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FOR IMMEDIATE RELEASE

Jefferies Group, Inc. Declares Quarterly Dividend

NEW YORK, Aug 5, 2002 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) today announced that its board of directors has declared a regular quarterly dividend of $0.05 per common share payable on September 16, 2002 to stockholders of record as of August 15, 2002.

About Jefferies

Jefferies Group, Inc. (NYSE: JEF) is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., offer a variety of services for institutional investors and growth companies. Subsidiaries of Jefferies Group, Inc., together, comprise 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' subsidiary, Helfant Group, Inc., executes approximately ten percent 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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