News Release

GLENDALE, Calif., Jan. 13 /PRNewswire-FirstCall/ -- IHOP Corp. (NYSE: IHP) today experienced technical difficulties during the company's investor conference call due to a black-out at the conference call vendor's headquarters.

The investor call will resume momentarily. All participants will be re-connected by the conference call vendor and management will resume the Q-and-A portion of the call.

The dial-in number and passcode remain the same.

Conference Call

IHOP will hold a conference call to discuss its strategic growth plan in more detail today, Monday, January 13, 2003 at 11:00 a.m. Eastern (8:00 a.m. Pacific). To participate on the call, please dial (719) 457-2631 and reference pass code 666680. The company will webcast a slide presentation to accompany management's discussion, which can be accessed through IHOP's Web site at www.ihop.com . Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the broadcast and view the slide show.

An audio replay of the call will be available by 2:00 p.m. Eastern and can be accessed through January 17, 2003 by dialing (719) 457-0820 and reference pass code 666680. An online archive of the audio and slide presentation will be available approximately four hours following the live call and will be archived until February 13, 2003.

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 omelets, 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 December 31, 2002, there were 1,103 IHOP restaurants in the chain in 46 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 Web site 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. SOURCE IHOP Corp.