FOR IMMEDIATE RELEASE

Jefferies Launches Coverage Of Broadcasting Sector

Lee Westerfield Initiates on Fifteen Radio, TV and Hispanic Media Companies

NEW YORK, July 21, 2003 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Leland A. Westerfield, a Managing Director and Senior Equity Research Analyst, initiated coverage of fifteen broadcasting companies in radio, TV and Hispanic media. Mr. Westerfield joined Jefferies in June to cover the media sector.

Jefferies published an industry analysis, "Broadcasting Monitor: Gaze Across the Valley...," authored by Mr. Westerfield and his team. The study includes profiles, stock recommendations and reports for the following companies: Clear Channel Communications (CCU), Cox Radio (CXR), Cumulus Media (CMLS), Emmis Communications (EMMS), Entercom (ETM), Beasley Broadcast Group (BBGI), Regent Communications (RGCI), Saga Communications (SGA), Belo (BLC), Tribune Company (TRB), LIN TV (TVL), Sinclair Broadcast group (SBGI), Hearst-Argyle Television (HTV), Entravision Communications (EVC) and Univision (UVN).

"Lee Westerfield brings a wealth of knowledge and expertise to his research on media. His coverage of broadcasters canvasses a full spectrum of radio, television and Hispanic media names; and it marks the first phase of his expanding presence in the media space," remarked Steven R. Black, Director of Equity Research at Jefferies, "His often contrarian opinions, based on thorough fundamental analysis, reflect the kind of independent voice we bring to our investing clients."

Jefferies has a long history of broadly serving the media sector. In concert with this expansion of the firm's presence in media research, Jefferies will continue to broaden its sizeable trading capabilities in the sector in support of its efforts to serve institutional investors. The firm currently makes a market in the stocks of more than twenty over-the-counter media companies.

Mr. Westerfield has been involved in the media industry for over a decade and the securities industry for the past eight years. In addition to being named a "Best on the Street" media analyst by The Wall Street Journal in both 2001 and 2002, he has consistently been rated among the top 10 analysts for both the broadcasting and publishing sectors by Institutional Investor. Prior to Jefferies, Mr. Westerfield served as a Senior Equity Analyst responsible for the broadcasting and publishing sectors at UBS Warburg, and previously at PaineWebber. Direct industry experience came early in his career at Time Warner. Mr. Westerfield received an MBA from Columbia Business School and an undergraduate degree from Yale University.

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 twelve percent of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs nearly 1,400 people in offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Washington 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.