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FOR IMMEDIATE RELEASE

Jefferies Adds Senior Telecommunications Analyst; Jonathan Schildkraut Expands Firm's Coverage of Sector, Focus on Emerging Telecom, Wireless and Data Services

NEW YORK--(BUSINESS WIRE)--May 24, 2005--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Jonathan A. Schildkraut as a Senior Vice President and Equity Research Analyst.

Mr. Schildkraut will cover emerging telecom services, including CLECs, data services, wireless, wireless content, and VoIP telecommunications service companies as part of the firm's overall research effort in media and telecommunications. With this addition, Jefferies and its affiliates now have six senior analysts in the U.S. and Europe focused on the broader media and telecommunications space, which has long been a strategic focus for the firm.

With this addition in research, Jefferies and its affiliates now have 41 senior equity analysts in the U.S. and Europe covering more than 600 companies in the areas of aerospace & defense, business, financial, knowledge and IT services, consumer, energy, gaming, healthcare, industrials, media and entertainment, shipping, technology and telecommunications.

"Jonathan Schildkraut is a talented Wall Street analyst with a deep understanding of, and exposure to, the telecommunications sector," said Steven R. Black, Director of Equity Research. "His excellent background and relationships will immediately enable Jefferies to better serve our institutional clients."

Mr. Schildkraut has covered or been in the telecommunications industry for eight years. Prior to Jefferies, he was a Vice President and Equity Analyst at SG Cowen for more than two years. Previously, Mr. Schildkraut was a telecom analyst at Robertson Stephens, worked in strategic planning for Winstar Communications, and was an investment banker at Salomon Smith Barney. He received a JD from the New York University School of Law, an MBA from the Stern School of Business at NYU, and a BBA from the University of Michigan Business School.

Mr. Schildkraut will be based in Jefferies' New York headquarters office and will report to Mr. Black.

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 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.jefferies.com).

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

SOURCE: Jefferies & Company, Inc.

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