News Release

GLENDALE, Calif.--(BUSINESS WIRE)--Feb. 4, 2004--IHOP Corp. (NYSE:IHP) today announced it has signed a Multi-Store Development Agreement (MSDA) with its existing franchisee Michael Ruben. Mr. Ruben has agreed to develop two new IHOP restaurants over the next three years in Kankakee County, Ill., and Tippecanoe County, Ind.

Mr. Ruben has been an IHOP franchisee for the past nine years, and has been involved with the IHOP brand since 1989. He first began his restaurant career at IHOP as a teenager, working in busboy, cook and foodserver positions before becoming a restaurant general manager at the age of 18. Subsequently, Mr. Ruben went on to work as a district supervisor for IHOP franchisee Chris Milisci in Arizona, where he was able to gain significant multi-unit operations experience before becoming an IHOP franchisee. Today, Mr. Ruben currently owns and operates eight IHOP restaurants in Illinois and Indiana, which together employ approximately 500 people.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "Michael's experience with IHOP is representative of so many of our franchisees who began at the restaurant level and leveraged the IHOP system to become multi-unit owner/operators. We are pleased to continue our relationship with him as he develops additional restaurants in Illinois and Indiana."

Michael Ruben of Ruben Restaurants, Inc., said, "I am grateful for the opportunities IHOP has provided me in the past, which played an important role in my ability to grow my operations to the eight restaurants I own and operate today. I am excited for the future and look forward to taking this next step with IHOP to further expand my business."

Mr. Ruben expects to open the 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 operated and franchised by Glendale-based IHOP Corp. As of December 31, 2003, the end of IHOP's 2003 fiscal year, there were 1,165 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.