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JEFFERIES CAPTURES SEVEN HONORS IN THE WALL STREET JOURNAL “BEST ON THE STREET” 2007 ANNUAL RESEARCH ANALYST SURVEY

Continues Series Of Recent Honors For Firm's Equity Research Effort

NEW YORK, May 22, 2007 -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that the Firm earned seven awards and ranked 5th overall among 85 firms in The Wall Street Journal’s 15th Annual “Best on the Street” 2007 analyst ranking.

Of 223 recognized equity research analysts in 45 industries, seven of Jefferies' 31 qualifying analysts won awards based on their recommendation-performance scores for 2006, derived from the estimated total return. The annual survey identifies the top five analysts in each industry, culled from more than 1,700 eligible analysts, based on data from over 4,000 analysts at more than 280 firms. The following analysts ranked among the Top 5 for their respective industries, three of whom have been recognized in the survey previously:

#1 Stock Picker in Heavy Machinery and Materials – Robert Schenosky (4th year)

#1 Stock Picker in the Health-Care Providers Industry – David Windley (3rd year)

#1 Stock Picker in the Utilities Industry – Debra E. Bromberg (3rd year)

#3 Stock Picker in the Industrial Transportation Industry – Douglas J. Mavrinac

#4 Stock Picker in the Chemicals Industry – Laurence Alexander

#4 Stock Picker in the Consumer & Specialty Finance Industry – Daniel T. Fannon

#2 Stock Picker in the Oil & Gas Producers Industry – Leo P. Mariani*

Similarly, Jefferies analysts were recently recognized in the 6th Annual StarMine Analyst Awards for the United States, as well as the Nordic Region, published by Forbes.com and Dagens Industri, respectively. Jefferies winning analysts included:

#1 Estimator in the Health Care Technology Industry (US) – Richard Close

#1 Estimator in the Marine Industry (US) – Douglas Mavrinac

#1 Stock Picker in the Metals & Mining Industry (US) – Robert Schenosky

#2 Estimator in the Internet Software & Services Industry (US) – Youssef Squali

#2 Nokia/Ericsson Estimator (Nordic Region) – Ian MacLeod

#4 Overall Stock Picker (US) – Debra E. Bromberg

#2 Estimator in the Restaurants Industry (US) – Aimee Marcel*

Jefferies is a leading provider of research to institutional investors. The firm’s broader equity research effort includes more than 130 professionals in the US and Europe with over 850 companies under coverage. The Firm’s equity research effort is focused on small and mid-cap companies in a range of industries, including aerospace and defense, business, financial and IT services, consumer, energy, gaming and lodging, healthcare, industrials, maritime, media and entertainment, technology, and telecommunications.

“We are very pleased that our leading research coverage of growing and mid-sized companies continues to gain recognition,” commented Steven R. Black, Director of Equity Research at Jefferies. “Jefferies remains committed to offering objective investment ideas and independent insight, and we congratulate our entire research team for excellence in coverage.”

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for 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
Todd Miller, Cubitt Jacobs and Prosek, 203 378 1152, 149, tmiller@cjpcom.com

* Analysts no longer with Jefferies.