FOR IMMEDIATE RELEASE

Jefferies Hires Senior Healthcare Analyst; Glen Santangelo to Cover Healthcare Distribution & Technology Companies

NEW YORK, Nov 11, 2004 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Glen Santangelo, as a Managing Director and Senior Equity Research Analyst. He will cover the Healthcare Distribution & Technology Sector and is joined by Research Associates Charles Rhyee and Ralph Giacobbe in this effort.

The addition of Mr. Santangelo enhances Jefferies' overall research effort in the Healthcare Sector, which now includes six senior equity analysts. The firm's overall commitment in healthcare includes securities research and trading, and investment banking. With this addition, Jefferies now has 31 senior equity research analysts covering more than 500 companies in the areas of aerospace and defense, business and IT services, consumer, energy, gaming, healthcare, industrials, media and entertainment, shipping, technology, and telecommunications.

"Glen Santangelo is highly regarded on Wall Street and greatly enhances Jefferies' franchise in healthcare," said Steven R. Black, Director of Equity Research. "His extensive experience and relationships will enable Jefferies to better serve our institutional clients."

Mr. Santangelo has covered healthcare for over 10 years and has been ranked in the Institutional Investor All-America Research Survey in the Healthcare Distribution & Technology Sector for the past five years. Prior to Jefferies, he was a Managing Director and Senior Equity Analyst at Schwab Soundview Capital Markets for one year. Previously, Mr. Santangelo held similar positions at Salomon Smith Barney Inc. for four years, Goldman, Sachs & Co. for two years, and JP Morgan Securities Inc. for four. He received his Master of Business Administration at the Leonard N. Stern School of Business at New York University, and his Bachelor of Science at Villanova University. Mr. Santangelo is a Certified Public Accountant.

Mr. Santangelo will be based in Jefferies' New York headquarters office.

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served mid-sized and growing 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, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefco.com).

SOURCE: Jefferies & Company, Inc.

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