FOR IMMEDIATE RELEASE

Jefferies Announces 15 Day Filing Extension

NEW YORK--(BUSINESS WIRE)--March 16, 2005--Jefferies Group, Inc. (NYSE: JEF) today announced that it had filed a Form 12b-25 with the Securities and Exchange Commission regarding the filing of its annual report on Form 10-K for the year ended December 31, 2004, which was due today.

In its Form 12b-25, the Company stated that due to delays in completing the requirements implemented pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, the Company was unable to file its annual report on Form 10-K for the year ended December 31, 2004 without unreasonable effort or expense by March 16, 2005.

The Company anticipates that it will file its complete annual report on Form 10-K for the year ended December 31, 2004 by March 31, 2005.

In addition, the Company announced that the results of its operations for the year ended December 31, 2004 as reported on January 19, 2005 remain unchanged. The Company's results of operations for the year ended December 31, 2004 follow.

Highlights for the year ended December 31, 2004:

• Total revenues were $1.2 billion versus $926.7 million for 2003.
• Net earnings were up 56% to $131.4 million compared to $84.1 million for 2003.
• Earnings per share (diluted) were up 45% to $2.06 compared to $1.42 for 2003.
• Total trading revenues were $617.1 million versus $551.5 million for 2003.
• Investment banking revenues were $352.8 million versus $229.6 million for 2003.
• Asset management related revenues were up 148% to $81.2 million versus $32.8 million for 2003.

                JEFFERIES GROUP, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF EARNINGS
           (Amounts in Thousands, Except Per Share Amounts)
                              (Unaudited)

                                                   Year Ended
                                         -----------------------------
                                             Dec. 31,       Dec. 31,
                                               2004           2003
                                         -------------- --------------

 Revenues:
   Commissions                           $     258,838  $     250,191
   Principal transactions                      358,213        301,299
   Investment banking                          352,804        229,608
   Asset management fees and
     investment income from
     managed funds                              81,184         32,769
   Interest                                    134,450        102,403
   Other                                        13,150         10,446
                                         -------------- --------------
 Total revenues                              1,198,639        926,716
 Interest expense                              140,394         97,102
                                         -------------- --------------
 Revenues, net of interest expense           1,058,245        829,614
                                         -------------- --------------

 Non-interest expenses:
   Compensation and benefits                   595,887        474,709
   Floor brokerage and clearing fees            52,922         48,217
   Technology and communications                64,555         58,581
   Occupancy and equipment rental               39,553         32,534
   Business development                         35,006         26,481
   Other                                        43,333         44,559
                                         -------------- --------------
     Total non-interest expenses               831,256        685,081
                                         -------------- --------------

 Earnings before income taxes and
  minority interest                            226,989        144,533
 Income taxes                                   83,955         52,851
                                         -------------- --------------
 Earnings before minority interest             143,034         91,682
 Minority interest in earnings of
  consolidated subsidiaries, net                11,668          7,631
                                         -------------- --------------
  Net earnings                           $     131,366  $      84,051
                                         ============== ==============

 Earnings per share:
   Basic                                 $        2.29  $        1.58
                                         ============== ==============
   Diluted                               $        2.06  $        1.42
                                         ============== ==============

 Weighted average shares:
   Basic                                        57,453         53,090
   Diluted                                      63,908         59,266


* All share and per share information has been restated to
  retroactively reflect the effect of the two-for-one stock split
  declared by the Board of Directors on July 14, 2003 and effected
  as a stock dividend on August 15, 2003.

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized 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).

CONTACT:
Jefferies Group, Inc.
Joseph A. Schenk, 212-284-2338

SOURCE: Jefferies Group, Inc.