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FOR IMMEDIATE RELEASE

Jefferies Hires Senior Media Analyst; Robert Routh Adds to Firm's Strength in Media and Technology

NEW YORK--(BUSINESS WIRE)--July 26, 2004--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE:JEF), today announced the hiring of Robert G. Routh, CPA, as a Managing Director and Senior Equity Research Analyst. Mr. Routh will cover companies in the cable, media and entertainment industries.

Including Mr. Routh, Jefferies and its affiliates have hired seven senior technology research analysts in the US and Europe during 2004. The firm's coverage of the Technology Sector now includes the communications equipment, infrastructure & enterprise application software, Internet & new media, and semiconductor capital equipment industries. The addition of Mr. Routh continues the firm's expansion of resources, and complements the addition of Youssef H. Squali to cover Internet and Digital Media companies in April of this year.

"Robert Routh's expertise and extensive relationships in the dynamic cable, media and entertainment industries significantly enhance Jefferies' overall research effort," said Steven R. Black, Director of Equity Research. "Rob is highly regarded on the Street and will enable us to better serve our institutional clients."

Mr. Routh has followed the cable, media and entertainment industries for nine years. Prior to Jefferies, he was a Senior Analyst at Natexis Bleichroeder, where he covered the space for three years. Previously, Mr. Routh held similar positions at Ladenburg Thalmann & Co., Merrill Lynch, Inc., and Bear Sterns & Co. He received his Masters of Accounting at the Kenan Flagler Business School at the University of North Carolina, Chapel Hill, and his Bachelor of Science also at the University of North Carolina, Chapel Hill.

Mr. Routh will be based in Jefferies' New York headquarters office and will report to Mr. Black.

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served middle-market and growth companies and their investors for over 40 years. Headquartered in New York with more than 20 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities, serving institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefco.com), a publicly traded holding company.

CONTACT:
Jefferies & Company, Inc.
Tom Tarrant, 203-708-5989
ttarrant@jefco.com

SOURCE: Jefferies & Company, Inc.

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