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FOR IMMEDIATE RELEASE Jefferies Quarterdeck Serves as Advisor In $580-Million Sale of Essex Corp. to Northrop Grumman Corp. NEW YORK – Nov. 9, 2006 – Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that its aerospace-and-defense investment banking group, Jefferies Quarterdeck, has served as exclusive M&A advisor for the sale of Essex Corporation (NASDAQ: KEYW) to Northrop Grumman Corporation (NYSE: NOC) for an enterprise value of approximately $580 million, or $24 per share. Jefferies Quarterdeck has completed or announced nearly 40 aerospace-and-defense transactions in 2006. Essex is a leading provider of advanced technology solutions primarily to the US Intelligence Community as well as defense and homeland security customers. With approximately 1,000 employees -- most of whom have the highest level of government-security clearance possible -- Essex provides advanced signal, imaging and information processing, information assurance and engineering innovations. "This transaction demonstrates our ability to leverage our relationship with senior executives and thought leaders in aerospace and defense to find the best partner for Essex to ensure growth for all parties," said William F. Farmer, Co-President and Head of Government IT and Technical Services Investment Banking Group at Jefferies Quarterdeck. "This is another example of our commitment to provide industry-leading investment-banking services and market-specific knowledge to leading companies in the global, aerospace, defense, government IT and homeland-security sectors, where we serve as the No. 1 advisor." 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). About Jefferies Quarterdeck Jefferies Quarterdeck, the aerospace and defense investment banking group of Jefferies & Company, Inc., is focused on providing a full range of investment banking services to companies in the global aerospace, defense, federal IT and homeland security sectors. Jefferies Quarterdeck combines deep industry knowledge and M&A expertise with Jefferies' outstanding debt and equity financing, restructuring, trading and research capabilities. The firm's clients include top government contractors, aerospace and defense companies, leading homeland security companies, early stage security companies with promising technologies and private investment firms with related portfolio companies. In 2005, Jefferies Quarterdeck worked on 32 transactions valued at nearly $7 billion, a level of activity that ranks the firm No. 1 in M&A in this area. To date, Jefferies Quarterdeck continues to rank as the No. 1 M&A advisor to the global aerospace and defense sectors, according to Securities Data Corp., based on number of reported defense-related M&A transactions in North America and Western Europe. For more information, please visit www.jefferies.com/jq. CONTACT:
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