News Release

GLENDALE, Calif.--(BUSINESS WIRE)--June 22, 2005--Americans once looked to carnivals and amusement parks to satisfy their hunger for fun summer foods. But these days, the familiar carnival treats such as corn dogs, caramel apples and fluffy cotton candy are being offered by more and more restaurants across the country. Taking the trend a step further, IHOP (NYSE:IHP) introduces the Funnel Cake Carnival, positioning the chain as America's largest purveyor of funnel cakes. Beginning June 27, IHOP is bringing the sweet flavors, smells and nostalgia of carefree summer days to its guests with delicious funnel cakes crowned with creamy whipped topping, powdered sugar and their choice of fruit topping.

According to a recent survey by the International Association of Amusement Parks and Attractions (IAAPA), twice as many American adults prefer the delicious doughy treat to any other fair food item. A regional specialty food of the Pennsylvania Dutch, funnel cakes get their name from the way they are traditionally made -- by pouring sweet batter through a funnel in a circular pattern and then fried to perfection and topped with powdered sugar. The cakes have satisfied Americans' cravings for carnival delights for years, with the oldest authentic recipe dating back to 1879.

"We know that our guests have fond memories of going to the county fair, where they enjoyed endless afternoons of family fun, carnival games and delicious food," said Carolyn O'Keefe, chief marketing officer, IHOP Corp. "IHOP's Funnel Cakes are an ideal way for our guests to celebrate and enjoy the carefree days of summer."

In observance of Independence Day, IHOP is also offering funnel cakes dressed in "Red, White and Blueberry." Guests can mark the holiday by ordering a delicious all-American treat topped with strawberry, blueberry and creamy whipped topping.

From June 27 to September 4, guests can savor the sweet goodness of two funnel cakes for prices that start at just $5.99. The indulgent summer delight is available as part of a hearty breakfast combo with two eggs, crisp hickory-smoked bacon or two sausage links and golden hash browns.

About IHOP Corp.

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 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 franchised and operated by Glendale, California-based IHOP Corp. As of March 31, 2005, the end of IHOP's first quarter, there were 1,198 IHOP restaurants in 48 states and Canada. IHOP Corp. common stock is listed and 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.

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    CONTACT: IHOP Corp.
             Patrick Lenow, 818-637-3629
             patrick.lenow@ihop.com
             or
             Cohn & Wolfe
             Jennifer Almer/Polyna Berlin, 310-967-2976/310-967-2963
             jennifer_almer@cohnwolfe.com
             polyna_berlin@cohnwolfe.com

    SOURCE: IHOP Corp.