FOR IMMEDIATE RELEASE

Jefferies Expands Global Oil and Gas Investment Banking Effort

Four Senior Investment Bankers Hired in London as Part of Global Expansion

LONDON and NEW YORK, 17 November 2005 -- Jefferies International Ltd., a subsidiary of US-based Jefferies Group, Inc. (NYSE: JEF), today announced that the firm has hired a team of four investment bankers to expand its Randall & Dewey Oil and Gas Group in London. The new team will be led by Richard Kent, a Managing Director, with Neil Schroeder and Paul Wheeler joining as Directors, and Alex Grant as a Vice President. All four previously worked for ABN AMRO in London.

This addition to one of the largest investment banking teams dedicated to the energy sector further demonstrates Jefferies' commitment to being a leader in serving oil and gas companies worldwide. Jefferies is a top M&A advisor in the space and has a very active financing practice. The firm also has significant resources committed to the sector in securities trading and research.

"These appointments further reinforce Jefferies' growing global platform as part of our approach to providing industry-focused coverage to companies and their investors--we now have more than 40 banking professionals in Europe and over 350 in total," commented Chris Kanoff, Executive Vice President and head of Jefferies' investment banking business. "We will continue to expand our efforts on a strategic and opportunistic basis in our core sectors of energy, healthcare, industrials, and technology, where we can provide integrated capital-raising and advisory capabilities and a depth of industry knowledge that is unmatchable."

Richard Kent has specialised in advising the oil and gas industry since 1979, most recently as the Global Head of Oil and Gas Corporate Finance at ABN AMRO and, prior to that, in a similar position at Deutsche Morgan Grenfell. The combined experience and significant relationships of these professionals strengthens Jefferies' position in oil and gas, as well as the firm's overall investment banking practice. All four professionals will be based in Jefferies' London offices.

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 International Limited, a UK-incorporated, wholly owned subsidiary of US-based Jefferies Group, Inc., was established in London in 1985 and is regulated by the Financial Services Authority ("FSA").

For further information, please contact:

Tom Tarrant, Jefferies & Company, Inc., +1 203 708 5989, ttarrant@jefferies.com

Beverley Weber/Andrew Marshall, Fishburn Hedges, 0207 839 4321, beverley.weber@fishburn-hedges.co.uk