FOR IMMEDIATE RELEASE

JEFFERIES DECLARES QUARTERLY DIVIDEND

NEW YORK, Jul 18, 2006 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) today announced that its Board of Directors has declared a regular quarterly dividend of $0.125 per share of common stock payable on September 15, 2006 to stockholders of record as of August 15, 2006.

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).

SOURCE: Jefferies Group, Inc.

Jefferies Group, Inc.
Joseph A. Schenk, 212-284-2338