FOR IMMEDIATE RELEASE

Jefferies Hires Two Senior Investment Bankers

NEW YORK, Jul 19, 2002 (BUSINESS WIRE) --

Raymond Minella Joins as Director of Capital Markets Origination; Gregg Feinstein Named Director of Mergers & Acquisitions

Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Raymond J. Minella as Director of Capital Markets Origination and Gregg H. Feinstein as Director of Mergers & Acquisitions.

Prior to joining Jefferies, Mr. Minella was Chairman of Berenson Minella & Company, one of Wall Street's most recognized investment-banking boutiques. He co-founded that firm as Co-Managing General Partner in 1990, headed the firm's financing and restructuring business, and was named Chairman in 1998. Mr. Minella's recent transactions include the recapitalization of Fitness Holdings Worldwide and Moore Corp., as well as the restructuring of Radiologix, Inc. and Cornerstone. He began his career with Merrill Lynch in 1976, where he founded and headed the High Yield and Strategic Finance Group in 1985 and co-headed the Merchant Banking Group beginning in 1988. Mr. Minella participated in virtually every leveraged transaction in which Merrill Lynch was involved from 1985 to 1990, leading that firm to become the number two underwriter in high yield securities with more than $20 billion in lead-managed financings during the 1980s. With total transaction values exceeding $100 billion, he has worked on some of the largest and most complicated transactions, including those for RJR Nabisco, Viacom, Time Warner, Borg Warner, GAF, and the IPO Liz Claiborne.

Mr. Feinstein was most recently Chief Operating Officer and a Managing Director at Berenson Minella & Company, which he joined at its inception and where he became one of three principal shareholders in 1992. Mr. Feinstein worked on a variety of mergers and acquisitions and complex leveraged transactions at Berenson Minella, where he also built Wall Street's leading investment banking practices serving the printing and related industries. Some of his recent experience includes the sale of Big Flower Holdings to Thomas H. Lee for $1.8 billion and the recapitalization of Remington Products Company with Vestar Capital Partners. Prior to Berenson Minella, Mr. Feinstein worked in mergers and acquisitions at Merrill Lynch beginning in 1986 and previously held positions at Odyssey Partners and Lehman Brothers Kuhn Loeb.

"These veteran bankers are terrific additions to our capital markets and M&A efforts and further enhance Jefferies' strategy to be the leading full-service Wall Street firm focused on the middle market," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "As our business continues to diversify and expand, we remain focused on hiring professionals with established relationships who are motivated by Jefferies' entrepreneurial platform. The addition of these two bankers is consistent with the opportunity we see to consolidate other middle-market firms and serve as a platform for the most talented professionals in our industry," he added.

"Ray Minella's extensive transaction record and his experience in founding his own firm will be key in his role in directing and expanding Jefferies' capital markets origination activities," said John C. Shaw, Jr., President of Jefferies. "Similarly, Gregg Feinstein's twenty-year background in mergers and acquisitions and his leading role at one of Wall Street's most respected investment-banking boutiques will enhance Jefferies' strong M&A practice."

"After 12 terrific years at Berenson Minella and 18 years of partnership with my friend, Jeffrey Berenson, both at Merrill Lynch and our own firm, this has obviously been a significant decision for me. Together, we have helped Berenson Minella become one of the premier boutique investment-banking firms in America, and I have great confidence the firm will continue to prosper and grow," remarked Mr. Minella. "As difficult as it is to leave my friends and colleagues of so many years, my regret in parting with a thriving boutique which I helped create is leavened by the extraordinary opportunity that exists at Jefferies for me and Gregg Feinstein. In today's environment, I have been impressed by Jefferies' strategic goal to be the preferred investment bank for middle-market companies, and I look forward to lending my support to achieve that objective in any way I can."

"I am excited at the challenge of continuing to build a first class merger advisory practice at Jefferies and at being able to offer a broader array of products and services to my clients," added Mr. Feinstein. "I know my colleagues at Berenson Minella will continue to prosper and I look forward to working with them in the future."

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 & Company, Inc.
Tom Tarrant, 203/708-5989
ttarrant@jefco.com