Press Release Details

KANSAS CITY, Mo.--(BUSINESS WIRE)--Dec. 12, 2003--H&R Block Inc. (NYSE:HRB) announced that on December 11, 2003, its outside counsel was informed by the United States Securities & Exchange Commission enforcement staff that the Commission has issued a Formal Order of Investigation concerning the Company's disclosures, in and before November 2002, about refund anticipation loan litigation to which the Company was and is a party.

The Company intends to cooperate fully with the Commission's investigation.

Except for historical information contained herein, the matters set forth in this press release are forward-looking statements based upon current information and expectations. Such statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that could cause actual results to differ materially from what is expressed, implied or forecast in such forward-looking statements. Such differences could be caused by a number of factors, including, but not limited to, risks described from time to time in reports and registration statements filed by H&R Block Inc. and its subsidiaries with the Securities and Exchange Commission. Readers should take these factors into account in evaluating such forward-looking statements.

About H&R Block

H&R Block Inc. (www.hrblock.com) is a diversified company with subsidiaries that deliver tax, financial, mortgage and business products and services. It is the only major company with subsidiaries offering a full range of software, online and in-office tax solutions, combined with personalized financial advice about retirement savings, home ownership, and other opportunities to help clients build a better financial future. As the world's largest tax services company, H&R Block served nearly 21 million clients in the U.S. and 11 countries in 2003. H&R Block Financial Advisors Inc. offers investment services and securities products. With more than 1,000 financial advisors serving clients at more than 600 offices, H&R Block Financial Advisors Inc. is a member NYSE, SIPC, a registered broker-dealer and a registered investment advisor. H&R Block Inc. is not a registered broker-dealer and is not a registered investment advisor. H&R Block Mortgage Corp. offers a full range of retail mortgage products. Option One Mortgage Corp. provides mortgage services and offers wholesale mortgage products through large financial institutions and a network of 24,000 independent mortgage brokers. RSM McGladrey Business Services Inc. and its subsidiaries serve mid-sized businesses and their owners with tax, accounting and business consulting services, as well as personal wealth management services.

    CONTACT: H&R Block Inc.
             Media Relations:
             Bob Schneider, 816-932-4835
             816-665-3669 (cell)
             bschneider@hrblock.com
                  or
             Investor Relations:
             Mark Barnett, 816-701-4443
             marbarnett@hrblock.com

    SOURCE: H&R Block Inc.