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JEFFERIES GLOBAL MEDIA INVESTMENT BANKING GROUP CONTINUES TO LEAD IN THE MID MARKET

John Fargis Joins As Us Media Group Head

NEW YORK and LONDON, July 21, 2008 -- Jefferies Group Inc. (NYSE: JEF), the global full-service investment bank dedicated to growing and mid-sized companies, today announced that in the first half of the year, the Firm’s Media Group completed 16 transactions valued at more than $4.6 billion. Notable transactions in which Jefferies has been involved include: Apax and Guardian Media Group’s £1.1 billion acquisition of Emap’s business to business division; Shine’s acquisition of Reveille, whose hit TV series include Ugly Betty, The Office and The Tudors; Veronis Suhler Stevenson’s acquisition of Clarion Events; Sony Pictures £114 million acquisition of Dutch entertainment company 2waytraffic; and Online video company Maven Networks’ $160 million acquisition by Yahoo!.

During 2007, Jefferies completed more digital media transactions under $1 billion than any other investment bank in the US and Western Europe. Furthermore, the Firm ranked second among media M&A advisors in Western Europe, according to Thomson Financial, highlighting Jefferies’ thriving platform and position as a leading advisor to the media sector globally.

Jefferies also announced today the appointment of John Fargis as a Managing Director to head the Firm’s US media investment banking practice. Mr. Fargis will be based in New York and joins Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. He has extensive advisory, capital raising and private equity experience, having spent 14 years at Bear Stearns, where he was most recently a senior managing director in the media investment banking group.

Mr. Fargis will be responsible for driving the US media investment banking practice, working with Jonathan Goodwin, Global Head of Jefferies’ Media Investment Banking Group, and the Firm’s European Media Head, Julian Culhane. In May of last year, Jefferies significantly expanded its presence in the media sector with the acquisition of LongAcre Partners, a leading European corporate advisory firm founded by Mr. Goodwin and focused on the media and digital media sector.

Mr. Goodwin, Global Head of Media Investment Banking, commented:
"We are delighted to welcome John Fargis to our group where he will lead our US team and contribute to the continued growth of our thriving global media platform. Jefferies' leadership in this dynamic sector and extensive cross border advisory experience leave us well positioned to benefit from the on-going consolidation happening across media and new media."

Alec Ellison, Chairman of Jefferies’ Technology, Media and Telecom effort and Co-Head of Investment Banking, added:
“Jefferies’ leadership in media is a critical part of our full-service investment banking offering, and John Fargis, with his broad relationships and extensive experience, enhances our franchise for growth companies in this space.”


About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for over 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
Desiree Maghoo, Cubitt Consulting, +44 20 7367 5107, desiree.maghoo@cubitt.com