FOR IMMEDIATE RELEASE

Jefferies International Adds Semiconductor Analyst

Titus Menzies to Cover European Semiconductor industry

LONDON, 6 July 2004 -- Jefferies International Ltd., a subsidiary of U.S.-based Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Titus Menzies, who joins as an Equity Research Analyst in the firm's global semiconductor practice. Mr Menzies will be based in the firm's London office and will follow established and emerging semiconductor companies in Europe.

This addition by Jefferies International Ltd. follows the hiring of five technology analysts so far this year by U.S. affiliate, Jefferies & Company, Inc. This growth in resources dedicated to the technology sector demonstrates the firm's added focus in both the U.S. and Europe on this strategic segment of the world economy.

"Titus Menzies' experience and relationships in the semiconductor industry enhances Jefferies' global technology research effort. His addition extends the firm's resources dedicated to the tech sector, which have grown significantly over the past six months," said Edward B. Gale, Director of International Equities at Jefferies International Ltd. "His focus on small to mid-cap companies is consistent with Jefferies' middle market strategy, as we continue to identify areas of opportunity for institutional investors."

Mr Menzies joins Jefferies from Minerva Associates, a provider of global technology research. He previously spent six years at BNP Paribas, where he was a senior European technology sector research analyst. Prior to that he worked in M&A for Barclays de Zoete Wedd (BZW) in London.

For further information, please contact:

Beverley Weber/Andrew Marshall, Fishburn Hedges, 0207 839 4321,beverley.weber@fishburn-hedges.co.uk Tom Tarrant, Jefferies & Company, Inc., +1 203 708 5989, ttarrant@jefco.com

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. Jefferies International Limited is a UK-incorporated, indirectly wholly owned subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefco.com), a publicly traded holding company Jefferies International Ltd. was established in London in 1985 and is regulated by the Financial Services Authority ("FSA").