2005

FOR IMMEDIATE RELEASE

Jefferies Hires New Head of Private Client Services; Charles Baber to Lead Expanding Effort

NEW YORK--(BUSINESS WIRE)--Oct. 3, 2005--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Charles C. Baber, formerly of Bear Stearns, has joined the firm as a Managing Director and Director of the firm's Private Client Services (PCS) division. Mr. Baber has more than 25 years of experience on Wall Street, with particular expertise in the high net worth client arena.

"The appointment of Charles Baber as Director of our PCS division demonstrates our strong commitment to significantly expanding the services we offer corporate executives and high net worth individuals," commented Scott W. Jones, Director of Equities. "We are pleased and excited to have an individual of Charlie's experience and solid track record as part of our team."

Richard B. Handler, Chief Executive Officer of Jefferies, added, "We are confident that Charles Baber, with his extensive experience and relationships in the private client community, will drive our growing presence in this strategic area."

Jefferies' PCS group, with professionals in New York, Chicago and San Francisco, provides securities brokerage and related services to corporate clients and their senior executives, private equity firms, middle market institutions and high net worth individuals.

Mr. Baber has been in the securities industry for more than 25 years. Prior to Jefferies, he was at Bear Stearns for two years, where he was the co-branch manager of the New York office of the firm's Private Client Services Group. Previously, he worked in senior management roles at Prudential Securities and Lehman Brothers. Mr. Baber began his career as a broker at Shearson Hayden Stone. He received a BSBA in Economics from University of Florida.

Mr. Baber reports to Mr. Jones and will be based in the firm's New York headquarters.

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).

Special Note on Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements about our future and statements that are not historical facts. The forward-looking statements in this release pertain to the future development of our business and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain and outside of our control. It is possible that the actual results may differ materially from the anticipated results indicated in these forward-looking statements. Please refer to our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on April 27, 2005 for a discussion of important factors that could cause actual results to differ materially from those projected in these forward-looking statements.

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

SOURCE: Jefferies & Company, Inc.