REUTERS AND JEFFERIES ANNOUNCE SIGNIFICANT UPDATE TO CRB INDEX

New York – Reuters (LSE: RTR, Nasdaq: RTRSY), the global information company, and Jefferies Financial Products, LLC, a leading provider of commodity-related products for institutional investors and a subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced a strategic alliance to revise the Reuters CRB Index, to be renamed the Reuters/Jefferies CRB Index ("RJ/CRB").

The CRB Index is a leading global benchmark for commodity price movements. The Index is constructed of commodity futures contracts from the energy, industrial metals, precious metals, grains, livestock and soft sectors and offers diversified exposure to the commodity markets.

Since its launch in 1957, the CRB Index has undergone periodic revisions to maintain an accurate representation of the performance of commodities as an asset class. Effective June 20, 2005, the Index will undergo its tenth revision, amending its components to include three additional commodities (unleaded gasoline, aluminum and nickel) and remove one commodity (platinum). Component weightings will now take into account the relative significance and liquidity of the various commodities markets. In addition, the Index will rebalance its component weightings monthly and will derive its value from nearby futures prices.

"We are excited to work with Reuters and contribute our experience to this important project," said Adam De Chiara, Co-President, Jefferies Financial Products, LLC. "As with previous revisions to the CRB Index, these changes to the components and methodology will further the underlying goal of accurately reflecting broad trends in the commodity markets."

"For almost 50 years, the Index has served as a leading global benchmark for commodities," said Tom Gros, Global head of Equities, Commodities & Energy at Reuters. "We believe the Reuters strategic relationship with Jefferies and these adjustments will enable the Reuters/Jefferies CRB Index to continue as a widely followed barometer for the commodity markets."

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