FOR IMMEDIATE RELEASE

Helfant Group Changes Name to Jefferies Execution Services

NEW YORK, Oct 6, 2004 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) today announced that its New York Stock Exchange floor broker subsidiary, Helfant Group, Inc., has been renamed Jefferies Execution Services, Inc. The change is effective as of October 1, 2004, and is part of an overall corporate branding initiative by Jefferies.

Helfant Group, Inc. was formed in early 2002 through the merger of Lawrence Helfant LLC and W&D Securities, Inc., Jefferies' former NYSE floor broker subsidiary. With a total of 18 seats, Jefferies Execution Services is one of the largest floor brokers on the NYSE. The firm executes an average of more than 140 million shares per trading day, accounting for 10% of the average daily reported volume of the NYSE. Jefferies' floor brokerage operation is a key component of the institutional trading business of Jefferies Group, Inc. subsidiaries, an area in which Jefferies is recognized as a leader by numerous consulting and survey organizations.

About Jefferies Execution Services, Inc.

Jefferies Execution Services, Inc. is one of the largest execution services providers on the New York Stock Exchange and executes 10 percent of the average daily reported volume of the Exchange. This execution platform includes floor brokerage, electronic connectivity, direct access and listed options trading. Jefferies Execution Services trades over 35 billion shares annually through an experienced floor broker network, including 4.4 billion on the floor and 31.0 billion electronically. The firm utilizes 18 NYSE seats and operates from 38 booths on the floor. Jefferies Execution Services, Inc., a wholly owned subsidiary of Jefferies Group, Inc. (NYSE: JEF), operates as a separate broker dealer serving over 170 clients and other broker dealers.

SOURCE: Jefferies Group, Inc.

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