FOR IMMEDIATE RELEASE

Jefferies Hires Cathleen Shine As Deputy General Counsel

NEW YORK, August 13, 2003 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Cathleen Shine will join the firm as a Senior Vice President and Deputy General Counsel.

"The addition of Cathleen Shine to our strong legal team reflects Jefferies' commitment to find the very best legal talent to protect the firm's interests, as well as the interests of our clients and investors," said Richard B. Handler, Chairman and CEO of Jefferies Group, Inc.

"We look forward to Cathleen joining our legal department," said Lloyd H. Feller, Executive Vice President and General Counsel of Jefferies. "Cathleen's regulatory and industry experience provides a strong background for her new role at Jefferies, where she will be working closely with our compliance department."

Ms. Shine comes to Jefferies from the NASD, where she has served as District Director of the NASD's New York Office and Senior Vice President since September of 2001. At the NASD, she was responsible for managing the membership application process, examination programs and operations of the NASD's largest and busiest District office with responsibility for over 1,000 New York-based brokerage firms.

Prior to joining NASD, Ms. Shine worked at Goldman Sachs & Co. where she served as a Vice President and an Assistant General Counsel. Previously, she held a number of positions at Sanford C. Bernstein & Co., Inc., including Director of Compliance. Before her tenure with Bernstein, Ms. Shine was an associate with the law firm of Shearman & Sterling.

Ms. Shine earned a BA with honors from Denison University and a JD from Georgetown University Law Center. She is admitted to practice law in New York and the District of Columbia.

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.