Press Release

Jefferies Declares Quarterly Dividend

NEW YORK, December 20, 2011 -- Jefferies Group, Inc. (NYSE: JEF) announced today that, on December 19, 2011, its Board of Directors declared a quarterly dividend of $0.075 per share of common stock, payable on February 15, 2012 to stockholders of record on January 17, 2012.

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 LLC
(212) 284-2338