FOR IMMEDIATE RELEASE

Jefferies Announces All-Time Record Quarterly Revenues, Profit and EPS

NEW YORK, Apr 19, 2005 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF)

• All-time record quarterly total and net revenues of $343.9 million and $286.0 million, respectively
• All-time record quarterly net earnings of $36.7 million
• All-time record quarterly earnings per share of $0.56
• All-time record quarterly investment banking revenues of $117 million

Jefferies Group, Inc. (NYSE: JEF) today announced record quarterly financial results for the quarter ended March 31, 2005.

Highlights for the first quarter ended March 31, 2005:

• Total revenues were up 13% to a record $343.9 million versus $303.1 million for the first quarter of 2004.
• Net revenues were up 3% to a record $286.0 million versus $278.5 million for the first quarter of 2004.
• Net earnings were up 15% to a record $36.7 million compared to $31.9 million for the first quarter of 2004.
• Earnings per share (diluted) were up 10% to a record $0.56 compared to $0.51 for the first quarter of 2004.
• Investment banking revenues were up 29% to a record $117.4 million versus $91.4 million for the first quarter of 2004.

"We are pleased with our record first quarter results as we continue to grow and diversify our platform in a challenging environment," said Richard B. Handler, Chairman and Chief Executive Officer of Jefferies.

John C. Shaw, Jr., President of Jefferies, added, "We thank our loyal clients and dedicated employee-partners for their support and remain focused on providing the best products and services to growing and mid-sized companies and their investors."

Conference Call

A conference call with management discussion of financial results for the first quarter ended March 31, 2005 will be held April 19 at 9:00 AM (Eastern) and can be accessed at 617-801-9714 (code: 85714055). A replay of the call will be available two hours post-call at 617-801-6888 (code: 25578116). A live audio webcast and delayed replay will also be available under "Investor Relations" at www.jefferies.com. Questions for consideration by management can be submitted in advance through the "Contact Us" function at www.jefferies.com or by calling 203-708-5975 by 8:00 AM Eastern on April 19.

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for over 40 years. Headquartered in New York, with more than 25 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.jefferies.com).

Press Release in PDF format (financials included)

SOURCE: Jefferies Group, Inc.

Jefferies Group, Inc.
Joseph A. Schenk, 212-284-2338