FOR IMMEDIATE RELEASE

Jefferies Hires Bradford Klein and Adam De Chiara as Co-Presidents of Jefferies Asset Management

NEW YORK, July 24, 2003 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Bradford L. Klein and Adam De Chiara have joined as Co-Presidents of Jefferies Asset Management, a division of Jefferies & Company, Inc. They will be responsible for the continued growth and development of Jefferies' asset management platform. Messrs. Klein and De Chiara were most recently Executive Vice President and Senior Vice President, respectively, at AIG Trading Group.

"Developing our asset management business is one of the cornerstones of our growth strategy," said Richard B. Handler, Chairman and CEO of Jefferies Group, Inc. "We continue to pursue the addition of talented individuals as we build the premier middle market firm on Wall Street."

"We are very pleased that Brad and Adam are joining our firm and look forward to their helping us realize the full potential of our asset management platform," said Brian P. Friedman, Chairman of Jefferies Asset Management. "They bring to Jefferies a wealth of experience and a long record of great success."

"Jefferies offers us an exciting platform to build a leading, performance-based asset management business," said Mr. Klein.

"We expect to leverage our experience in fund management and product development to further expand Jefferies' asset management business," added Mr. De Chiara.

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 eleven percent of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs more than 1,350 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, 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.

This press release contains statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements contain expectations regarding operations and our statements about future performance, plans and objectives. These forward-looking statements include the word "will" and other similar expressions. These forward-looking statements represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Actual results could differ materially from those projected in these forward-looking statements. Please refer to our recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2003 and other filings we make with the Securities and Exchange Commission for a discussion of important factors that could cause actual results to differ materially from those projected in these forward-looking statements. We do not assume any obligation to update any forward-looking statement we make.