News Release

GLENDALE, Calif.--(BUSINESS WIRE)--July 20, 2006--IHOP Corp. (NYSE:IHP) today announced that it has secured additional Multi-Store Development Agreements during the second quarter 2006 for its franchisees to build as many as 26 new IHOP restaurants over the next 12 years. These agreements provide for the development of new IHOP restaurants in the states of Arkansas, Iowa, Minnesota, Montana, New York, North Dakota, Ohio, South Dakota and Vermont.

Rick Celio, IHOP's Vice President, Franchise & Development, said, "We are pleased to augment our robust pipeline with additional commitments for franchisees to develop as many as 26 new IHOP restaurants. During the second quarter 2006, we also reached a significant milestone by signing a franchise development agreement for the state of Vermont, which will provide for the first IHOP restaurant to be opened within the state in 2007. This move also marks the entrance of the IHOP brand into our 50th state - Vermont - where IHOP had not previously had a presence. We also continue to expand our international franchise development efforts, with additional agreements currently pending for IHOP restaurant development in Mexico, Canada and the U.S. Virgin Islands."

As of the end of the second quarter 2006, the Company's franchise pipeline included signed or optioned commitments for franchisees to develop a total of 393 new IHOP restaurants in the U.S. and Mexico over the next 13 years, with options extending until 2019. Currently, IHOP is finalizing legal agreements for additional franchise development that could add up to 130 more IHOP restaurants to its development pipeline, which would bring total signed, optioned and pending commitments to as many as 523 restaurants in the U.S., Canada, U.S. Virgin Islands and Mexico.

The following are details of Multi-Store Development Agreements signed during the second quarter 2006:

    --  Scott Womack has agreed to develop 17 new IHOP restaurants
        over the next 12 years in the Dayton and Columbus, Ohio
        markets. This commitment builds upon Mr. Womack's previously
        signed Area Development Agreement to develop six IHOP
        restaurants in Northeastern Indiana over a six-year period,
        four of which have already been developed and opened. Mr.
        Womack has been an IHOP franchisee for 16 years, and currently
        operates six IHOP restaurants in Indiana.

    --  Peter Handy has agreed to develop three new IHOP restaurants
        over the next six years within the state of Vermont and in an
        adjacent county in the state of New York. Mr. Handy is a
        franchisee new to the IHOP system, and possesses more than 20
        years of experience in the hospitality industry with an
        expertise in hotel and restaurant operations.

    --  Bill Billings has agreed to develop two new IHOP restaurants
        over the next three and a half years within Crawford and Pope
        Counties in the state of Arkansas. Mr. Billings is a
        franchisee new to the IHOP system, and possesses more than 20
        years of foodservice and restaurant operating experience.

    --  Terry Smith has agreed to develop two new IHOP restaurants
        over the next three years in states of North and South Dakota
        and surrounding trade areas reaching into Iowa, Minnesota and
        Montana. He also acquired an option exercisable by 2011 to
        develop two more IHOP restaurants in these same areas. Mr.
        Smith has been an IHOP franchisee for three years, and
        currently operates an IHOP restaurant in Fargo, North Dakota.

    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 14 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 June 30, 2006, the end of IHOP's second quarter, there were 1,264 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.

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 the Company'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; the Company'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 the Company'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, the Company disclaims any intent or obligation to update these forward-looking statements.

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

    SOURCE: IHOP Corp.