FOR IMMEDIATE RELEASE

Jefferies Group, Inc. Declares Quarterly Dividend

NEW YORK, Jan 20, 2004 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) today announced that its Board of Directors has declared a regular quarterly dividend of $0.08 per share of common stock payable on March 15, 2004 to stockholders of record as of February 17, 2004.

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.

SOURCE: Jefferies Group, Inc.

Jefferies Group, Inc.
Tom Tarrant, 203-708-5975
ttarrant@jefco.com
www.jefco.com