FOR IMMEDIATE RELEASE

Jefferies Adds Semiconductor Companies to Technology Research

Osmeņa To Cover Capital Equipment in Firm's Continued Tech Research Expansion

NEW YORK, April 29, 2004 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced a further addition to the firm's equity research coverage of the Technology Sector with the hiring of Cristina T. Osmeņa, CFA as Managing Director and Senior Equity Research Analyst covering the semiconductor capital equipment industry.

This appointment reflects Jefferies' continued efforts to enhance technology research in conjunction with the firm's overall expansion of resources focused on the Technology Sector in the U.S. and Europe. Ms. Osmeņa's joining follows the hiring earlier this month of two senior analysts to cover the infrastructure software and Internet & new media industries.

"The addition of Cristina Osmeņa greatly enhances Jefferies' coverage of the Technology Sector for our institutional clients," said Steven R. Black, Director of Equity Research at Jefferies. "Her outstanding experience and relationships add credibility to Jefferies' extension of research into the semiconductor space."

Ms. Osmeņa has followed the Technology Sector for nearly eight years. Prior to joining Jefferies, she was a Vice President and Equity Analyst at Needham & Company for over four years, where she covered semiconductor capital equipment and foundry companies. Previously, Ms. Osmeņa held a similar position at Hambrecht & Quist. She received a Bachelor of Arts degree from the University of California at Berkeley.

Ms. Osmeņa will be based in Jefferies' New York headquarters and will report to Mr. Black.

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 of the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs more than 1,600 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.