News Release

    GLENDALE, Calif.--(BUSINESS WIRE)--July 6, 2004--

       IHOP Acknowledges There Can Be Too Much of a Good Thing:
           Paradise Pancakes Offered for a Limited Time Only

For a limited time, IHOP brings the tastes and scents of a carefree summer getaway to its restaurants with the return of Paradise Pancakes combinations. Created to give guests an extraordinary eating experience, the exotic flavor combinations of bananas, coconut, macadamia nuts and pineapple are reminiscent of summers at the beach and provide the ultimate vacation for the palate. This edible escape fades with the first signs of the fall season; Paradise Pancakes are only available until Sept. 5, 2004.

All Paradise Pancakes combinations are available with eggs, the guest's choice of bacon or pork sausage and hash browns. Paradise is found in the following choices:

    --  Banana Macadamia Nut Pancakes -- Tasty banana pancakes are
        topped with fresh banana, macadamia nuts and toasted coconut.
        A sprinkling of powdered sugar, a dollop of whipped topping
        and a side of coconut syrup add the finishing touches to this
        decadent delight.

    --  Banana Split Pancakes -- Simple and delicious buttermilk
        pancakes form the base of this updated classic. Fresh bananas,
        strawberries, blueberries, granola and the guest's choice of
        strawberry yogurt or vanilla ice cream complete the meal to
        create a fun and fruity feast.

    --  South Pacific Pancakes -- Pineapple, toasted coconut, powdered
        sugar and whipped topping deliciously decorate fluffy
        buttermilk pancakes. Served with a side of coconut syrup,
        these are truly a tropical treat.

In addition to providing "paradise" through its tropics-inspired pancakes, IHOP is helping families get into the mood by taking the experience beyond the taste buds and into the restaurant. Each participating location is decorated in an island motif and employees bring the tropical theme to life by wearing tropical shirts, grass skirts and leis.

"We think everyone deserves a taste of vacation, so we created these pancakes to give guests and their families an escape from the ordinary and a break from their routine. This taste of the tropics provides our guests a dining experience rather than just a meal," said John Koch, Vice President, Product, Menu and Purchasing, IHOP Corp.

With prices starting at just $5.99, these pancake combinations provide IHOP guests an affordable ticket to paradise this summer. Paradise Pancake combos are available at participating locations and prices will vary.

ABOUT IHOP

The IHOP family restaurant chain has been serving up a wide variety of mouthwatering selections for breakfast, lunch and dinner for more than 40 years. Offering more than 16 types of pancakes, omelettes and other breakfast specialties, as well as burgers, chicken and steaks, IHOP's diverse menu appeals to people of all ages. The restaurants are developed, operated and franchised by Glendale, Calif.-based IHOP Corp., which is publicly traded on The New York Stock Exchange under the ticker symbol "IHP." As of March 31, 2004, the end of the company's 1st quarter, there were 1,164 IHOP restaurants in 48 states and Canada. For more information, please call the company's headquarters at 818-240-6055 or visit their website at http://www.ihop.com.

MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4673558

    CONTACT: IHOP Corp.
             Patrick Lenow, 818-543-4129
             patrick.lenow@ihop.com
             or
             Cohn & Wolfe
             Megan Johnson / Allison Schwartz
             310-967-2981 / 310-967-2978
             megan_johnson@cohnwolfe.com
             allison_schwartz@cohnwolfe.com

    SOURCE: IHOP