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FOR IMMEDIATE RELEASE

Jefferies Group, Inc. Declares Quarterly Dividend

NEW YORK--(BUSINESS WIRE)--April 22, 2002--Jefferies Group, Inc. (NYSE: JEF) today announced that its board of directors declared a regular quarterly dividend of $0.05 per common share payable on June 14, 2002 to stockholders of record as of May 15, 2002.

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.

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CONTACT:
Jefferies Group, Inc.
Tom Tarrant, 203/708-5975
ttarrant@jefco.com
www.jefco.com

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