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Jack in the Box Inc. Receives Highest Rating for Corporate Governance

- Institutional Shareholder Services ranks company highest
in S&P Hotels Restaurants & Leisure industry group

SAN DIEGO--(BUSINESS WIRE)--April 20, 2004-- Jack in the Box Inc. (NYSE: JBX), operator and franchiser of Jack in the Box(R) and Qdoba(R) Mexican Grill restaurants, has received the highest corporate governance rating among its industry peers, according to Institutional Shareholder Services Inc. ("ISS"), a leading provider of proxy voting and corporate governance advisory services. In addition to outperforming all companies in the S&P "Hotels Restaurants & Leisure" industry group, Jack in the Box Inc. topped 99.7 percent of all companies in the S&P 600 Index.

"The reputation of a corporation is becoming increasingly important to all of its stakeholders," said Robert J. Nugent, chairman and CEO of Jack in the Box. "In addition to reflecting the operating philosophies of our board and management, ratings provided by organizations like ISS can be referenced by insurance underwriters for determining risk/premium relationships for D&O and other corporate insurance, by executive and board search firms for evaluating individual prospects, and by corporate consultants, investors, analysts and legal advisors for insight into industry benchmarks and company best practices. As an example, Fitch Ratings announced last week the use of ISS' Corporate Governance Quotient as a metric for determining a company's credit quality."

ISS developed the Corporate Governance Quotient ("CGQ") as a rating tool to assist institutional investors in evaluating the quality of corporate boards and the impact their governance practices may have on performance. Ratings are calculated on 61 measures in eight core categories: board of directors, audit, charter and bylaw provisions, laws of the state of incorporation, executive and director compensation, qualitative factors, ownership, and director education. Companies are scored individually and ranked relative to their industry and peer group.

Along with the high ISS ratings, Jack in the Box has received other accolades for its corporate governance program. Last year, The Corporate Library Board Analyst awarded Jack in the Box "A" ratings for board effectiveness and best practices -- its highest possible grades. And in 2002, Investor Relations Magazine recognized the corporate governance practices at Jack in the Box as the best among small-cap companies, which included all publicly held U.S. stocks with a market value of $2.5 billion or less.

Jack in the Box Inc. (NYSE: JBX) operates and franchises two restaurant chains, Jack in the Box(R) and Qdoba Mexican Grill(R), in 32 states combined. Jack in the Box is the nation's first major drive-thru hamburger chain, with more than 1,950 restaurants, and Qdoba Mexican Grill is an emerging leader in fast-casual dining, with more than 130 restaurants. Based in San Diego, Jack in the Box Inc. has more than 45,000 employees.

    CONTACT: Jack in the Box Inc.
             Brian Luscomb, 858-571-2229

    SOURCE: Jack in the Box Inc.