FOR IMMEDIATE RELEASE

Jefferies Adds Senior Retail Analyst; Robin Murchison to Cover Specialty/Apparel Retail Companies

NEW YORK, May 1, 2003 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Robin S. Murchison as a Senior Equity Research Analyst covering established and emerging Specialty/Apparel Retail companies. Ms. Murchison will report to Steven R. Black, Director of Equity Research, and will be based in the firm's Nashville office.

"Robin Murchison's experience and relationships in the specialty retail industry will significantly enhance our consumer research effort," said Mr. Black. "Her focus on small to mid-cap companies is consistent with Jefferies' middle market strategy, as we continue to identify areas of opportunity for institutional investors."

Ms. Murchison has been in the securities industry for 13 years and was recognized by The Wall Street Journal in their Best on Wall Street analyst survey in 2000 and 2001. Prior to Jefferies, Ms. Murchison was a Senior Vice President and Senior Analyst responsible for the consumer/retail group at Hibernia Southcoast Capital, where she worked from 1990. Previously, Ms. Murchison worked as a Senior Financial Analyst for both Schering-Plough Inc. and Holiday Corporation. She received an MBA from the University of Memphis.

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.

SOURCE: Jefferies & Company

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