FOR IMMEDIATE RELEASE

Jefferies Group, Inc. Announces Public Offering of Senior Notes

NEW YORK, Feb 28, 2002 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) announced today that it intends to make a public offering of $300 million of Senior Notes.

The notes will have a maturity of 10 years, and the anticipated pricing date is the middle of the week of March 4, 2002.

Salomon Smith Barney (Books) and Jefferies & Company, Inc. are the joint lead managers. BNY Capital Markets, Inc. is acting as co-manager on the transaction. A preliminary prospectus supplement may be obtained from Salomon Smith Barney's Prospectus Department at the Brooklyn Army Terminal, which is located at 140 58th Street, 8th Floor, Brooklyn, NY 11220.

Jefferies Group, Inc. and its subsidiaries operate as an international investment bank that focuses on capital raising, research, mergers and acquisitions, and advisory and restructuring services for middle market companies and on trading in equity and high yield securities, convertible bonds, options, futures and international securities for institutional clients. The company and its various subsidiaries maintain 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo and Zurich.

This press release does not constitute an offer to sell any securities for sale which can only be made by the prospectus supplement.

CONTACT:
Jefferies Group, Inc.
Joseph A. Schenk, CFO
212/284-2338