FOR IMMEDIATE RELEASE

Jefferies Strengthens Focus On Special Situations; Jan Loeb Joins as Managing Director in Equity Research

NEW YORK, Feb 4, 2002 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE:JEF), today announced that Jan H. Loeb has joined the firm as Managing Director of Special Situations Equity Research.

Mr. Loeb will be based in Baltimore, Maryland and will report to Steven R. Black, Director of Equity Research.

"Jan Loeb is an excellent complement to our existing special situations expertise in high yield, our distressed trading practice and our restructuring advisory business," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "We continue to enhance our integrated research platform to focus on strategic opportunities."

John C. Shaw, Jr., President and Chief Operating Officer of Jefferies, added, "Jan has been identifying undervalued and misunderstood companies for more than two decades. His experience and relationships strengthen Jefferies' ability to continue creating value for both institutional investors and middle market companies."

"I'm excited to join Jefferies' uniquely entrepreneurial culture where I expect to immediately add value to the firm's strong effort in special situations," said Mr. Loeb.

Mr. Loeb most recently was a Managing Director at Wasserstein Perella/Dresdner Kleinwort Wasserstein for over seven years. Previously, he spent three years in equity research at Legg Mason Wood Walker, Inc.

About Jefferies

Jefferies & Company, Inc. is an institutional brokerage firm and an investment bank. The firm provides outstanding trading execution in equity, high yield, convertible and international securities as well as fundamental research for institutional investors. As an investment bank, Jefferies offers capital raising, mergers and acquisitions, and restructuring services for middle market companies. The firm also provides prime brokerage and securities lending services. Jefferies' leadership in equity trading is recognized by numerous consulting and survey organizations.

Jefferies employs 1,200 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo and Zurich. Further information about Jefferies, including a description of trading, research and investment banking services, can be found at www.jefco.com.

CONTACT:
Jefferies & Company, Inc.
Tom Tarrant, 203/708-5989
ttarrant@jefco.com