FOR IMMEDIATE RELEASE

Jefferies Hires Senior Technology Banker; Philip Berkowitz Enhances Firm's Position in Investment Banking for Communications Equipment Industry

NEW YORK, May 03, 2005 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Philip Berkowitz has joined as a Managing Director in the Jefferies Broadview technology investment banking group. He will focus on the communications equipment industry within the technology sector.

"The addition of Phil Berkowitz, with his outstanding track record and industry relationships, is part of our effort to complement our strong advisory team in technology with senior bankers who have deep experience in providing a full range of corporate finance products, including equities and IPOs," commented Paul Deninger, a Vice Chairman of Jefferies and Chairman of Jefferies Broadview. "We believe the communications equipment market is emerging from its post-bubble slowdown and are investing deeply in this area, where we expect to see strong growth in wireline and wireless hardware, software and enhanced services."

The hiring of Mr. Berkowitz further demonstrates Jefferies' commitment to meeting the investment banking needs of the communications industry. Jefferies also recently promoted Robert Jackman to Managing Director focused on communications software and enhanced services, and added a group of media and communications bankers to its team earlier this year.

"I am thrilled to be joining the team at Jefferies Broadview," said Mr. Berkowitz. "The combination of Jefferies Broadview's global leadership in technology M&A and Jefferies' superior equity distribution and trading capabilities results in an ideal full-service investment banking platform to serve communication equipment companies."

The technology sector is a key area for Jefferies, which also focuses on aerospace & defense, communications & media, consumer, energy, gaming, healthcare, industrials, services, and shipping companies. In addition to having more than 90 investment banking professionals focused on technology, Jefferies has 12 securities traders dedicated to the sector and, with inclusion of the firm's European affiliate, 24 research professionals who cover technology companies.

As an investment banker, Mr. Berkowitz has advised companies in M&A, corporate finance and other strategic transactions for more than 12 years, and has been focused on serving technology companies for nearly eight. Previously, Mr. Berkowitz spent five years at Credit Suisse First Boston, where, as part of the Technology Group, he worked with many leading companies in the communications sector.

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

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.jefferies.com).

SOURCE: Jefferies & Company, Inc.

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