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JEFFERIES REPORTS SECOND QUARTER FINANCIAL RESULTS

Investment Banking Net Revenues Reach Quarterly Record

NEW YORK and LONDON, June 22, 2010 -- Jefferies Group, Inc. (NYSE: JEF) today announced financial results for its fiscal second quarter ended May 31, 2010.

Highlights for the three months ended May 31, 2010 versus the three months ended June 30, 2009:

• Net revenues increased 13% to $670 million, versus $590 million.
• Net income to Common Shareholders increased 37% to $85 million, versus $62 million.
• Net earnings per common share increased 37% to $0.41, versus $0.30.
• Investment Banking revenues increased 112% to record quarterly revenues of $256 million, versus $121 million.

Highlights for the FIVE months ended May 31, 2010 versus the SIX months ended June 30, 2009:

• Net revenues increased 7% in the FIVE month period, to $999 million versus $932 million in the prior year SIX month period.
• Net income to Common Shareholders increased 18% to $119 million in the FIVE month period, versus $100 million in the prior year SIX month period.
• Net earnings per common share increased 18% to $0.58 in the FIVE month period, versus $0.49 in the prior year SIX month period.
• Investment banking revenues increased 123% to $352 million in the FIVE month period, versus $158 million in the prior year SIX month period.

"We are pleased with these solid quarterly results, as they were achieved during a volatile operating environment. Equities, Fixed Income and Investment Banking each contributed significantly by bringing quality ideas and execution to our global client base," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "Thank you to Jefferies' 2,821 employee-partners for their continual hard work, dedication and commitment as we do our collective best to serve our clients."

Conference Call

A conference call with management discussion of these financial results will be held today, June 22, 2010, at 9:00 AM Eastern. Investors and securities industry professionals may access the management discussion by calling 877-710-9938 or 702-928-7183. A one-week replay of the call will also be available at 800-642-1687 or 706-645-9291 (conference ID #79023291). A live audio webcast and replay can be accessed at Jefferies.com.

About Jefferies

Jefferies, a major global securities and investment banking firm, has served companies and their investors for more than 48 years. Jefferies & Company, Inc. is the principal US operating subsidiary of Jefferies Group, Inc. (NYSE: JEF: www.jefferies.com), and Jefferies International Limited is the principal UK operating subsidiary. Jefferies International Limited, a UK-incorporated company, is authorised and regulated by the UK Financial Services Authority.

For further information, please contact:

Peregrine C. Broadbent
Chief Financial Officer
(212) 284-2338

Full press release (with all tables) in PDF format