FOR IMMEDIATE RELEASE

Jefferies Elects Robert Joyal to Board of Directors

NEW YORK--(BUSINESS WIRE)--Jan. 20, 2006--Jefferies Group, Inc. (NYSE: JEF) today announced the election of Robert E. Joyal to its Board of Directors. Mr. Joyal was most recently the President of Babson Capital Management LLC, an investment management firm, from 2001 until his retirement in June 2003. Mr. Joyal's election increases the size of Jefferies' Board to six.

Previously, Mr. Joyal served as Managing Director of Babson Capital from 2000 to 2001. He also served as Executive Director (1997-1999) and Vice President and Managing Director (1987-1997) of the Massachusetts Mutual Life Insurance Company.

In addition, Mr. Joyal is a trustee of each of MassMutual Corporate Investors and MassMutual Participation Investors (Closed End Investment Companies) and a director of MassMutual Select Funds and the MML Series Investment Fund (Open End Investment Companies). Mr. Joyal is also a director of Pemco Aviation Group (Aircraft Maintenance and Overhaul), York Enhanced Strategies Fund (a Closed End Investment Company) and various private equity and mezzanine funds sponsored by First Israel Mezzanine Investors.

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).

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

SOURCE: Jefferies Group, Inc.