GLENDALE, CA–( EMWNews – April 7, 2008) – IHOP Corp. (NYSE: IHP) today announced that

its Board of Directors declared a quarterly cash dividend of $0.25 per

common share payable May 20, 2008 to shareholders of record as of May 1,

2008. Future dividend declarations will be made at the discretion of the

Board of Directors and will be based on such factors as the Company’s

earnings, financial condition, cash requirements, future prospects and

other factors.

About IHOP Corp.

Glendale, California-based IHOP Corp. franchises and operates restaurants

under the International House of Pancakes, or IHOP, and the Applebee’s

Neighborhood Grill & Bar brands. With more than 3,300 restaurants combined,

IHOP Corp. is the largest full-service restaurant company in the world.

IHOP Corp.’s common stock is listed on the NYSE under the symbol “IHP.”

For more information on IHOP Corp., visit the Investor Relations section of

the Company’s Web site 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, and include statements regarding the strategic and

financial benefits of the acquisition of Applebee’s International, Inc.,

expectations regarding integration and cost savings, and other financial

guidance. 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: the implementation of the Company’s

strategic growth plan; the availability of suitable locations and terms for

the sites designated for development; the ability of franchise developers

to fulfill their commitments to build new restaurants in the numbers and

time frames covered by their development agreements; legislation and

government regulation including the ability to obtain satisfactory

regulatory approvals; risks associated with executing the Company’s

strategic plan for Applebee’s; risks associated with the Company’s

incurrence of significant indebtedness to finance the acquisition; the

failure to realize the synergies and other perceived advantages resulting

from the acquisition; costs and potential litigation associated with the

acquisition; the ability to retain key personnel after the acquisition;

conditions beyond the Company’s control such as weather, natural disasters,

disease outbreaks, epidemics or pandemics impacting the Company’s customers

or food supplies 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 and Applebee’s

brands and concepts by guests and franchisees; the Company’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 the Company’s

news releases, public statements and/or filings with the Securities and

Exchange Commission, especially the “Risk Factors” sections of Annual and

Quarterly Reports on Forms 10-K and 10-Q, as well as releases, statements

and SEC filings by Applebee’s International, Inc. prior to its acquisition

by the Company. Forward-looking information is provided by IHOP Corp.

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, the Company disclaims any intent or obligation

to update these forward-looking statements.