FOR IMMEDIATE RELEASE

Jefferies Declares Quarterly Dividend

NEW YORK--(BUSINESS WIRE)--Oct. 19, 2004--Jefferies Group, Inc. (NYSE: JEF) today announced that its Board of Directors has declared a regular quarterly dividend of $0.10 per share of common stock payable on December 15, 2004 to stockholders of record as of November 15, 2004.

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served mid-sized and growing 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, securities 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).

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

SOURCE: Jefferies Group, Inc.