FOR IMMEDIATE RELEASE

Jefferies Continues Expansion of Energy Research Team; David Tameron To Strengthen Firm's Efforts in Oil and Gas Exploration and Production

NEW YORK--(BUSINESS WIRE)--May 17, 2005--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of David R. Tameron as a Senior Vice President and Senior Equity Research Analyst. He will follow exploration and production companies as part of the firm's overall focus on the energy sector and is joined by Senior Associate Michael A. Hall in this effort. Led by Managing Director and Senior Equity Research Analyst, Frank D. Bracken III, this Austin-based group also includes research associates David C. Adams and Leo P. Mariani, Jr.

Jefferies is a leading provider of research and capital markets capabilities to growing and mid-sized energy companies and their investors. The firm's total commitment to the energy sector includes seven senior equity research analysts, four securities traders, and more than 75 investment banking professionals, counting those added in the firm's February 2005 acquisition of global oil and gas adviser Randall & Dewey.

"David Tameron's expertise is extremely complementary to Jefferies' existing energy research effort and enhances the firm's overall commitment to the sector," commented Steven R. Black, Director of Equity Research at Jefferies. "Energy has been a core strength of Jefferies' integrated platform for more than a decade, and we are confident that our institutional investors will benefit from his insight and experience."

"Joining Jefferies' thriving research and capital markets platform is a unique opportunity and one to which we can immediately contribute," said Mr. Tameron "We are very excited to bring our experience in this dynamic sector to Jefferies' respected team."

Jefferies' equity research effort has recently received key industry accolades, ranking second in The Wall Street Journal Best on the Street 2005 Analysts Survey with a total of eight awards, and being ranked by StarMine among the Top 10 most award-winning brokers for 2004 with eight analyst honors. In total, Jefferies and its affiliates now have more than 100 research professionals in the U.S. and Europe covering over 1,000 companies in the areas of aerospace and defense, business, financial, knowledge and IT services, consumer, energy, gaming, healthcare, industrials, media and entertainment, shipping, technology, and telecommunications.

Mr. Tameron has been covering the energy sector for nearly a decade. Prior to joining Jefferies, he worked as a Senior Research Analyst in the Exploration & Production Group at First Albany Capital Inc. Previously, he held similar positions at Stifel Nicolaus & Company, Inc., ABN AMRO Securities, Inc. and Prudential Securities, Inc. Mr. Tameron began his career in energy at ExxonMobil Corporation, where he was an Operations Analyst for the Alaska Interest Organization Group and was a Senior Financial Analyst in the Corporate Information Management Group.

Mr. Tameron has an MBA from the Fuqua School of Business at Duke University and a BS in Finance from Arizona State University's School of Business. He is a member of IPAMS (Independent Petroleum Association of Mountain States) and COGA (Colorado Oil and Gas Association).

Mr. Tameron and Mr. Hall will be based in Jefferies' Denver office and will report to Mr. Black.

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).

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

SOURCE: Jefferies & Company, Inc.