Jefferies

Press Release

FOR IMMEDIATE RELEASE
Jefferies Statement on Sovereign Debt of Portugal, Italy, Ireland, Greece, and Spain

NEW YORK and LONDON, November 1, 2011 - Jefferies confirmed today, in response to questions from investors and analysts, that it currently has no meaningful exposure to the sovereign debt of the nations of Portugal, Italy, Ireland, Greece, and Spain. To the extent Jefferies from time to time takes positions in such debt, they are short term in nature, are recorded in the trading book of Jefferies' regulated UK broker-dealer, are marked to market daily, and fluctuate depending upon customer demand, auction activity, and opportunities in the market place. Jefferies does not have any repo-to-maturity activity or related off-balance-sheet derivative activity.

Jefferies Group, Inc. (NYSE: JEF) is the global investment banking firm focused on serving clients for nearly 50 years. The firm is a leader in providing insight, expertise and execution to investors, companies and governments, and provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and commodities, in the U.S., Europe and Asia.

For further information, please contact:

Peregrine C. Broadbent
Chief Financial Officer
Jefferies Group LLC
(212) 284-2338