News Release

GLENDALE, Calif.--(BUSINESS WIRE)--April 20, 2004--IHOP Corp. (NYSE:IHP) today announced that it has signed Multi-Store Development Agreements (MSDAs) with seven of its existing franchisees to develop a total of 26 new IHOP restaurants over the next three to eight years. Under these agreements, new restaurants will be opened in Alaska, Arkansas, California, Delaware, Maryland, New York, Pennsylvania and Texas.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "We are pleased to build upon our existing franchise relationships through new Multi-Store Development Agreements with some of the best operators in the IHOP system. These commitments further strengthen our development pipeline as we look to our franchisees to drive new restaurant expansion in 2004 and beyond."

    The following are details of each signed development agreement:

    --  Franchisee Mashoor Awad has committed to develop three new
        IHOP restaurants over the next four years in the counties of
        Kent and Sussex and the cities of Elkton and Newark in the
        State of Delaware, and in the county of Worcester, Maryland.
        Mr. Awad has been an IHOP franchisee for two years, and
        currently owns and operates an IHOP restaurant in Dover,
        Delaware.

    --  Franchisee Master Kim has committed to develop two new IHOP
        restaurants over the next three years in the borough of Staten
        Island, New York. Master Kim has been an IHOP franchisee for
        seven years, and currently owns and operates an IHOP
        restaurant in Staten Island, New York.

    --  Franchisees Chris and Helen Hsiung have committed to develop
        four new IHOP restaurants over the next five years in the
        county of Santa Clara, California, as well as in a portion of
        the cities of Fremont and Foster City, California. The
        Hsiung's have been IHOP franchisees for 16 years, and
        currently own and operate seven IHOP restaurants in northern
        California.

    --  Franchisee Moussa Haidar has committed to develop five new
        IHOP restaurants over the next seven years in several counties
        in southern Texas. Mr. Haidar has been an IHOP franchisee for
        three years, and currently owns and operates six IHOP
        restaurants in the Corpus Christi, Texas, area.

    --  Franchisee Michael Miles has committed to develop three new
        IHOP restaurants over the next six years in Alaska. Mr. Miles
        has been an IHOP franchisee for 18 years, and currently owns
        and operates six IHOP restaurants in California and one in
        Alaska.

    --  Franchisee Stephen Lee has committed to develop six new IHOP
        restaurants over the next eight years in Pennsylvania and
        Delaware. Mr. Lee has been an IHOP franchisee for 20 years,
        and currently owns and operates four IHOP restaurants in
        Pennsylvania.

    --  Franchisee Martin Gunaca has committed to develop three new
        IHOP restaurants over the next four years in Arkansas. Mr.
        Gunaca has been an IHOP franchisee for 3 years, and currently
        owns and operates four IHOP restaurants in Arkansas.

    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.