FOR IMMEDIATE RELEASE

Jefferies Significantly Expands Private Client Effort

NEW YORK, August 25, 2003 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the addition of a group of professionals to the firm's Private Client Services Department. Leading the new team are three Managing Directors: John P. Coen, James E. Marsh and Jeffrey A. Stein. The group bolsters Jefferies' private client effort with expertise in corporate services, high net worth offerings and institutional capabilities that complement the firm's existing franchise.

"Jefferies' private client effort is a key component of our strategy to be the leading Wall Street firm for middle market investors and issuers," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "Private Client Services complements our other key businesses of trading, investment banking, asset management and research."

"With their strong relationships and experience, this team of professionals will further propel the growth of our private client unit," said John C. Shaw, Jr., President of Jefferies. "Their complementary client base is an excellent addition to Jefferies' leading institutional trading platform."

Messrs. Coen, Marsh and Stein join Jefferies from Credit Suisse First Boston LLC. Messrs. Coen and Marsh had been at that firm since 1991 and 1986, respectively, while Mr. Stein worked there from 2000 and previously at Goldman, Sachs & Co. They will be located in the firm's New York headquarters office.

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 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.