FOR IMMEDIATE RELEASE

Jefferies Launches Coverage of Postsecondary Education; Initiation Includes Eight Companies and Industry Report by Gerald Odening

NEW YORK, Apr 8, 2003 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Gerald R. Odening, a Managing Director and Senior Equity Research Analyst, initiated coverage on eight postsecondary education companies.

Mr. Odening joined Jefferies in February to cover the Knowledge Services industry, which includes education, training, and human capital management companies.

Jefferies published an industry analysis, authored by Mr. Odening and his team. The study includes profiles, stock recommendations and reports for the following companies: Apollo Group, Inc. (APOL), Career Education Corp. (CECO), Corinthian Colleges, Inc. (COCO), Devry, Inc. (DV), Education Management Corp. (EDMC), ITT Educational Services, Inc. (ESI), Strayer Education, Inc. (STRA), and University of Phoenix Online (UOPX).

"Gerald Odening has substantially broadened the scope of Jefferies' knowledge services industry coverage and extended the reach of our integrated research platform," remarked Steven R. Black, Director of Equity Research at Jefferies. "His analysis provides a fresh, comprehensive look at this niche of growth companies."

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.

Mr. Odening has been a research analyst in the securities industry for over 22 years.

He has been a top-ranked analyst for Education Services and a member of the Institutional Investor All American Research Team. Prior to joining Jefferies, Mr. Odening was 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.

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 1,375 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.

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