Exhibit 99.2

                    Jefferies Announces 2-for-1 Stock Split,
                      Increases Quarterly Dividend by 67%


    NEW YORK--(BUSINESS WIRE)--April 18, 2006--Jefferies Group, Inc.
(NYSE: JEF) today announced that its Board of Directors has approved a
2-for-1 split of all outstanding shares of the corporation's common
stock, payable May 15, 2006 to stockholders of record as of April 28,
2006. The stock split will be effected as a stock dividend of one
share for each one share outstanding on the record date. The Board
also approved a quarterly cash dividend of $0.125 per share on a
post-split basis, up 67% from $0.075 per share (post-split) paid in
the prior quarter. The second quarter dividend will be payable on June
15, 2006 to stockholders of record as of May 25, 2006.
    "This will be our second 2-for-1 stock split in three years and
the fifth time we have increased our dividend over the same period,"
commented Richard B. Handler, Chairman and Chief Executive Officer of
Jefferies. "Our success to date would not be possible without the
support of our 2,030 employee-partners and our loyal clients."

    About Jefferies

    Jefferies, a global investment bank and institutional securities
firm, has served growing and mid-sized companies and their investors
for over 40 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).



    CONTACT: Jefferies Group, Inc.
             Joseph A. Schenk, 212-284-2338