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JEFFERIES GROUP BOARD AMENDS SHARE REPURCHASE AUTHORIZATION TO PERMIT REPURCHASE OF UP TO 16,000,000 ADDITIONAL SHARES OF THE COMPANY’S COMMON STOCK

NEW YORK, January 23, 2008 -- Jefferies Group, Inc. (NYSE: JEF) today announced that its Board of Directors has approved an amendment to its existing share repurchase program authorizing the repurchase, from time to time, of up to 15,000,000 additional shares of the Company’s common stock. The firm currently has approximately 1,000,000 shares available from a prior authorization, which will bring the total current authorization to 16,000,000 shares.

About Jefferies

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

Contact:Peregrine C. Broadbent
Chief Financial Officer
(212) 284-2338

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