News Release

GLENDALE, Calif., Oct 20, 2003 /PRNewswire-FirstCall via COMTEX/ -- IHOP Corp. (NYSE: IHP) today announced it has signed a Multi-Store Development Agreement (MSDA) with Landmark Restaurant Group, Inc., headed by one of its existing franchisees, Joseph Anthony Kouba. Mr. Kouba will develop 22 new IHOP restaurants over the next ten years in certain areas of California, Arizona and Nevada. Today's announcement relates to one of several new development agreements the Company previously previewed on August 4, 2003.

Through his affiliates, Mr. Kouba currently owns and operates three IHOP restaurants in Los Angeles, California, which employ approximately 150 people. He has been an IHOP franchise for the past 11 years. Mr. Kouba and his associates, Jeff Gardner, Phil Fowler and Kevin Coury, have been active for thirty years in restaurant franchising, development and construction, motel franchising and commercial real estate development.

Julia A. Stewart, IHOP Corp. President and Chief Executive Officer, said, "Tony and his colleagues bring significant development expertise to the table. We are pleased to partner with them as we further expand the reach of our brand. They believe in our system and its ability to deliver a unique product and ensure high guest satisfaction, which he does everyday in his restaurants."

Joseph Anthony Kouba, President of Landmark Restaurant Group, said, "The management team at IHOP has a strong vision for the future and the expertise and the energy to make IHOP number one in family dining. My new development efforts reflect my own commitment to the growth of this brand as IHOP works to become known not only as a place for great breakfast, but for its total family dining experience."

Mr. Kouba expects to open several restaurants under this agreement by summer 2004.

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, sandwiches, 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 September 30, 2003, there were 1,149 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 .

Forward-Looking Statements

There are forward-looking statements contained in this news release. They use such words as "may," "will," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's new strategic growth plan, the availability of suitable locations and terms of the sites designated for development; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond IHOP's control such as weather, natural disasters or acts of war or terrorism; availability and cost of materials and labor; cost and availability of capital; competition; continuing acceptance of the International House of Pancakes brand and concepts by guests and franchisees; IHOP's overall marketing, operational and financial performance; economic and political conditions; adoption of new, or changes in, accounting policies and practices; and other factors discussed from time to time in IHOP's filings with the Securities and Exchange Commission. Forward-looking information is provided by IHOP pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, IHOP disclaims any intent or obligation to update these forward-looking statements.