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Jefferies Announces Leadership Change; Richard Handler Named CEO, Will Lead Firm with President and COO John Shaw; Frank Baxter Remains Chairman.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Oct. 3, 2000

Jefferies Group, Inc. (NYSE: JEF) announced today the appointment of Richard B. Handler, 39, as Chief Executive Officer effective January 1, 2001. John C. Shaw, Jr., 53, will remain President and Chief Operating Officer, a post he and Mr. Handler have shared since January 2000. Together, Handler and Shaw will continue to execute Jefferies' strategic plan to be an integrated and global mid-cap institutional brokerage and investment bank with outstanding trading, investment banking, research and merchant banking capabilities. Frank E. Baxter, 63, the Firm's current Chairman and CEO, will remain Chairman.

Mr. Handler was a co-founder of the Firm's High Yield Department and started at Jefferies as an Executive Vice President in April 1990. He has been the Managing Director of High Yield Capital Markets since May 1993 with responsibility for all high yield and special situation sales, trading and principal investments at the Firm. Mr. Handler was elected to the Board of Directors of Jefferies Group, Inc. in May 1998 and is also the President and CEO of the Jefferies Partners Opportunity Funds.

Mr. Shaw began working at Jefferies in 1983 as a Senior Vice President and the Chicago Regional Manager within the Firm's Equity Division. He managed Jefferies' Boston office from 1994 to 1997 and became National Sales Manager of equity sales and trading in 1997. He was elected to the Jefferies Group, Inc. Board of Directors in January 2000.

"Rich Handler and John Shaw have proven their ability to lead the Firm as Co-Presidents of Jefferies," said Mr. Baxter. "I'm confident in entrusting them with the future leadership of this great Firm."

Mr. Handler commented, "John and I are very excited to work with Jefferies' executive committee and nine hundred employees as we further leverage the Firm's powerful distribution platform. Jefferies will continue to create value for our shareholders, clients and colleagues as we pursue the significant opportunities available to an integrated mid-cap investment bank."

"Frank Baxter has done an outstanding job leading and growing Jefferies since he became CEO in 1987," Mr. Shaw added. "Jefferies' clients, colleagues and shareholders owe him a debt of gratitude for his years of service."

About Jefferies Group, Inc.

Jefferies Group, Inc. is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., offer a variety of services for institutional investors. Subsidiaries of Jefferies Group, Inc., together, comprise an institutional brokerage firm focused on trading in equity, high yield, convertible and international securities, as well as research for institutional investors, and an investment bank offering capital raising, merger, acquisition, and restructuring services for middle market companies. Jefferies & Company, Inc. is also an industry leader in equity trading services for institutional investors, as recognized by numerous consulting and survey organizations.

Jefferies Group, Inc. employs over 900 people in 19 offices worldwide, including Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo and Zurich. Further information regarding Jefferies Group, Inc., including past press releases and historical financial statements, can be found at Jefferies' Web site, www.jefco.com.
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Publication:Business Wire
Date:Oct 3, 2000
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