News Release

GLENDALE, Calif.--(BUSINESS WIRE)--Feb. 23, 2005--This month, the International Foodservice Manufacturers Association (IFMA) awarded IHOP (NYSE:IHP) and its President and CEO, Julia Stewart, the organization's prestigious Silver Plate Award. The award recognizes professionals who have demonstrated leadership, notable achievement and have made lasting contributions to the advancement of the food service industry. This coveted industry award illustrates that the foodservice industry has taken notice of the successful changes implemented under Stewart, and that IHOP is well on its way to achieving its goal of becoming No. 1 in family dining.

Since Stewart took the reins in 2001, she and her IHOP team have committed to re-energizing the IHOP brand by focusing on three primary strategic initiatives: excellence in operations, maximizing franchise development and delivering a unique brand experience to guests. From creating award-winning advertising and providing enhanced training for all IHOP employees, to establishing a new prototype restaurant in Cincinnati and undertaking the most extensive and complete restaurant remodel program in company history, Stewart has made an extraordinary tactical effort to revitalize IHOP. Guests have given their stamp of approval to the changes by rewarding IHOP with the company's highest comp sales increases in over 12 years.

"Our success has been a terrific group effort as we work to revitalize an American icon. Without the dedication of the entire IHOP team -- the franchisees, vendor partners, employees and team members from every one of our restaurants nationwide -- we would never have been able to come this far," said Stewart. "Receiving industry recognition from IFMA is wonderful confirmation of what we have accomplished together."

IFMA's Silver Plate Awards are presented annually in recognition of excellence in nine segments of foodservice operations. Award recipients are selected on the basis of qualifications in areas of management, marketing, human resources, and industry and civic participation. Stewart is scheduled to collect IHOP's Silver Plate Award in Chicago on May 23.

About International Foodservice Manufacturers Association (IFMA)

IFMA is a leading trade association comprising 550 of the world's most prestigious food, equipment and supply manufacturers in the foodservice industry, as well as related marketing service organizations, foodservice trade publications, distributors and brokers. IFMA's mission is to shape the future of foodservice by creating an environment for positive change and actionable solutions benefiting manufacturers and their foodservice channel partners. IFMA and its members serve the $455 billion food-away-from-home market. IFMA is the only broad-based, total-industry trade association fulfilling the educational, governmental, public relations, marketing research and customer relations needs of its members.

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 December 31, 2004, the end of IHOP's fourth quarter, there were 1,186 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.

    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.