Jefferies Forecasts Record Second Quarter Net Revenues in Excess of $500 Million, with Second Quarter Net Earnings Estimated to Exceed $50 Million

NEW YORK--(Business Wire)--
Jefferies Group, Inc. (NYSE: JEF) today issued the following guidance about its
anticipated results for the second quarter ending June 30, 2009.

Based on results to date and absent any significant change to current market
conditions in the final four business days of the calendar quarter, Jefferies
expects to report net earnings for the second quarter of greater than $50
million on record net revenues that are expected to exceed $500 million. The
firm expects that Fixed Income and Commodities revenues will exceed the record
set in the first quarter of 2009, driven by record quarterly results in the
sales and trading of corporate bonds, mortgage- and asset backed securities,
rates, municipal bonds and emerging markets debt.

In addition, solid contributions are expected from other business lines that
make up the firm`s full-service diversified platform, including meaningful
positive results in High Yield. The firm also expects Investment Banking
revenues for the second quarter to exceed $90 million, which would be an
increase of 146% vs. first quarter 2009 results.

Actual results for the second quarter ending June 30, 2009 are expected to be
released on July 21, 2009. The factors that favorably affected Jefferies`
markets in the second quarter to date may not continue and, therefore,
Jefferies` results for the second quarter to date may not be indicative of
Jefferies` results for the full year.

FORWARD LOOKING STATEMENT

This press release contains forward-looking statements regarding Jefferies`
results for the second quarter ending June 30, 2009, including but not limited
to, revenues and net earnings and revenues from Fixed Income and Commodities,
Investment Banking, High Yield trading and other business lines. These
forward-looking statements are not statements of historical fact and represent
only Jefferies` belief as of the date hereof and are subject to the actual close
of the quarter ending June 30, 2009. There are a variety of factors, many of
which are beyond Jefferies` control, which affect its operations, performance,
business strategy and results, and could cause actual reported results and
performance to differ materially from the performance and expectations expressed
in these forward-looking statements. These factors include, but are not limited
to, financial market volatility, actions and initiatives by current and future
competitors, general economic conditions, controls and procedures relating to
the close of the quarter, the effects of current, pending and future legislation
or rulemaking by regulatory or self-regulatory bodies, regulatory actions, and
the other risks and uncertainties that are outlined in Jefferies` Annual Report
on Form 10-K for the year ended December 31, 2008 filed with the Securities &
Exchange Commission on February 27, 2009 and in Jefferies Quarterly Report on
Form 10-Q for the quarter ended March 31, 2009 filed with the Securities and
Exchange Commission on May 8, 2009. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the date they are
made. Jefferies does not undertake to update forward-looking statements to
reflect the impact of circumstances or events that arise after the date of the
forward-looking statements.

Jefferies may file a registration statement (including a prospectus) with the
SEC with respect to an offering of securities for which this press release will
constitute a "free writing prospectus". Before you invest you should read the
prospectus in that registration statement and other documents that Jefferies has
filed with the SEC for more complete information about Jefferies and such
offering. You may get these documents for free by visiting EDGAR on the SEC web
site at www.sec.gov. Alternatively, Jefferies will arrange to send you the
prospectus after filing if you request it by calling toll free 888-708-5831.

About Jefferies

Jefferies, an independent, full-service global securities and investment banking
firm, has served companies and their investors for more than 45 years.
Headquartered in New York City, with offices in more than 25 cities around the
world, Jefferies provides clients with capital markets and financial advisory
services, institutional brokerage, securities research and asset management. The
firm provides investors with fundamental research and trade execution in equity,
equity-linked, and fixed income securities, including corporate bonds, high
yield bonds, US government and agency securities, repo finance, mortgage- and
asset-backed securities, municipal bonds, whole loans and emerging markets debt,
as well as commodities and derivatives. Jefferies offers companies capital
markets, merger and acquisition, restructuring and other financial advisory
services. Jefferies & Company, Inc. is the principal operating subsidiary of
Jefferies Group, Inc. (NYSE: JEF: www.jefferies.com).

For further information:
Jefferies & Company, Inc.
Tom Tarrant, 203-708-5989
ttarrant@jefferies.com

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