FOR IMMEDIATE RELEASE

Jefferies Group, Inc. Announces Management Conference Call to Discuss 2003 Fourth Quarter and Year End Financial Results

NEW YORK--(BUSINESS WIRE)--Jan. 14, 2004--Jefferies Group, Inc. (NYSE:JEF) announced today a conference call with Management to discuss 2003 fourth quarter financial results. Participants on the call will include: Richard B. Handler, Chairman and CEO; John C. Shaw, Jr., President; and Joseph A. Schenk, CFO.

The conference call will be held at 11:00 AM Eastern on Wednesday, January 21, 2004, (date and time subject to change). For listen-only access to the management discussion, please call (617) 801-9714 ten minutes prior to the scheduled start time. A live audio webcast and a delayed replay will also be available at www.jefco.com and at www.streetevents.com.

Jefferies' earnings press release will be distributed via Business Wire at approximately 8:30 AM Eastern on January 21st. To view the release on or after January 21st, please visit www.jefco.com. Questions for consideration by Management during the conference call can be submitted in advance through the "Contact Us" function at www.jefco.com or by calling 203-708-5975 by 9:00 AM Eastern on January 21st.

About Jefferies

Jefferies Group, Inc. (NYSE:JEF) is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., offer a variety of services for institutional investors and middle-market 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 1,600 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.

CONTACT:
Jefferies & Company Inc.
Tom Tarrant, 203-708-5989
Ttarrant@jefco.com

SOURCE: Jefferies Group, Inc.