News Release

GLENDALE, Calif.--(BUSINESS WIRE)--Nov. 8, 2004--As the temperature chills and the days get shorter, IHOP (NYSE:IHP) invites guests to experience the traditional tastes and smells of the fall season in a new way. The national family restaurant chain's latest limited time offer, Sweet Caramel Combos, takes from the season's harvests using baked apples, cinnamon, chopped pecans and the ultimate topping -- sweet caramel sauce. Sweet Caramel Combos are available now through Jan. 2, 2005.

Delectably sophisticated, Sweet Caramel Apple Crepes are created when IHOP's flaky crepes are wrapped around a whole poached Golden Delicious apple spiced with Saigon cinnamon. This extraordinarily rich cinnamon has a sweet, yet uniquely complex flavor and has been grown and harvested in cool, wet forests in the same manner for more than 500 years. The crepe is crowned with powdered sugar, caramel and whipped topping, making a mouth-watering treat, sure to warm the body and lift the spirits.

In addition to the Sweet Caramel Apple Crepes, IHOP's favorite French toast becomes Sweet Caramel French Toast by adding bananas and pecans to its namesake topping; while IHOP's award-winning buttermilk pancakes enter a whole new category when they are crowned with cinnamon apples, powdered sugar, caramel sauce and whipped topping to become Sweet Caramel Pancakes.

"As one of the nation's favorite breakfast places, it's our responsibility to constantly strive to make breakfast better," said Carolyn O'Keefe, chief marketing officer, IHOP Corp. "With each bite, Sweet Caramel Combos envelope the senses with the soothing tastes and scents of fall. They're the perfect way to celebrate the season."

Each of these tasty treats is available a la carte or as part of a combo meal with eggs, bacon, sausage and hash browns. These delicious creations do more than satisfy a guest's sweet tooth -- with a suggested starting price of $4.99, they're also a sweet price. Price and participation in Sweet Caramel Combos varies by location.

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 operated and franchised by Glendale, California based IHOP Corp. As of September 30, 2004, the end of IHOP's third quarter, there were 1,168 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.

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    CONTACT: IHOP Corp.
             Patrick Lenow, 818-637-3629
             patrick.lenow@ihop.com
             or
             Cohn & Wolfe
             Megan Johnson/Allison Schwartz, 310-967-2981/310-967-2978
             megan_johnson@cohnwolfe.com
             allison_schwartz@cohnwolfe.com

    SOURCE: IHOP Corp.