FOR IMMEDIATE RELEASE

Jefferies Group Board Authorizes the Repurchase of up to 3,000,000 Shares of the Company's Common Stock

NEW YORK, Jul 26, 2005 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) today announced that its Board of Directors has approved an amendment to its share repurchase program and authorized the repurchase, from time to time, of up to 3,000,000 shares of the Company's common stock, including an increase of 2,671,400 shares beyond the previous authorization. The repurchases may be made in the open market or through privately negotiated transactions.

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 25 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 Group, Inc.

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