregg Nettleton, IHOP Corp. chief marketing officer, said, "We are pleased to introduce Super Stackers as our first non-breakfast product promotion this year. While we initially leveraged our core breakfast strength with earlier promotional items, Super Stackers is an important first step in the evolution of our lunch and dinner menu and has strong appeal for our guests. Providing new reasons for guests to visit our restaurants more often is at the heart of our brand building efforts. Now, we expect to extend this into our lunch and dinner meal periods, which represent one of IHOP's largest opportunities for growth."

Building upon the success of its Never-Ending Pancakes, Stuffed French Toast and Paradise Pancakes promotional items in the first half of 2003, Super Stackers sandwiches offer strong flavor profiles and received high guest satisfaction in test markets. Super Stackers include three delicious varieties: the Savory Steak sandwich covered with Cheddar cheese, mushrooms, onions, lettuce, tomatoes, mayonnaise and honey mustard sauce; Grilled Smoked Turkey with Swiss cheese, lettuce, tomatoes, mayonnaise, green peppers and onions; and the Chicken Bacon Sandwich topped with Cheddar cheese, crisp bacon, Ranch dressing, lettuce, tomatoes, mayonnaise, green peppers and onions. All Super Stackers are served with a dill pickle spear and choice of french fries, onion rings, soup or salad.

The introduction of Super Stackers is supported by a national network campaign that features the product and incorporates IHOP's successful "Come hungry. Leave happy." advertising message. Nettleton said, "We have great advertising creative that is already resonating with our guest and a proven media buying approach that allows us to be more strategic with our advertising dollars."

About IHOP Corp.

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for 45 years. Offering more than 16 types of pancakes, as well as omelettes, breakfast specialties, burgers, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are developed, operated and franchised by Glendale, California based IHOP Corp. As of June 30, 2003, there were 1,136 IHOP restaurants in 48 states and Canada. IHOP is publicly traded on the NYSE under the symbol "IHP." For more information, call the Company's headquarters at (818) 240-6055 or visit the Company's Website located at www.ihop.com .