Jefferies

Press Release

FOR IMMEDIATE RELEASE
Jefferies Reports First Quarter 2012 Financial Results
NEW YORK and LONDON, March 20, 2012 -- Jefferies Group, Inc. (NYSE: JEF) announced today financial results for its fiscal first quarter ended February 29, 2012.

Highlights for the three months ended February 29, 2012, versus the three months ended February 28, 2011:

  • Record net revenues of $780 million, versus $758 million
  • Net income to common shareholders of $77 million, versus $87 million (after $41 million versus $31 million of aggregate earnings to noncontrolling interests and interest on mandatorily redeemable preferred interests substantially at Jefferies High Yield Trading)
  • Net earnings per common share of $0.33, versus $0.42
  • Investment banking revenues of $286 million, up 20% versus $239 million
  • Fixed income revenues of $339 million, versus $318 million

“These solid results reflect our continued growth in investment banking and strong performance in fixed income,” commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "We believe our firm is unique today in our intense focus on offering an integrated, global capital markets platform to our clients and an entrepreneurial culture to our employee-partners.”

A conference call with management discussion of these financial results will be held today, March 20, 2012, at 9:00 AM Eastern. Investors and securities industry professionals may access the management discussion by calling 877-710-9938 or 702-928-7183. A one-week replay of the call will also be available at 855-859-2056 or 404-537-3406 (conference ID # 58239317). A live audio webcast and delayed replay can also be accessed at Jefferies.com.

Jefferies Group, Inc. (NYSE: JEF) is the global investment banking firm focused on serving clients for nearly 50 years. The firm is a leader in providing insight, expertise and execution to investors, companies and governments, and provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and commodities, as well as offers select asset and wealth management strategies, in the U.S., Europe and Asia.

For further information, please contact:

Peregrine C. Broadbent
Chief Financial Officer
Jefferies Group, Inc.
(212) 284-2338

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