News Release

GLENDALE, Calif.--(BUSINESS WIRE)--Feb. 15, 2005--IHOP Corp. (NYSE:IHP) today announced that it has secured additional Multi-Store and Single-Store Development Agreements during the second half of 2004 for its franchisees to build 56 new IHOP restaurants over the next seven years. These agreements provide for the development of new IHOP restaurants in the states of California, Illinois, Kentucky, Michigan, Missouri, New York, North Carolina, South Carolina and Tennessee.

As of the end of 2004, the Company's franchise pipeline now includes signed or optioned commitments to develop a total of 287 new IHOP restaurants over the next 11 years. IHOP has additional development agreements currently pending, which could add up to 41 more IHOP restaurants to its development pipeline.

Rick Celio, IHOP's Vice President of Franchise & Development, said, "As we enter 2005, we have completed the transition to our new business model, and our franchisees and Florida area licensee will finance and develop 60 to 68 IHOP restaurants this year. Of the total number of development commitments signed from the time of our business model change to date, our franchisees and Florida area licensee have already opened 59 IHOPs throughout the U.S. Looking ahead, we believe the domestic U.S. market can now support an additional 300 to 700 IHOP restaurants, and we are working to match great franchise operators with this growth opportunity."

The following are details of Multi-Store Development Agreements (MSDA) signed during the second half of 2004:

    --  John Anderson has agreed to develop five new IHOP restaurants
        over the next five years in the counties of Greenwood and
        Beaufort in South Carolina as well as in the market of
        Columbia, South Carolina. Mr. Anderson is a franchisee new to
        the IHOP system, and recently acquired a franchised IHOP
        restaurant in Aiken, South Carolina.

    --  David Reller has agreed to develop five new IHOP restaurants
        over the next five and a half years in the markets of
        Chattanooga and Knoxville, Tennessee. Mr. Reller has been an
        IHOP franchisee for five years, and currently operates seven
        IHOP restaurants in Georgia and Tennessee.

    --  Joseph Woodard has agreed to develop four new IHOP restaurants
        over the next six years in the markets of Buffalo and
        Rochester, New York. Mr. Woodard is a franchisee new to the
        IHOP system, and has an extensive background in developing
        restaurants and hotel resorts. In addition to his development
        agreement, he purchased and now operates two IHOP restaurants
        previously operated by IHOP Corp. in Henrietta and
        Cheektowaga, New York.

    --  Richard Smith has agreed to develop six new IHOP restaurants
        over the next six years in the markets of Raleigh and Durham,
        North Carolina. Mr. Smith has been an IHOP franchisee for 28
        years, and currently operates 20 IHOP restaurants in
        California, Maryland and Virginia.

    --  Carolina Family Restaurants has agreed to develop six new IHOP
        restaurants over the next five years in the Charlotte, North
        Carolina market. Carolina Family Restaurants has been a part
        of the IHOP system for 29 years, and currently operates 24
        IHOP restaurants in North Carolina, South Carolina and
        Tennessee.

    --  Christopher Kennon has agreed to develop four IHOP restaurants
        over the next five years in parts of Illinois, Kentucky,
        Missouri and Tennessee. Mr. Kennon has been an IHOP franchisee
        for three years, and currently operates four IHOP restaurants
        in the state of Missouri.

    --  Diana Farah has agreed to develop two IHOP restaurants over
        the next two years in Detroit, Michigan. Ms. Farah has been an
        IHOP franchisee for seven years, and currently operates three
        IHOP restaurants in Ohio and Michigan.

    --  Tariq Munir has agreed to develop five IHOP restaurants over
        the next seven years in the California counties of Sacramento,
        Placer and Fresno. Mr. Munir has been an IHOP franchisee for
        12 years, and currently operates 11 IHOP restaurants
        throughout those same counties in California.

    --  Trinity Restaurant Group has agreed to develop seven IHOP
        restaurants over the next five years in Detroit, Michigan.
        Trinity Restaurant Group is a franchisee new to the IHOP
        system, and recently acquired five IHOP restaurants, which
        Trinity Restaurant Group currently operates in Michigan.

In addition to these MSDA commitments, IHOP signed 12 Single-Store Development Agreements during the second half of 2004. The Company expects these restaurants to open over the next 12 to 18 months.

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.

Forward-Looking Statements

There are forward-looking statements contained in this news release. They use such words as "may," "will," "expect," "believe," "anticipate," "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 strategic growth plan, the availability of suitable locations and terms of the sites designated for development; the ability of franchise developers to fulfill their commitments to build new IHOP restaurants in the numbers and time frames covered by their development agreements; the ability of the Company to franchise its remaining Company-operated restaurants; 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.

    CONTACT: IHOP Corp.
             Stacy Roughan, 818-637-3632

    SOURCE: IHOP Corp.