News Release

GLENDALE, Calif., Nov. 17 /PRNewswire-FirstCall/ -- IHOP Corp. (NYSE: IHP) today announced that its largest shareholder, Southeastern Asset Management, has reverted from Schedule 13D filing status to Schedule 13G status. In its newly filed Schedule 13G, Southeastern Asset Management said:

"On May 21, 2001, Southeastern converted its Schedule 13G to a filing on Schedule 13D in order to gain the flexibility to work constructively with management to take capital out of the business and return significant amounts of that capital to shareholders. Management has done an outstanding job of implementing a much superior business model, including comp store gains well above previous expectations. Additionally, the newly instituted dividend combined with meaningful share repurchases disclosed in last week's 10-Q convey the Company's serious intention to efficiently return the much improved free cash flow to shareholders.

"Because we have no current need to explore capital allocation issues with management or others, Southeastern is hereby converting its Schedule 13D back to a Schedule 13G, indicating our return to 'passive' status. We believe that IHOP is now in excellent hands, and that management has established a foundation with meaningful growth opportunities."

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "We are pleased that Southeastern Asset Management has changed its filing status with the SEC, and are appreciative of their support as we have worked to transition to our new operating model and corporate financing strategies."

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 .

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.