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GRUPPO, LEVEY & CO. ANNOUNCES STRATEGIC ALLIANCE WITH JEFFERIES & COMPANY, INC.
Relationship Opens New Channel to Financing Options For Direct Marketing Clients

NEW YORK, July 28, 2003 -- Gruppo, Levey & Co., (www.glconline.com), a boutique investment bank focused on the direct marketing and specialty retail industries, has entered into a strategic alliance with Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE:JEF). The alliance combines Gruppo, Levey & Co.’s M&A expertise and knowledge in the direct marketing and specialty retail space with Jefferies’ substantial experience and capabilities in the financing and capital markets.

“We are thrilled to be joining forces with Jefferies and believe the Gruppo, Levey & Co. - Jefferies alliance is a significant value-add for our clients. They are a leader in providing access to capital for the middle-market clients we serve,” says Claire Gruppo, President and Managing Director of Gruppo, Levey & Co. “For the past ten years, Gruppo, Levey & Co. has built strong relationships with direct marketers, equity sponsors and their DM portfolio companies. The Jefferies alliance provides Gruppo, Levey & Co.’s clients with full access to the public and private debt and equity markets and significantly increases their options for growth capital, financing acquisitions and exits.” The Jefferies relationship also incorporates a strategic alliance between Jefferies and GLC Securities Corp., a broker/dealer affiliate of Gruppo, Levey & Co.

Among the latest transactions executed by Gruppo, Levey & Co. and GLC Securities Corp. are the $760 million sale by Madison Dearborn Partners of Reiman Publications to Reader’s Digest Association, the sale by Sandvik AS of Baby’s First Book Club to Scholastic Corp., and the sale to JPMorgan Partners of the catalog assets of Federated Department Stores, Inc.

About Gruppo, Levey & Co.

Founded in 1992, Gruppo, Levey & Co. is the leading investment bank serving the direct marketing and specialty retail industries. Over the past several years, Gruppo, Levey & Co. and GLC Securities Corp. have completed transactions valued at more than $3 billion. The firm’s offices are located in New York. Further information about Gruppo, Levey & Co. and GLC Securities Corp. can be found at www.glconline.com.

About Jefferies

Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), is a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory, capital raising, mergers and acquisitions, and restructuring services to small and mid-cap companies. The firm provides outstanding trade execution in equity, high yield, convertible and international securities, as well as fundamental research and asset management capabilities, to institutional investors. Additional services include correspondent clearing, prime brokerage, private client services and securities lending. The firm’s leadership in equity trading is recognized by numerous consulting and survey organizations, and Jefferies’ affiliate, Helfant Group, Inc., executes approximately eleven percent of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs more than 1,350 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Washington and Zurich. Further information about Jefferies, including a description of investment banking, trading, research and asset management services, can be found at www.jefco.com.

Source: Gruppo, Levey & Co.