FOR IMMEDIATE RELEASE

Jefferies Hires Senior Investment Banking Professional for Quarterdeck Affiliate

NEW YORK, Mar 10, 2003 (BUSINESS WIRE) --

Michael Richter Joins Leading Effort Focused on Defense, Aerospace and Federal IT Industries

Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Michael J. Richter as a Managing Director of Quarterdeck Investment Partners, LLC, a wholly owned subsidiary of Jefferies Group, Inc.

He will report to Jon B. Kutler, Quarterdeck's Chairman and Chief Executive Officer. Mr. Richter will be based in Quarterdeck's Los Angeles office.

"Jefferies remains opportunistic about hiring professionals in areas strategic to our firm who have established relationships and are motivated by our entrepreneurial platform," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "Michael Richter will help to continue Quarterdeck's success in defense, aerospace and federal IT investment banking, which is focused on providing senior level advice to clients."

"One of our goals following Jefferies' acquisition of the remainder of Quarterdeck in 2002 is to expand our strong market position in defense, aerospace and federal IT," added John C. Shaw, Jr., President of Jefferies. "The addition of Michael Richter, with his relationships and experience, is an important step in this strategy."

"Michael Richter is a fifteen-year, veteran investment banker who will help build on Quarterdeck's existing leadership position in our industries of focus," commented Mr. Kutler. ""We look forward to working with him to further expand our franchise."

"As an investment banker focused on the defense, aerospace and federal IT areas, I am excited to join Quarterdeck given their dominant position in these industries," said Mr. Richter. "I look forward to further penetrating areas of existing strength for the firm, as well as creating new opportunities as a result of my relationships."

Prior to joining Jefferies, Mr. Richter was a Managing Director and Head of CIBC World Markets' San Francisco office. He served as the Head of CIBC's Defense Investment Banking Group, focusing on defense electronics, federal IT services and homeland defense. Mr. Richter was with CIBC for five years and was a member of the firm's industry team leader and fairness opinion committees. Formerly, he was a Managing Director and Group Head at Montgomery Securities in San Francisco.

During his investment banking career, Mr. Richter has managed more than 75 public and private debt and equity transactions as well as numerous M&A advisory assignments for defense electronics and technology companies, totaling more than $12 billion in transaction value. Mr. Richter's investment banking career also includes five years at Kidder, Peabody & Co. in New York and Los Angeles. He earned his B.A. in Economics from the University of California at Berkeley and his MBA in Finance from the Stern School of Business at New York University.

About Quarterdeck

Named the "2002 Boutique Middle-Market M&A Firm of the Year" by The Mergers and Acquisitions Advisor, Quarterdeck Investment Partners, LLC is an investment banking firm exclusively serving the global aerospace, defense, and federal information technology industries. The firm, a wholly owned subsidiary of Jefferies Group, Inc., has offices in Los Angeles, Washington, New York and London. Further information about Quarterdeck can be found at www.qtrdeck.com.

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.

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