FOR IMMEDIATE RELEASE

Jefferies to Host Power and Utility Conference; Embattled Industry's Major Issues to Be Discussed

NEW YORK--(BUSINESS WIRE)--Nov. 25, 2002--Jefferies & Company, Inc. will host a conference to discuss the current difficulties in the Global Power Industry on December 10, 2002 in New York City.

The conference will include speakers from the management teams of several regulated and unregulated power companies, industry consultants and analysts, as well as members of Jefferies' Investment Banking, Equity Research and High Yield & Distressed Research Departments.

The conference will address potential causes for the current problems, as well as valuation and operating issues which drive investor returns in the industry.

"The Power Industry is undergoing significant changes that present challenges and opportunities for both companies operating in this space and the investors who follow them," commented Lane Genatowski, Managing Director of Jefferies' Power and Utility Investment Banking Group. "Jefferies' Power Conference will highlight all the major issues facing the industry."

"Depressed bond prices in the power industry present Value Players a tremendous opportunity to capture power as well as oil and gas assets at a significant discount to market," commented Gregory R. Imbruce, High Yield Energy Analyst at Jefferies. "A select group of power companies has the ability to resolve their liquidity issues through financial engineering by using assets currently assigned little or no value by the market."

For more information, please visit www.jefco.com/powerconference or email Michelle McGill at mmcgill@jefco.com.

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.

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