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FOR IMMEDIATE RELEASE

Jefferies Group, Inc. Calls for Redemption of 8 7/8% Senior Notes Due 5/1/04

NEW YORK, Apr 10, 2002 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) announced its decision to call its $50 million aggregate principal amount of 8 7/8% Senior Notes due 5/1/04 for redemption on Monday, May 13, 2002.

Pursuant to the terms of the Securities, holders of the Notes would receive $1,012 in cash per $1,000 principal amount of Notes, plus accrued interest. A notice of redemption is being communicated to all registered holders of the Notes through the paying agent, Bank of New York.

About Jefferies

Jefferies Group, Inc. is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., offer a variety of services for institutional investors and mid-cap companies. Subsidiaries of Jefferies Group, Inc., together, comprise an institutional brokerage firm focused on trading in equity, high yield, convertible and international securities, as well as fundamental research for institutional investors. As an investment bank, Jefferies also offers capital raising, financial advisory, mergers and acquisitions, and restructuring services to middle market companies. Jefferies & Company, Inc. is an industry leader in equity trading services for institutional investors, as recognized by numerous consulting and survey organizations.

Jefferies employs more than 1,200 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo and Zurich. Further information about Jefferies, including past press releases and historical financial statements, can be found at www.jefco.com.

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

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