FOR IMMEDIATE RELEASE

Jefferies to Change Fiscal Quarter End

NEW YORK--(BUSINESS WIRE)--Aug. 2, 2004--Jefferies Group, Inc. (NYSE:JEF - News) today announced that, as indicated in its 10-Q filed today, the firm will change its fiscal quarter end to follow a calendar quarter schedule. Beginning with the quarter ending September 30, 2004, Jefferies will change its financial quarter end to the last day of the calendar quarter versus the last Friday of each quarter end.

With the expansion of Jefferies' new businesses and products, the firm believes calendar period reporting is more consistent with its operating cycle, as well as the reporting periods of industry peers.

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, serving 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.

Contact:
Jefferies & Company, Inc.
Tom Tarrant, 203-708-5989
ttarrant@jefco.com
Source: Jefferies Group, Inc.