FOR IMMEDIATE DISTRIBUTION

JEFFERIES DONATES $475K TO YOUTH, I.N.C.

NEW YORK, October 31, 2006 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that the firm has donated $475,000 to Youth, I.N.C., an organization that improves the lives of children and youth through a unique venture philanthropy model that empowers, develops and educates nonprofit organizations serving young people.

As a participant in this non-profit’s Funds for the Future program, Jefferies has contributed those trading commissions from Monday, October 16, net of third party execution and clearing costs, that were designated for donation to Youth, I.N.C. by institutional customers.

“With the support of our institutional customers, we are pleased to have raised $475,000 for Youth, I.N.C., an organization committed to enabling non-profit organizations that serve our country’s youth to grow successfully and achieve their fullest potential,” commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. “We thank our clients who participated in this valuable program and are happy to have leveraged the Jefferies platform in this capacity.”

“Jefferies has provided an incredible opportunity for Youth, I.N.C. to partner with the hedge fund community through Funds for the Future Trading Day,” said Youth, I.N.C.’s Executive Director, Stephen K. Orr. “The nearly $500,000 raised will enable Youth, I.N.C. to expand its reach well beyond the 100,000 kids already being served in New York City. Jefferies has been a terrific partner in these efforts, and we applaud them for their dedication to the youth of New York City.”

Youth, I.N.C. (Improving Non-profits for Children) is a non-profit organization that seeks to improve the operations and develop the capacity of non-profits serving youth. To do so, Youth, I.N.C. teaches fundraising and marketing techniques to affiliated non-profit organizations, enabling each one to increase their donor base and strengthen their board of directors. To learn more, please visit www.youthinc-usa.org.

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for nearly 45 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).


For further information, please contact:

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