FOR IMMEDIATE RELEASE

Jefferies Announces All-Time Record Quarterly Results; Revenues, Net Earnings and Earnings Per Share Up 64%, 125% and 104%, Respectively

NEW YORK--(BUSINESS WIRE)--April 13, 2004--Jefferies Group, Inc. (NYSE:JEF) today announced record financial results for the first quarter ended March 26, 2004.

Highlights for the first quarter ended March 26, 2004:

• Total revenues were up 64% to a record $303.1 million versus $185.3 million for the first quarter of 2003.
• Net earnings were up 125% to a record $31.9 million compared to $14.2 million for the first quarter of 2003.
• Earnings per share (diluted) were up 104% to a record $0.51 compared to $0.25 for the first quarter of 2003.
• Total trading revenues were up 39% to a record $158.7 million versus $114.4 million for the first quarter of 2003.
• Investment banking revenues were up 107% to $91.4 million versus $44.2 million for the first quarter of 2003.
• Combined asset management fees / investment income from managed funds was up 561% to a record $23.8 million versus $3.6 million for the first quarter of 2003.

"We are pleased that, across the board, our business units all performed well," said Richard B. Handler, Chairman and Chief Executive Officer of Jefferies.

"The support of our clients and the dedication of our hard-working employees are key to our success," added John C. Shaw, Jr., President of Jefferies.

Conference Call

A conference call with management discussion of financial results for the first quarter ended March 26, 2004 will be held April 13 at 11:00 a.m. (Eastern) and can be accessed at 617-801-9714 (code: 22871334). A replay of the call will be available two hours post-call at 617-801-6888 (code: 74311674). A live audio webcast and delayed replay will also be available under "Investor Relations" at www.jefco.com. Questions for consideration by management can be submitted in advance through the "Contact Us" function at www.jefco.com or by calling 203-708-5975 by 9:30 a.m. Eastern on April 13.

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 10 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.

Press Release in PDF format (financials included)

CONTACT:
Jefferies Group, Inc., New York
Joseph A. Schenk, 212-284-2338

SOURCE: Jefferies Group, Inc.