FOR IMMEDIATE RELEASE

Alex Wohl to Expand Significantly Firm.s Profile in Derivatives, Part of Strategic Investment in Equity Financial Products

NEW YORK, May 8, 2006 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Alexander D. Wohl, who joins as Head of Equity Derivatives Trading in a new role that is part of the Firm's expansion in derivatives and other equity financial products. In addition, Benjamin P. Cohen was hired as a Senior Equity Derivatives Trader. Both professionals most recently worked at Goldman, Sachs & Co.

"These additions will result in a significant enhancement of the Firm's derivatives capabilities and demonstrate Jefferies' continued investment in our leading sales and trading platform," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "The hiring of Alex Wohl and Ben Cohen, two highly respected professionals in this area, represents the continued strategic build out of Equity Financial Products at Jefferies."

In a joint statement, Jason D. Griffith and Ross L. Stevens, PhD, Co-Heads of Equity Products at Jefferies, said, "Alex Wohl brings tremendous experience, relationships and credibility to our equity derivatives offering, and Ben Cohen is equally respected as a top derivatives trader on Wall Street. Their addition provides Jefferies with an enhanced foundation for the broad expansion of Equity Financial Products, including flow derivatives, structured products and other related offerings".

"It is extremely exciting to join Jefferies' thriving platform. We look forward to building this critical part of the business for a firm that is a pioneer on Wall Street and a leader in trading," commented Mr. Wohl. "There are significant opportunities for us to further the trading resources available to Jefferies. customers and leverage the firm's significant order flow and broad trading relationships."

Jefferies has been serving institutional investors in equities since 1962 and has grown to be one of the leading firms providing liquidity and best execution to a broad group of customers around the world. With the continuing evolution of client needs, Jefferies has responded with an increasing array of trade execution capabilities. The Firm makes markets in over 5,000 stocks and trades the securities of more than 8,500 companies. Jefferies is a top broker in both NYSE and NASDAQ trading, and, through its affiliate Jefferies Execution Services, executes nearly 9% of the average daily reported volume on the NYSE.

Mr. Wohl has more than twelve years of experience in the securities industry. Most recently, he was Co-Head of Derivatives Trading at Goldman, Sachs & Co., where he worked for seven years. Previously, he held related positions at Bear, Stearns & Co. and O'Connor & Associates. Mr. Wohl earned BA and MBA degrees from the University of Chicago.

Mr. Cohen was most recently a Senior Derivatives Trader at Goldman, Sachs & Co. where he spent nearly seven years. He earned a BA degree from Northwestern University.

Messrs. Wohl and Cohen will work in the Firm.s New York City headquarters office.

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).

Important Information Regarding Statements Made in this Release

The statements in this press release that are not historical facts, including, most importantly, information concerning possible results of operations, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results to be materially different from any expected future results. Please refer to our most recent Form 10-K filed with the Securities and Exchange Commission on March 1, 2006 for a discussion of important factors that could cause actual results to differ materially from those projected in these forward-looking statements.

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

SOURCE: Jefferies & Company, Inc.