News Release

GLENDALE, Calif., Dec 19, 2003 /PRNewswire-FirstCall via Comtex/ -- IHOP Corp. (NYSE: IHP) today announced it has signed a Multi-Store Development Agreement (MSDA) with its existing franchisee, John Koumandarakis. Mr. Koumandarakis has agreed to develop three new IHOP restaurants over the next four years in Georgia.

Mr. Koumandarakis is a 23-year restaurant industry veteran and has been an IHOP franchisee since 1990. Previously, he was an independent restaurateur, owning an Italian fine dining establishment in his native country of South Africa. Upon immigrating to the U.S., Mr. Koumandarakis quickly recognized the value and potential for growth in chain restaurant concepts. At the time, he chose IHOP because of the strength of the IHOP brand. Today, he currently owns and operates three restaurants in the cities of Sandy Springs, Marietta and Griffin, Georgia, which together employ 110 people.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "John Koumandarakis is an excellent operator who is actively involved with his restaurants on a daily basis. His focus on day to day restaurant operations is integral to the success he enjoys. We are pleased to continue our relationship with him as he looks to double the size of his operations in Georgia over the next four years."

John Koumandarakis said, "Since I've been involved with IHOP, the Company has done nothing but grow, which is a testament to the strength of the IHOP system and how well it works. IHOP continues to be a quality brand that offers great food at reasonable prices, and I am excited for the opportunity to continue delivering this great experience as I expand my operations."

Mr. Koumandarakis plans on opening his first restaurant under this agreement in June 2004.

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.