FOR IMMEDIATE RELEASE

Jefferies Adds Senior European Biotech Analyst

Dr. Robin Campbell to Cover European Biotechnology Industry

LONDON, 22 October 2003 -- Jefferies International Ltd., a subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Dr. Robin William Campbell as a Senior Vice President and Senior Equity Research Analyst. Dr. Campbell will cover established and emerging biotechnology companies as an extension of the firm's focus on the Healthcare sector.

Dr. Campbell's concentration on European biotechnology companies complements Jefferies' coverage of the European pharmaceutical industry, which has been provided by Dr. Nicholas Turner since 1998. The broadening of equity research in this area is part of the firm's overall expansion of resources for the Healthcare sector in both Europe and the U.S.

"Robin Campbell's scientific background, combined with his experience in the biotech, pharma and securities industries, gives him a unique and valuable perspective," said Edward B. Gale, Director of International Equities at Jefferies International Limited. "Robin's relationships in this area are unparalleled, and his strategic insight into European and U.S. biotechnology companies seamlessly meshes with Jefferies' overall healthcare research effort."

Dr. Campbell has more than 13 years of experience in the securities industry and 10 years in the biotechnology / pharmaceutical industry. Prior to Jefferies, he was a Pan European Biotech Analyst at WestLB Panmure. Previously, Dr. Campbell was Head of Life Sciences at Bryan, Garnier & Co., and Pan European Coordinator in Biotechnology at ING Barings. He also focused on Pan European pharmaceuticals while at Paribas, ABN AMRO Hoare Govett, and Credit Suisse First Boston. His industry experience includes positions at Pafra Biopreservation, LH Fermentation, Beecham International, and Shell Research Limited.

Dr. Campbell holds a Ph.D. in Microbiology/Immunology from Liverpool University. He will be based in the London office of Jefferies International Limited.

For further information, please contact:

Beverley Weber / Andrew Marshall, Fishburn Hedges, 0207 839 4321, beverley.weber@fishburn-hedges.co.uk

Tom Tarrant, Jefferies & Company, Inc., +1 203 708 5989, ttarrant@jefco.com

About Jefferies

Jefferies Group, Inc. (NYSE: JEF) is a holding company whose affiliated companies offer a variety of services for institutional investors and growth companies. Subsidiaries of Jefferies Group, Inc., together, comprise 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' subsidiary, Helfant Group, Inc., executes approximately eleven percent of the daily reported volume of the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs more than 1,400 people in 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.