News Release

IHOP Corp. to Hold 2004 Guidance Conference Call on January 12

December 15, 2003

GLENDALE, Calif., Dec. 15 /PRNewswire-FirstCall/ -- IHOP Corp. (NYSE: IHP) today announced it will host an investor conference call to discuss its 2004 performance guidance on Monday, January 12, 2004 at 12:00 p.m. ET (9:00 a.m. PT). To participate on the call, please dial 800-884-5695 and reference pass code 19013898.

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.

A telephonic replay of the call can be accessed through January 19, 2004 by dialing 617-801-6888 and referencing pass code 89475006. An online archive of the webcast will be available approximately two 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, sandwiches, 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 September 30, 2003, there were 1,149 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 .