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FOR IMMEDIATE RELEASE

Jefferies Group Inc. Announces Management Conference Call

NEW YORK, Jul 11, 2002 (BUSINESS WIRE) --

Second Quarter 2002 Financial Results to Be Discussed

Jefferies Group, Inc. (NYSE: JEF) announced today a conference call with management to discuss second quarter financial results for 2002.

Participants on the call will include Richard B. Handler, Chairman and CEO; John C. Shaw, Jr., President; and Joseph A. Schenk, CFO.

The conference call will be held at 11:30 AM Eastern on Tuesday, July 16th (time subject to change). For listen-only access to the management discussion, please call (706) 679-3621 ten minutes prior to the scheduled start time. A live audio Webcast and a delayed replay will also be available at www.jefco.com and www.ccbn.com.

Jefferies' earnings press release will be distributed via Business Wire at approximately 8:30 AM Eastern on July 16, 2002. To view the release on or after July 16, please visit www.jefco.com. Questions for consideration by management can be submitted in advance through the "Contact Us" function at www.jefco.com or by contacting Amanda Bartley at 203-708-5975 by 10:30 AM Eastern on July 16.

About Jefferies

Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), is a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory, capital raising, mergers and acquisitions, and restructuring services to small- and mid-cap companies. The firm provides outstanding trade execution in equity, high yield, convertible and international securities, as well as fundamental research and asset management capabilities, to institutional investors. Additional services include correspondent clearing, prime brokerage and securities lending. The firm's leadership in equity trading is recognized by numerous consulting and survey organizations, and Jefferies' affiliate, Helfant Group, Inc., executes approximately 10% of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. 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 a description of investment banking, trading, research and asset management services, can be found at www.jefco.com.

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

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