FOR IMMEDIATE RELEASE

Jefferies Names Andrew Whittaker a Vice Chairman

NEW YORK, Aug 15, 2002 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Andrew R. Whittaker, Co-Director of Corporate Finance, has been appointed a Vice Chairman of the firm. Mr. Whittaker is in the process of relocating to the firm's New York and Stamford offices.

Mr. Whittaker, a member of the firm's Executive Committee, has 15 years of investment banking experience and was a founding member of the Corporate Finance Department at Jefferies in 1990. He has completed more than 150 transactions for investment grade and non-investment grade credits, advising on or raising capital in excess of $15 billion for clients. Mr. Whittaker's extensive experience working with financial sponsors and a wide range of industrial, retail, and financial clients includes the public and private issuance of senior, subordinated and convertible debt, and convertible, preferred and common equity, as well as mergers and acquisitions, restructuring and other financial advisory assignments.

As Co-Director of Jefferies' Corporate Finance Department, Mr. Whittaker has helped to lead the firm's investment banking effort to record first half revenues of nearly $80 million in 2002, or 20% of the firm's total revenues. He will continue as one of Jefferies' most significant banking producers serving such clients as Freeman Spogli & Co., GSC Partners, The Jordan Company, Leonard Green & Partners, and Leucadia National Corp.

"Andrew has been instrumental in helping to build Jefferies' corporate finance effort," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "As Vice Chairman, his leadership skills and vast knowledge of Jefferies are an invaluable asset as we continue to serve middle-market investors and issuers."

"As a founding member of Jefferies' corporate finance group, Andrew's exceptional performance and experience more than qualify him to be a Vice Chairman," said John C. Shaw, Jr., President of Jefferies. "His long-term client relationships are among the best on Wall Street and epitomize Jefferies' commitment to adding value for clients."

"I am honored to be given the title of Vice Chairman of Jefferies' entrepreneurial platform," added Mr. Whittaker. "I look forward to continuing to execute our strategy to be the leading full-service Wall Street firm focused on the middle market."

Prior to joining Jefferies, Mr. Whittaker was a corporate finance professional at Drexel Burnham Lambert, Inc. He received his MBA from the Harvard Graduate School of Business Administration and a BA in Engineering Sciences with a minor in Economics, cum laude, from Dartmouth College.

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. In additional, the firm provides correspondent clearing, prime brokerage, private client services, 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 and its 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