News Release

IHOP Corp. to Announce Second Quarter 2003 Results and Host Investor Conference Call on August 7

July 1, 2003

GLENDALE, Calif., Jul 1, 2003 /PRNewswire-FirstCall via COMTEX/ -- IHOP Corp. (NYSE: IHP) today announced it will release second quarter 2003 results on Thursday, August 7, 2003 before the market opens. The Company will host an investor conference call to discuss its second quarter results on Thursday, August 7, 2003 at 11:00 a.m. ET (8:00 a.m. PT). To participate on the call, please dial (877) 356-3747.

A live webcast of call can be accessed on the Investor Relations section of IHOP's Web site at www.ihop.com . Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the webcast.

An audio replay of the call will be available by 2:00 p.m. ET (11:00 a.m. PT) on August 7, 2003, which can be accessed through August 14, 2003 by dialing (800) 642-1687 and referencing pass code 1558373. An online archive of the webcast will be available approximately four hours following the live call.

About IHOP Corp.

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for 45 years. Offering more than 16 types of pancakes, as well as omelettes, breakfast specialties, burgers, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are developed, operated and franchised by Glendale, California based IHOP Corp. As of March 31, 2003, there were 1,118 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 .

SOURCE IHOP Corp.