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FOR IMMEDIATE RELEASE

Jefferies Adds Senior Equity Research Analyst; Masroor Siddiqui to Cover Industrial Companies

NEW YORK, Oct 3, 2002 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Masroor Siddiqui has joined the firm.

His coverage will focus on established and emerging industrial companies. Mr. Siddiqui will report to Steven R. Black, Director of Equity Research, and will be based in the firm's New York headquarters.

"Masroor Siddiqui's experience and relationships will create significant value for our institutional investors, corporate clients, and shareholders," said Mr. Black. "Jefferies' equity research effort continues to identify good ideas for our clients while we remain focused on the middle market."

Mr. Siddiqui was a member of the Institutional Investor Magazine All-American Research Team for the past five years while at Goldman Sachs & Co. and CIBC Oppenheimer Corp. Previously, he worked in Corporate Finance at J.P. Morgan & Co. Mr. Siddiqui has a graduate degree from Yale University and an undergraduate degree from 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, private client services 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 1,300 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

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