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FOR IMMEDIATE RELEASE

JEFFERIES HIRES CHUCK HENDRICKSON AS NEW TREASURER

NEW YORK--(BUSINESS WIRE)--July 12, 2006--Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that Charles J. ("Chuck") Hendrickson has joined the Firm as Managing Director and Treasurer.

Mr. Hendrickson has nearly 30 years of experience as a finance professional. Most significantly, he was Managing Director and Treasurer at Donaldson, Lufkin & Jenrette, Inc., where he worked for 17 years. Mr. Hendrickson also worked in a similar capacity at Clarendon Ltd. and spent a decade at Chase Manhattan Bank.

"We are pleased that Chuck Hendrickson has joined Jefferies as Treasurer at a time of continued growth and diversification of our platform," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "Chuck's significant relevant experience will immediately add value as we continue to develop finance and funding sources to facilitate our ongoing expansion."

Mr. Hendrickson replaces Ronald B. Johnson, who is leaving the firm to pursue other opportunities. He will report to Joseph A. Schenk, Chief Financial Officer of Jefferies Group, Inc., and will be based in the Firm's New York headquarters.

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, statements concerning growth and expansion, 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.

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