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FOR IMMEDIATE RELEASE

Jefferies Adds Additional Aerospace and Defense Analyst; Howard Rubel Enhances Firm's Strength in Core Area

NEW YORK--(BUSINESS WIRE)--Nov. 11, 2004--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Howard A. Rubel as a Managing Director and Senior Equity Research Analyst for the aerospace and defense industries.

Jefferies' research focus on aerospace and defense began in 2003 with the hiring of analysts Samuel J. Pearlstein, Gary S. Liebowitz and Andrew G. Sullivan. Earlier this year, Mr. Pearlstein transferred to Jefferies Asset Management, LLC, a wholly owned subsidiary of Jefferies Group, Inc. Mr. Rubel will work closely with Messrs. Liebowitz and Sullivan in providing an expanded universe of coverage for the aerospace and defense industries.

"Howard Rubel's extensive experience and relationships significantly enhance Jefferies' presence in aerospace and defense," said Steven R. Black, Director of Equity Research. "Howard is highly regarded on the Street and will enable us to better serve our institutional clients."

The hiring of Mr. Rubel underlines the firm's overall commitment to aerospace and defense, which includes dedicated resources in securities trading and investment banking, the latter following the purchase of Quarterdeck Investment Partners, LLC in 2002. With the addition of Mr. Rubel, Jefferies now has 30 senior equity research analysts covering more than 500 companies in the areas of aerospace and defense, business and IT services, consumer, energy, gaming, healthcare, industrials, media and entertainment, shipping, technology, and telecommunications.

Mr. Rubel has followed aerospace and defense-related companies for more than 20 years. Prior to Jefferies, he was a Managing Director and Senior Analyst at Schwab Soundview Capital Markets for nearly two years. Previously, Mr. Rubel held similar positions at Goldman, Sachs & Co. for nine years and C.J. Lawrence, Morgan Grenfell Inc. for twelve. He received his Master of Management degree at the J.L. Kellogg Graduate School of Management at Northwestern University, and his Bachelor of Science at Washington and Lee University.

Mr. Rubel will be based in Jefferies' New York headquarters office.

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 & Company, Inc.

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