News Release

GLENDALE, Calif.--(BUSINESS WIRE)--April 13, 2004--IHOP Corp. (NYSE:IHP) today announced that it has signed Multi-Store Development Agreements (MSDAs) with three franchisees new to the IHOP system to develop 14 new IHOP restaurants over the next four to five years. These commitments represent the first development agreements that IHOP has signed with non-existing franchises as the Company works to capture franchise interest outside of the IHOP system. New restaurant development will take place in Colorado, Texas and Wisconsin.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "As we transitioned to our new development model, it was important for us to respond to development interest from our existing franchisees. Now, we are pleased to be able to accommodate interest from outside the IHOP system. The quality and strength of our new franchisees represent a great addition to IHOP's franchise community."

    The following are details of each signed development agreement:

    --  Franchisee Robert Kusenberger, Jr. has committed to develop
        three new IHOP restaurants over the next four years in the
        counties of Val Verde, Maverick, Uvalde and Webb within the
        state of Texas. Mr. Kusenberger is currently involved with a
        family business that runs 32 convenience stores, six wholesale
        fuel distributorships and four Subway franchises.

    --  Franchisee Fred Jones has committed to develop three new IHOP
        restaurants over the next five years in Milwaukee, Wis.
        Mr. Jones currently maintains real estate holdings and most
        recently owned a Pontiac and GMC Truck dealership in
        Brookfield, Wis., in which he still retains an investment
        position.

    --  Franchisee Don Milbrath has committed to develop eight new
        IHOP restaurants over the next five years in Colorado. Mr.
        Milbrath, a restaurant industry executive and former Director
        of Construction and Director of Architecture & Design for IHOP
        Corp., owns a management consultation company specializing in
        restaurant design and construction.

    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, sandwiches, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are operated and franchised by Glendale-based IHOP Corp. As of March 31, 2004, the end of IHOP's 2004 first quarter, there were 1,164 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," "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 new strategic growth plan, the availability of suitable locations and terms of the sites designated for development; 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, 818-543-4138

    SOURCE: IHOP Corp.