FOR IMMEDIATE RELEASE

Jefferies Adds Network Infrastructure to Technology Research

Notter To Cover Communications Equipment in Firm's Continued Tech Research Expansion

NEW YORK, May 5, 2004 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of George C. Notter as a Managing Director and Equity Research Analyst. He will follow companies in the Communications Equipment Industry as part of Jefferies' growing coverage of the Technology Sector.

Jefferies has recently hired four senior research analysts as part of the firm's overall expansion of resources focused on the Technology Sector in the U.S. and Europe. With the addition of Mr. Notter, Jefferies now offers coverage of the following technology industries: Business Services, Communications Equipment, Government & Commercial IT Services, Infrastructure Software, Internet & New Media, and Semiconductor Capital Equipment.

"George Notter significantly enhances Jefferies' coverage of the Technology Sector for our institutional clients,. said Steven R. Black, Director of Equity Research at Jefferies. "With his addition, we are well on our way to offering a full technology research platform at Jefferies."

Mr. Notter has covered the Technology Sector for over ten years, the last nine of which were focused exclusively on Communications Equipment. He joins Jefferies from Deutsche Bank, where he served as a Director and Wireline Telecom Equipment Analyst for the prior four years. Previously, Mr. Notter held similar positions at Dain Rauscher Wessels and Wessels, Arnold & Henderson, LLC. He received a Masters of Science in Finance, Investment & Banking and a Bachelors degree in Finance, both from the University of Wisconsin. Mr. Notter was selected as "Runner-Up" in the 2002 survey of best sell side research analysts by Institutional Investor for his coverage of Wireline Telecom Equipment.

Mr. Notter is based in Jefferies' San Francisco office and reports to Mr. Black.

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served middle-market and growth companies and their investors for over 40 years. Headquartered in New York with more than 20 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefco.com), a publicly traded holding company.