FOR IMMEDIATE RELEASE

Jefferies International Adds Senior Software Analyst

Simon Andrews to cover European Software industry

LONDON, 28 July 2004 -- Jefferies International Ltd., a subsidiary of U.S.-based Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Simon Andrews, who joins as a Senior Equity Research Analyst and will follow established and emerging software companies in Europe. Mr Andrews will be based in the firm's London office.

With the addition of Mr Andrews, Jefferies International and its US affiliate, Jefferies & Company, Inc., have hired eight senior technology research analysts in Europe and the U.S. during 2004, including three dedicated to the software industry. The firm's coverage of the Technology Sector now includes communications equipment, infrastructure & enterprise application software, Internet & new media, IT services, and semiconductor capital equipment. This growth in resources demonstrates Jefferies' continued focus in both the U.S. and Europe on this strategic segment of the world economy.

"Simon Andrew's experience and relationships in the software industry enhances Jefferies' global technology research effort. His addition further 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 Andrews joins Jefferies from Lehman Brothers where he was Director of Equity Research for three years. He was previously a technology analyst at Merrill Lynch and BNP Paribas.

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 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").