IHOP Opens First Location in Ontario, Canada

Brand Continues International Expansion; Four New International Locations Planned for 2008

GLENDALE, CA--(Marketwire - September 15, 2008) - IHOP, one of America's favorite restaurants for breakfast, lunch and dinner, today announced the opening of its first franchise restaurant in Ontario, Canada, extending the iconic fifty-year old brand into a new international region. The first IHOP in Eastern Canada opened in Niagara Falls, Ontario on Sept. 13.

The new restaurant marks IHOP's 13th location in Canada; there are currently 12 IHOPs throughout the province of British Columbia. Franchisee Pancakes Canada Limited, controlled by long time Ontario restaurant operators the Alfieri Group, opened the restaurant and has an agreement to develop two additional IHOP restaurants over the next five years, including a portion of Niagara Falls and the city of Barrie, Ontario, Canada. Pancakes Canada Limited is a new franchisee to the IHOP system and the Alfieri Group possesses more than 55 years of restaurant operations experience, with successful casual Italian themed restaurant operations also located in Niagara Falls, Ontario.

Earlier this year, IHOP opened its second franchise restaurant in Mexico in Mexico City, and today announced that two more restaurants are scheduled to open in the fourth quarter of this year in the Mexican cities of Monterrey, Nuevo Leon and Hermosillo, Sonora, respectively. These new restaurants will mark the third and fourth IHOP restaurants to open in Mexico.

"The expansion of IHOP into Ontario and the continued development in Mexico by experienced restaurant operators demonstrates the appeal that IHOP holds for consumers and entrepreneurs," said Des Hague, President, IHOP Restaurants. "As an American icon celebrating 50 years, IHOP's continued international growth is an integral part of our strategy to maximize franchise development and expand the brand's accessibility to an increasing number of new guests every day."

ABOUT IHOP

For 50 years, the IHOP family restaurant chain has served its world famous pancakes and a wide variety of breakfast, lunch and dinner items that are loved by people of all ages. IHOP offers its guests an affordable, everyday dining experience with warm and friendly service. The first IHOP opened in Toluca Lake, Calif. in 1958, and as of June 30, 2008, there were 1,361 IHOPs in 49 states, Canada and Mexico. IHOP restaurants are franchised and operated by Glendale, Calif.-based IHOP, a subsidiary of DineEquity, Inc. (NYSE: DIN).

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 of Applebee's; 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 IHOP, 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. Forward-looking information is provided by the Company 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.

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