FOR IMMEDIATE RELEASE

Jefferies Research Analyst Frank Bracken Moves to Randall & Dewey Oil & Gas Investment Banking Group; Industry Veteran Enhances Capital Markets Focus Of Highly Regarded Oil & Gas Practice

NEW YORK--(BUSINESS WIRE)--March 28, 2006--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Frank D. Bracken III has moved to the Firm's Oil & Gas Investment Banking Group, Randall & Dewey. Mr. Bracken is transferring his 20 years of industry knowledge, capital markets expertise, strategic vision and management relationships to the firm's investment banking practice, further establishing the Company's strong position in the global oil and gas industry.

"Frank Bracken's industry experience and years as a senior research analyst covering E&P companies uniquely position him to help meet the capital markets and strategic needs of dynamic oil and gas companies in this new role," commented Chris M. Kanoff, Head of Investment Banking at Jefferies.

"We welcome Frank Bracken as part of our team," added Ralph Eads, President of Randall & Dewey, a division of Jefferies. "His tremendous capital markets insight and strategic perspective will add immediate value for our clients."

"I'm excited by the opportunity to work within Randall & Dewey, Jefferies' leading global oil and gas investment banking group," said Mr. Bracken. "I am confident that my experience on the buyside, sellside, and in the industry will broadly complement Randall & Dewey's industry-leading position, and allow me to offer valuable advice to our clients in this new capacity."

The energy sector remains a priority focus area for Jefferies. The firm's total commitment to this area includes four dedicated securities traders, ten research analysts covering exploration and production, drilling, oil services and shipping, as well as more than 75 investment banking professionals.

Mr. Bracken joined Jefferies in 1999 and has received numerous awards related to his equity research coverage of the energy exploration and production industries. Prior to Jefferies, he worked in a similar capacity at Prudential Securities. Previously, Mr. Bracken spent five years at boutique energy investment banks, including Southcoast Capital Corporation and Howard Weil & Company. He also served for two years as Chief Financial Officer and a Director of Gerrity Oil & Gas, and two years as the senior energy analyst and portfolio manager of the Fidelity Select Energy Fund.

Mr. Bracken will be based in the firm's Houston office and will report to Claire S. Farley, CEO, and Mr. Eads, President of Randall & Dewey.

About Randall & Dewey

In February 2005, Randall & Dewey became a division of Jefferies & Company, Inc. Founded in 1989, Randall & Dewey serves an international client base that includes multinationals and major integrated enterprises, national oil companies and public and private independent exploration and production companies. With offices in Houston, London and Calgary, Randall & Dewey's team of more than 100 M&A specialists, finance professionals, geoscientists and engineers is among the largest, most experienced advisory groups dedicated to the Oil & Gas industry.

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

SOURCE: Jefferies & Company, Inc.