FOR IMMEDIATE RELEASE

Jefferies Hires Senior Investment Banker Ted Cook, Managing Director, to Head General Industrial Group

NEW YORK, September 15, 2003 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Ted Cook has joined as a Managing Director in investment banking. He will head the firm's General Industrial Group.

While the industrial sector has long been an area of focus for Jefferies, the hiring of Mr. Cook formalizes the firm's efforts in the space. The group will concentrate on diversified industrial companies, including electrical, multi-industry, flow control, electronic manufacturing services, and power suppliers, as well as the machinery and engineering construction, security, packaging and printing industries.

"Ted Cook is an exceptional professional whose outstanding experience and relationships significantly extend Jefferies' position in the industrial space," commented Richard B. Handler, Chairman and CEO of Jefferies. "As our business continues to diversify and expand, we remain focused on hiring professionals with established relationships who are motivated by our entrepreneurial platform."

"I'm excited to be part of Jefferies' thriving investment banking practice and entrepreneurial culture," said Mr. Cook. "Jefferies' leading capabilities in all aspects of the capital markets position the firm for continued success, especially given the opportunity to work with middle market companies."

Prior to Jefferies, Mr. Cook spent approximately twenty years providing investment banking services to clients in the industrial sector while at Schroders PLC, J.P. Morgan and, most recently, Banc of America Securities, LLC, where he was Head of the General Industrial Group for nearly three years. Mr. Cook will be based in the firm's NY headquarters.

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 eleven percent of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs more than 1,350 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, 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.