On June 26, 2006, Intuit Inc. (Nasdaq: INTU) received a subpoena from the United States Attorney for the Northern District of California requesting documents related to the company's historical stock option
practices. It is our belief that similar subpoenas have been served on many of the companies named in a recent report from the Center for Financial Research and Analysis (CFRA). As disclosed on June 9, 2006, Intuit received an informal request from the Securities and Exchange Commission for information on historical stock option practices.
We will fully cooperate with the U.S. Attorney's office.
As also previously disclosed, in May 2006 when we first learned of the CFRA report, Intuit's Board of Directors initiated a voluntary independent review of our historical stock option grant activities and related accounting treatment. This ongoing review is being conducted by independent members of the board, independent legal counsel and accountants.
