FOR IMMEDIATE RELEASE

Douglas Mavrinac to Lead Jefferies' Maritime Shipping Research Effort; Stephen Gengaro to Head Research Coverage of Oil Service Group

NEW YORK--(BUSINESS WIRE)--April 24, 2006--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the appointment of Douglas J. Mavrinac as Senior Equity Research Analyst covering the maritime shipping industry. He had previously led coverage of dry bulk companies, to which he will add the maritime companies formerly covered by S. Magnus Fyhr, who has recently departed Jefferies to pursue an opportunity on the buyside. Mr. Mavrinac joined Jefferies in 2003 and was instrumental in the rapid expansion of the firm's leading maritime shipping equity research effort.

Separately, Jefferies announced that Stephen D. Gengaro, a Managing Director and Senior Equity Research Analyst, has been appointed to head the firm's overall research effort in the oil service industry, of which maritime is a part. Mr. Gengaro has over 12 years experience as an oil service analyst, of which five were spent following the shipping industry.

"Doug Mavrinac has extensive experience in both industry and sell side research, and we are confident that Jefferies will be able to continue to provide top-notch research coverage of this space to our institutional clients," commented Steven R. Black, Director of Equity Research at Jefferies. "Maritime continues to be a core focus and strength of our franchise."

"I am excited to assume expanded coverage of maritime companies here at Jefferies," added Mr. Mavrinac. "The relationships I've built with these companies, coupled with my industry experience and insight, will allow me to continue adding value and bringing unique investment ideas to our clients."

Mr. Mavrinac has more than 12 years of experience in the energy industry, including the positions of commodity analyst in the Strategic Market Analysis group at Dynegy, Inc., and financial analyst in the exploration and production group at Royal Dutch/Shell Group of Companies. He received his MBA from Tulane University and a BS in Finance from Louisiana State University.

Jefferies is a leading provider of research and capital markets capabilities to growing and mid-sized companies and their investors. Among its several industries of focus, the firm has resources dedicated to the shipping area in research, trading and investment banking. According to AutEx, Jefferies has been the #1 trader of maritime stocks with a primary exchange in the U.S. for the past five years.

Jefferies' broad equity research effort has received key industry accolades, ranking second in The Wall Street Journal Best on the Street 2005 Analysts Survey with a total of eight awards. The firm was among the Top 10 most award-winning brokers as ranked by StarMine in 2004, with eight analyst honors. Most recently, Jefferies ranked among the Top 3 research firms, as reported by Investars.com in Time Magazine. In total, Jefferies and its affiliates now have more than 120 research professionals in the U.S. and Europe covering over 1,100 companies in the areas of aerospace and defense, business, consumer, financial and IT services, energy, gaming, healthcare, industrials, maritime and oil service, media and entertainment, technology, and telecommunications.

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 & Company, Inc.