FOR IMMEDIATE RELEASE

Jefferies Strengthens Coverage of Financial Sponsors; Doug Speegle Joins as Managing Director in Investment Banking

NEW YORK, Feb 25, 2002 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Douglas R. Speegle has joined the firm as Managing Director and Head of its Financial Sponsors Group. Mr. Speegle, 36, is based in the firm's New York office.

"Doug Speegle's experience and relationships strengthen our existing coverage of the financial sponsors community," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "We continue to hire opportunistically from among the many highly qualified professionals who have been disillusioned by consolidation in our industry."

"A huge opportunity exists to penetrate the community of middle market private equity and LBO firms," added John C. Shaw, Jr., President of Jefferies. "One of Doug's objectives is to combine Jefferies' expertise in leveraged finance and restructuring to benefit these firms."

"I'm excited to be part of Jefferies' entrepreneurial platform and look forward to bringing the firm's strong middle market focus to this niche of financial sponsors, who have been virtually abandoned by the larger investment banks," said Mr. Speegle.

Before joining Jefferies, Mr. Speegle worked for a total of seven years at Bear Stearns starting in 1993. He became a member of that firm's Financial Buyers Group in 1996 and left as a Senior Managing Director of the group. Mr. Speegle also spent one year as a Managing Director in the Financial Sponsors Group at J.P. Morgan from 1999 to 2000.

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 more than 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