Jefferies

Press Release

FOR IMMEDIATE RELEASE
Jefferies Establishes $2 Billion Euro Medium Term Note Programme

NEW YORK and LONDON, May 3, 2012 -- Jefferies Group, Inc. (NYSE: JEF) announced today that it has established a $2 billion Euro Medium Term Note Programme (the “Programme”). Under the Programme, Jefferies may issue senior or subordinated notes from time to time in any one of a number of currencies and which will be listed on the Irish Stock Exchange.

Richard B. Handler, Chairman and Chief Executive Officer of Jefferies, commented, “This programme will afford Jefferies further flexibility in our capital structure and funding sources, including access to a broad variety of investors across Europe.”

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