News Release

GLENDALE, Calif.--(BUSINESS WIRE)--May 15, 2006--IHOP Corp. (NYSE:IHP) invites investors listen to the webcast of its Annual Meeting of Shareholders on Wednesday, May 17, 2006, beginning at 1:00 p.m. Eastern Time (ET).

A live webcast of the Annual Meeting of Shareholders will be available on IHOP's Web site at www.ihop.com, and may be accessed by visiting the Conference Calls & Presentations page under the site's Investor Information section. Participants should allow approximately ten minutes prior to the start time to visit the site and download any streaming media software needed to listen to the webcast. An online archive of the Annual Meeting of Shareholders webcast will be available on the Investor Information section of IHOP's Web site shortly after the live webcast ends.

The Company's Annual Meeting of Shareholders will take place at IHOP's Restaurant Support Center in Glendale, California, on Wednesday, May 17, 2006.

About IHOP Corp.

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 45 years. Offering 14 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 franchised and operated by Glendale, California based IHOP Corp. As of March 31, 2006, the end of IHOP's first quarter, there were 1,252 IHOP restaurants in 48 states and Canada. IHOP Corp. common stock is listed and 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 Web site located at www.ihop.com.

    CONTACT: IHOP Corp.
             Stacy Roughan, Director, Investor Relations
             818-637-3632

    SOURCE: IHOP Corp.