Jackson Hewitt Tax Service Inc. Announces Pricing of Initial Public Offering PARSIPPANY, N.J., June 21 /PRNewswire-FirstCall/ -- Jackson Hewitt Tax Service Inc. (NYSE:JTX) today announced that the initial public offering of 37,500,000 shares of its common stock was priced at $17 per share. All 37,500,000 shares of common stock are being sold by Cendant Corporation. The underwriters have been granted an option to purchase up to 5,625,000 additional shares of common stock from Jackson Hewitt. The common stock has been approved for listing on the New York Stock Exchange under the symbol "JTX." As previously announced, Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are the joint book-running managers of the offering. The completion of the initial public offering is scheduled for Friday, June 25, 2004, subject to customary closing conditions. Jackson Hewitt will not receive any of the proceeds from the 37,500,000 shares of common stock being sold by Cendant. Jackson Hewitt will use any proceeds it receives from the exercise of the underwriters' option to purchase up to 5,625,000 additional shares of common stock for general corporate purposes, which may include the repayment of borrowings under its new credit facility and share repurchases. A copy of the prospectus relating to the initial public offering may be obtained from Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, NY 10004 (Telephone: 212-902-1171), or J.P. Morgan Securities Inc., Prospectus Department, One Chase Manhattan Plaza, New York, NY 10081 (Telephone: 212-552-5164). A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the shares of Jackson Hewitt common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Jackson Hewitt is the second largest paid tax return preparer in the United States, with 4,935 franchised and company-owned offices nationwide as of April 30, 2004. Jackson Hewitt is based in Parsippany, New Jersey. DATASOURCE: Jackson Hewitt Tax Service Inc. CONTACT: Sheila Cort of Jackson Hewitt Inc., +1-973-496-2702 Web site: http://www.jacksonhewitt.com/

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