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JEFFERIES ANNOUNCES LEADERSHIP CHANGES IN EQUITY SALES & TRADING BUSINESS

NEW YORK, February 8, 2007 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the promotion of Jason D. Griffith and Ross L. Stevens to Co-Heads of the Firm’s Equity Department. Messrs. Griffith and Stevens will be responsible for all of Jefferies’ US cash equity businesses, as well as their continued direct oversight of the Firm’s equity financial products businesses of equity derivatives, prime brokerage, securities lending, electronic trading and correspondent clearing.

Jefferies also announced the promotion of James A. Carmack and Joseph J. Tymeck to Co-Heads of Equity Sales. They will remain directly responsible for the Firm’s sales-trading effort. In addition, Brian W. Coleman has been promoted to Head of Research Sales and will be relocating to Jefferies’ New York headquarters office from Boston. He will report directly to Messrs. Carmack and Tymeck.

“We are committed to building upon Jefferies’ long-standing leadership position in equity sales, trading and research, and these promotions further our efforts to serve our clients to the best of our ability," said Richard B Handler, Chairman and Chief Executive Officer of Jefferies. "With our expansion over the past year into equity derivatives, prime brokerage and electronic trading, as well as the continued development of our core cash equities franchise, institutional investors can expect more and better services from Jefferies in equities and all securities."

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for nearly 45 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).


For further information, please contact:

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