FOR IMMEDIATE RELEASE

Brian Friedman Elected a Director of Jefferies Group, Inc.

NEW YORK--(BUSINESS WIRE)--July 18, 2005--Jefferies Group, Inc. (NYSE: JEF) today announced the election of Brian P. Friedman to its Board of Directors.

With the resignation of John C. Shaw, Jr. as President and Chief Operating Officer, Mr. Friedman will expand his role as Chairman of the Executive Committee of Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. He will continue in his role as President of Jefferies Capital Partners, the firm's associated private equity fund.

"I have valued Brian's advice and counsel since he joined Jefferies in 2001," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "Brian and I enjoy a close working relationship and have great trust and confidence in each other. I look forward to working closely with Brian as we continue to diversify and build Jefferies into the preeminent middle market investment banking and securities firm."

"Jefferies has afforded me and Jefferies Capital Partners a unique opportunity over the past four years, and I am pleased to serve on the Jefferies Board of Directors and to participate in the firm's continued growth and development," added Mr. Friedman. "I look forward to working with Rich, the rest of our partners on the firm's Executive Committee, and all of our other employee-partners to continue to distinguish our special firm."

Mr. Friedman founded Jefferies Capital Partners, formerly known as ING Furman Selz Investments, in 1994, after heading the investment banking division of Furman Selz LLC for seven years. Prior to his 17 years with Furman Selz and ING, Mr. Friedman was an attorney with the New York City law firm of Wachtell Lipton Rosen and Katz. Mr. Friedman received both a B.S. in Economics and an M.S. in Accounting from the Wharton School of the University of Pennsylvania, and a J.D. from Columbia University School of Law.

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).

CONTACT:
Jefferies Group, Inc.
Tom Tarrant, 203-708-5975
ttarrant@jefferies.com

SOURCE: Jefferies Group, Inc.