FOR IMMEDIATE RELEASE

Jefferies Hires Senior Professionals in Knowledge Services; Veterans Gerald Odening and Michael Marino Join from JP Morgan

NEW YORK--(BUSINESS WIRE)--Feb. 14, 2003--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE:JEF), today announced that Gerald R. Odening and B. Michael Marino have joined the firm as a Managing Director and Senior Analyst in Equity Research, and a Managing Director in Investment Banking, respectively.

Marino and Odening will focus on the Knowledge Services industry, working with education, training and human capital management companies.

Odening will be based in Jefferies' New York headquarters and report to Steven R. Black, Director of Equity Research. Marino will be based in the firm's Atlanta office and report to Chris M. Kanoff, Co-Head of Investment Banking.

The firm's commitment to the Knowledge Services industry is extensive. In addition to having an equity research practice and a group in investment banking focused on this space, Jefferies is a market maker and a top trader in the stocks of fifteen Knowledge Services companies. As with other industries strategic to Jefferies, the Knowledge Services space offers tremendous growth potential, both organically and through consolidation, due to a high degree of fragmentation. In addition, companies in this space are primarily characterized as small to mid-cap, which aligns with the firm's expertise in the middle market.

"These additions are a substantial enhancement to Jefferies' firm-wide commitment to the Knowledge Services industry and are strategic to our overall objective to serve growth and middle market companies and investors," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies.

"Jerry Odening and Mike Marino bring extensive industry knowledge, proven relationships, and invaluable experience in their respective areas," added John C. Shaw, Jr., President of Jefferies. "Their efforts will benefit our institutional investors, corporate clients and shareholders alike."

"Jefferies' focused research effort and longstanding relationships with institutional investors are very impressive," said Odening. "I look forward to bringing the firm's strong middle market focus to this niche of growth companies often neglected by larger investment banks."

"I'm excited to be part of Jefferies' entrepreneurial culture and thriving investment banking practice," said Marino. "The firm's full range of offerings in corporate finance, advisory services, trading, research and asset management are a clear advantage relative to other middle-market firms."

Odening had been a Managing Director and Senior Analyst at J.P. Morgan Securities, where he was head of education services research. Previously, he was a Director and Senior Research Analyst at Salomon Smith Barney for six years, where he was a top-ranked analyst for Education Services and a member of the Institutional Investor All American Research Team. Odening has been a research analyst in the securities industry for over 22 years.

Prior to joining Jefferies, Marino also worked at J.P. Morgan, where he was a Managing Director in that firm's Technology, Media & Telecommunications Group, focusing on the Knowledge Services and Educational Publishing industries. In addition, Marino spent five years at Salomon Smith Barney, where he worked in the Financial Sponsor Group prior to establishing the Education Services practice. He has spent over 14 years in the investment banking industry.

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, 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 twelve percent of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs more than 1,350 people in 21 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Washington 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.

--30--FLB/ny*

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