FOR IMMEDIATE RELEASE

Jefferies CEO Richard Handler Confirms Stock Sales Were Entirely for Charitable Purposes

NEW YORK--(BUSINESS WIRE)--May 2, 2006--Jefferies Group, Inc. (NYSE: JEF) today announced that Richard B. Handler, the firm's Chairman and Chief Executive Officer, has contributed $25 million of his personal holdings in Jefferies stock to a foundation and a series of charitable trusts primarily for the purpose of aiding underprivileged youths. All of the proceeds from these transactions will go to charity.

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 Group, Inc.