FOR IMMEDIATE RELEASE

Jefferies Expands General Industrial Group

Three Senior Investment Bankers Added

NEW YORK, November 24, 2003 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the addition of three senior professionals to the firm's General Industrial Group in Investment Banking. Walter S. Bailey and Peter J. Scott were hired as Managing Directors, and Jeffrey H. Lipton joins as a Senior Vice President. The firm's General Industrial Group is headed by Ted Cook, who joined Jefferies in September of this year.

While the hiring of Mr. Cook formalized the firm's longstanding efforts in the Industrial Sector, the prompt expansion of the group demonstrates the focus and commitment Jefferies brings to this area. The group will concentrate on diversified industrial and basic materials industries, including electrical equipment, flow control, electronic manufacturing services, power technology, machinery, security, packaging, paper, chemicals, printing, metals and building materials.

"Jefferies continues to diversify and expand our business in areas where we see significant opportunity," commented Richard B. Handler, Chairman and CEO of Jefferies. "With its broad base of small and mid-cap companies, the Industrial Sector has always been a good fit for Jefferies, given our focus on middle-market companies and investors."

"These exceptional professionals bring outstanding experience and significant relationships to Jefferies' thriving investment banking practice," 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."

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. Prior to Jefferies, Mr. Bailey spent nearly six years at Salomon Smith Barney, and previously worked at BZW, a subsidiary of Barclays. Mr. Scott was at Morgan Stanley & Co., Inc. for over six years and, prior to that, at Salomon Brothers, Inc. Similarly, Mr. Lipton worked at Morgan Stanley & Co., Inc. for more than three years following Schroder & Co., Inc. All four professionals are based in Jefferies' New York City 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 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.