Jefferies Financial : Creditor Presentation

Jefferies - A Global Investment Banking Firm

July 2020

Jefferies LLC

Member SIPC

Notes on Forward Looking Statements

This document contains "forward looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

Forward looking statements include statements about our future and statements that are not historical facts. These forward looking statements are usually preceded by the words "expect", "intend", "may", "will", or similar expressions. Forward looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward looking statements also include statements pertaining to our strategies for future development of our business and products. Forward looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain.

It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward looking statements is contained in reports we file with the Securities and Exchange Commission ("SEC"). You should read and interpret any forward looking statement together with reports we file with the SEC.

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Jefferies - A Global Investment Banking Firm

•  Full-Service Investment Banking and Capital Markets Platform: Expertise and depth across equities, fixed income and investment banking.

•  Client-Focused: Providing investor and issuer clients with the highest quality advice and execution.

•  Global Footprint: Sales & trading and investment banking presence across the United States, Europe and Asia.

•  Strong, Stable Foundation: Robust long-term capital base, comparatively low leverage and free from dependence upon government support.

•  Positioned to Seize Market Share: Having broadened our product offering and hired additional key talent continually, Jefferies is positioned to continue to grow.

Earnings Update - Second Quarter 2020 and Last Twelve Months

Second Quarter Ending May 31, 2020 performance:

•  Net Revenues: $1,034 million

•  Pre-Tax Earnings: $173 million

•  Net Earnings: $129 million

•  Revenues by Source:

Last Twelve Months Ending May 31, 2020 performance:



Net Revenues: $3,730 million

•  Pre-Tax Earnings: $515 million

•  Net Earnings: $388 million

•  Revenues by Source:

NET REVENUES BY SOURCE

Asset Mgmt. and Other

($ Millions)

NET REVENUES BY SOURCE

-$83

($ Millions)

Asset Mgmt. and Other $9

Liquidity and Funding Principles

Jefferies' long-standing liquidity and funding principles have maintained the strength and soundness of our platform across market cycles.

•  Owning inventory that is composed of liquid assets that turn over regularly, with Level 3 Financial Instruments Owned at approximately 2% of Financial Instruments Owned as of 5/31/2020.

•  Maintaining a sound, long-term capital base and reasonable leverage relative to our business activity.

•  No material reliance on short-term unsecured funding or customer balances. No commercial paper program.

•  Short-term secured funding that is readily and consistently available through clearing houses, or fixed for periods of time that exceed the expected tenure of the inventory they are funding.

•  Assessing capital reserves and maintaining liquidity to withstand adverse changes in the trading or financing markets and a firm specific idiosyncratic stress.

•  Where appropriate, entering into partnerships and joint ventures with complementary long-term partners to pursue business opportunities that otherwise may exceed our capital capacity or risk tolerance (Jefferies Finance LLC).