FOR IMMEDIATE DISTRIBUTION

JEFFERIES STRENGTHENS COMMODITIES EFFORT

NEW YORK, April 23, 2007 – Jefferies Group, Inc. (NYSE: JEF) announced today the hiring of two senior commodities professionals. James P. Crimmins joins Jefferies Asset Management, LLC as a Managing Director. Thomas H. Dering joins Jefferies Financial Products, LLC as a Senior Vice President.

Mr. Crimmins will be a key member of Jefferies Asset Management’s Commodity Programs Division. Over the past two decades, he has played a major ongoing role in the global evolution of commodities as an asset class. During his tenure at Goldman Sachs where he held the position of vice president of currency and commodity research, Mr. Crimmins was a lead architect of the Goldman Sachs Commodity Index and the GSCI futures contract listed on the CME. He served as both a member of and a consultant to the GSCI Policy Committee from 1991-1999. He joins a team of seasoned commodity professionals at Jefferies in managing Jefferies Commodity Programs, a series of strategies designed to provide investors with actively managed commodity exposure.

“Jim Crimmins is one of the key founders of commodities as an asset class,” commented Adam C. De Chiara, Co-President of Jefferies Asset Management. “He is a pioneer of products which provide broad-based commodity exposure, and his extensive experience in designing both beta and alpha-generating strategies, make him a unique and key asset in the ongoing development of Jefferies Commodity Programs."

Mr. Dering will be an integral part of Jefferies Financial Products, the firm's commodities sales and trading arm. He has worked in the alternative investment industry for nearly 20 years, most recently as a senior vice president at Morgan Stanley. Prior to Morgan Stanley, Mr. Dering held the position of Portfolio Manager at Kingdon Capital Management as well as Dean Witter Futures and Currency Management, Inc. He joins a proven team of commodity sales and trading professionals known for innovative commodity-linked products.

"With the recent and rapid expansion of commodity trading globally, professionals of Tom Dering’s caliber and experience are difficult to find,” commented Bradford L. Klein, Co-President of Jefferies Financial Products. “This addition is in keeping with Jefferies’ approach of partnering with seasoned industry veterans who bring unique insights and professionalism and can draw upon their significant experience to navigate today's challenging markets."

About Jefferies Asset Management, LLC

Jefferies Asset Management, LLC (JAM), a wholly owned subsidiary of Jefferies Group, Inc. (NYSE: JEF), is home to an array of investment vehicles run by portfolio management teams. JAM, founded in 2003, includes a team of accomplished professionals with the backing of Jefferies, a global full-service investment bank and institutional securities firm focused on growing companies and their investors. JAM employs a team of experienced finance, operations, legal and compliance professionals to provide a solid framework and platform for portfolio managers and differentiates itself by providing guidance and infrastructure to allow managers to focus primarily on the investment process itself. JAM also uses proprietary capital to seed new portfolio managers and strategies. Jefferies Asset Management, LLC is registered with the U.S. Securities and Exchange Commission as an investment adviser and the U.S. Commodity Futures and Trading Commission as a commodity trading adviser, and is a member of the National Futures Association.

About Jefferies Financial Products, LLC

Jefferies Financial Products, LLC (JFP) offers swaps, options and other derivatives linked to major publicly available commodity indexes and is a significant provider of liquidity in exchange-traded commodity index contracts. JFP’s team of experienced professionals provide innovative financial products and commodity index expertise to pension funds, mutual funds, sovereigns, foundations, endowments and other institutional investors seeking exposure to commodities as an asset class. JFP offers proprietary commodity indexes, and worked with Reuters to modify the CRB Index, now renamed the Reuters Jefferies CRB Index, one of the world’s most widely-followed commodity benchmarks. JFP is a wholly owned subsidiary of Jefferies Group, Inc. (NYSE: JEF).

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
Josh Passman, Cubitt Jacobs & Prosek, 212 279 3115, x203, jpassman@cjpcom.com