FOR IMMEDIATE RELEASE

Jefferies Continues Expansion of Investment Banking Unit; Adam Sokoloff Joins as Managing Director

NEW YORK, Jun 3, 2002 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Adam D. Sokoloff has joined as a managing director in the firm's corporate finance department.

Mr. Sokoloff will focus on consumer companies and financial sponsors. He is based in Jefferies' New York office.

"We continue to expand Jefferies' investment banking effort as we strengthen our leading middle market platform," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies.

John C. Shaw, Jr., President of Jefferies, added, "Adam Sokoloff's experience in the consumer sector and his relationships with the financial sponsor community enhance our ability to meet the needs of small and mid-cap companies."

"I'm excited to be part of Jefferies' entrepreneurial culture and thriving investment banking practice," said Mr. Sokoloff. "The firm's full range of offerings in corporate finance, trading, research and asset management are a clear advantage to middle-market firms."

Before joining Jefferies, Mr. Sokoloff was the managing partner of Fortress Capital Partners, LLC, a middle-market investment and merchant bank. Prior to that position, he spent seven years as a managing director at Bear, Stearns & Co., Inc., the most recent four in the retail and consumer group with the previous three in the financial sponsors area. Previously, Mr. Sokoloff worked at Drexel Burnham Lambert Inc. and its successor company for nearly six years. He earned an MBA from the Kellogg Graduate School of Management at Northwestern University, and a BS from the Wharton School of Finance at the University of Pennsylvania.

About Jefferies

Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), is a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory, capital raising, mergers and acquisitions, and restructuring services to small and mid-cap companies. The firm provides outstanding trade execution in equity, high yield, convertible and international securities, as well as fundamental research and asset management capabilities, to institutional investors. Additional services include correspondent clearing, prime brokerage and securities lending. The firm's leadership in equity trading is recognized by numerous consulting and survey organizations, and Jefferies' affiliate, Helfant Group, Inc., executes approximately 10% of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. 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 investment banking, trading, research and asset management services, can be found at www.jefco.com.

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