FOR IMMEDIATE RELEASE

Jefferies Adds Additional Senior Equity Capital Markets Professional; Matthew Sperling to Focus on Origination in Aerospace & Defense, Industrial and Energy Sectors

NEW YORK, May 03, 2006 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE:JEF), today announced that Matthew L. Sperling has joined as a Managing Director in the Firm's Equity Capital Markets Group. A senior member of the team responsible for originating and executing equity and equity-linked offerings, Mr. Sperling will focus on companies in the aerospace & defense, industrial and energy sectors, the last of which also includes the firm's strong presence in maritime & oil service.

"The addition of Matt Sperling demonstrates Jefferies' continued commitment to providing world-class origination and execution in the equity capital markets as part of our full-service investment banking platform," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "His industry relationships and transaction experience will add immediate value to our leading equity capital markets effort."

"Jefferies' broad distribution capabilities, strong reputation in equity trading, and significant experience in my sectors of expertise drew me to the firm," said Mr. Sperling. "I look forward to utilizing my skills and relationships to continue building this thriving platform."

Jefferies has leveraged its 44-year history in the equity capital markets to build an equity underwriting business that has gained considerable recognition over the past few years, especially among growing and mid-sized companies. The Firm raised more than $12 billion through 63 equity transactions in 2005 and, according to Dealogic, ranks #1 on Wall Street in the performance of lead-managed equity underwritings for the period January 1, 2005 - April 24, 2006 (among lead managers with 20 or more deals). Year-to-date 2006, the Firm has completed 16 equity transactions valued at $5.3 billion. Jefferies Equity Capital Markets Group now consists of 12 professionals.

Jefferies has established a strong foothold as a leading investment bank serving aerospace & defense, industrial, energy, and maritime & oil service companies. During 2005, the Firm completed 32 aerospace & defense transactions valued at $6.7 billion, 39 industrial transactions valued at $7.9 billion, 51 energy transactions valued at $12.6 billion, and 19 maritime & oil service transactions valued at $4.8 billion. Jefferies' commitment to these sectors also includes four dedicated securities traders and ten research analysts in energy, maritime & oil service, as well as two securities traders and five analysts focused on aerospace & defense and industrials.

With more than 12 years of experience, Mr. Sperling has worked on nearly 100 investment banking transactions and has specialized in equity capital markets for the past six years. Most recently, Mr. Sperling was an Executive Director in Equity Capital Markets at UBS Investment Bank, where he was focused on industrials. Prior to UBS, he worked in a similar capacity at Credit Suisse First Boston. Mr. Sperling holds a JD from Yale Law School and earned an AB from Harvard College, Magna Cum Laude.

Mr. Sperling will be based in the Firm's New York headquarters and will report to Timothy E. Monfort, Head of Jefferies' Equity Capital Markets Group.

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 & Company, Inc.

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