#1Jefferies Financial Group Inc. 2022 Investor Meeting Wednesday, October 12, 2022 LL Jefferies#2Important Disclosures Forward Looking Statements. Certain statements contained herein may constitute "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995, regarding Jefferies Financial Group Inc., Jefferies Group LLC and their respective subsidiaries. These forward-looking statements reflect the respective issuer's current views relating to, among other things, future revenues, earnings, operations, and other financial results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to an issuer's strategies for the future development of its business and products. These forward-looking statements are not historical facts and are based on the respective issuer's management expectations, estimates, projections, beliefs and certain other assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, the cautionary statements and risks set forth in the respective issuer's Annual and Quarterly Reports and other reports or documents filed with, or furnished to, the SEC from time to time, which are accessible on the SEC website at sec.gov. This information should also be read in conjunction with each respective issuer's Consolidated Financial Statements and the Notes thereto contained in the Annual, Quarterly and Periodic Reports filed by such issuer that are also accessible on the SEC website at sec.gov. Any forward-looking statements made by an issuer herein are unique to that issuer and are not to be attributed as statements made or endorsed by any other issuer. Not an Offer. These materials are provided for shareholders of Jefferies Financial Group Inc. and are for informational purposes only. These materials do not constitute an offer to sell, or a solicitation of an offer to buy, any security or instrument, or a solicitation of interest in any fund, account or strategy described herein. Performance Information. Past performance is not necessarily indicative of future results. 2 Jefferies#32022 Investor Meeting Agenda Start Time 9:00 AM 9.30 AM 9:50 AM 10:10 AM 10:30 AM 10:50 AM 11:00 AM 11:10 AM Session Overview Financial Review Investment Banking Equities Fixed Income Asset Management Vitesse Q & A Speaker(s) Rich Handler, CEO Brian Friedman, President Matt Larson, CFO Chris Kanoff, Global Head of Investment Banking Peter Forlenza, Global Head of Equities Fred Orlan, Global Head of Fixed Income Nick Daraviras, Co-President of Asset Management Sol Kumin, Co-President of Asset Management Bob Gerrity, CEO Vitesse Energy 3 Jefferies#4Overview Rich Handler, CEO Brian Friedman, President Jefferies#5The Jefferies Difference Today, with our focused business model, Jefferies is one of the world's top investment banking and capital market firms, continuing to grow market share and attract the best talent. We believe Jefferies' success is grounded in our long-term approach, knowing there is no shortcut to building our capabilities and client base. Instead, we have patiently focused on building Jefferies and our culture around three pillars: Relentless Client Focus gee Differentiated Insight 5 ܩܐܘ A Flat and Nimble Operating Structure Jefferies#6Consistently Executing Against Our Strategy Our consistent strategy and strong risk management practices have proven to be effective - even during challenging markets 1 5 2 3 4 Drive shareholder value and continue to focus on delivering ROTE Grow our core businesses, with Investment Banking as the overriding opportunity 6 Invest in people to gain market share and in technology to enhance our offerings and increase productivity Leverage strategic partnerships to enhance our core businesses Maintain a conservative and efficient balance sheet, high levels of liquidity and careful risk management Jefferies#7Consistent Focus on Driving Shareholder Value End of Period Tangible Book Value Per Fully Diluted Share + Cumulative Dividends Per Share(¹) $21 Jefferies has and will continue to make shareholder value a paramount focus 2017 See pages 65-69 at the back of this presentation for endnotes. $26 2018 $27 2019 14% CAGR End of Period TBV/Per Fully Diluted Share 7 $31 2020 $37 2021 Cumulative Dividends Per Share $39 Q3 2022 Jefferies#8Consistently Returning Capital to Shareholders Regular Cash Dividend Increase Reduction in Fully Diluted Shares Outstanding 200% $0.40 373 2017 $0.50 $0.50 328 2018 315 2019 (2) Fully Diluted Shares Outstanding (mm)` See pages 65-69 at the back of this presentation for endnotes. $0.60 274 2020 $1.00 274 2021 31% $1.20 256 Q3 2022 (3) Annualized Cash Dividend Per Share 8 $0.2 66% of 12/31/16 Tangible Book Value(4) has been returned to shareholders 2017 $1.5 2018 ■Cumulative Share Repurchase $5.0B Shareholders(1) Capital Returned to $2.6 2019 $3.6 2020 $4.1 2021 $5.0 Q3 2022 Cumulative Cash Dividend ■Cumulative Special Dividend ($ Billions) Jefferies#9Continuing to Drive Value Creation Through Strategic Actions Most recent steps to drive greater shareholder value & return excess capital to shareholders Sale of Idaho Timber Merger of Jefferies Financial Group and Jefferies Group Simplification of Corporate Structure and Wind down of Non-Core Businesses Announced Spinoff of Vitesse Energy Since Mid-2012, we have realized $2.5 billion in pre-tax gains on non-core asset sales 9 Jefferies#10Sustained Focus on Long-Term Growth of Core Businesses Investment Banking(¹) & Capital Markets Revenue Growth vs. Industry Peers (% growth since 2016) 2016 2017 See pages 65-69 at the back of this presentation for endnotes. Industry Leading Revenue Growth 2018 2019 10 2020 2021 131.8% Jefferies 68.8% -22.4% LTM Q2-22 Industry Peers(2) Jefferies#11Continuing to Grow Market Share by Focusing on Our Clients $6.4B Revenues LTM Q3'22 $3.6B Investment Banking Revenues LTM Q3'22 $1.8B Capital Markets Revenues LTM Q3'22 See pages 65-69 at the back of this presentation for endnotes. 121 New IB MDs 70 hired and 51 promoted since November 30, 2019, backing up our commitment to invest in talent and growth 61 BPS Increase in aggregate market share across Core IB products (M&A, ECM, Lev Fin) since 2019(1) 109 BPS Increase in aggregate market share for Global Cash Equities between 2022 and 2019(2) 11 Clients First-Always™ Jefferies#12Core Business Growth Continue to lead with Investment Banking expansion... $1,662 2019 Investment Banking Revenues ($mm) Bankers $3,620 953 See pages 65-69 at the back of this presentation for endnotes. 1,432 LTM Q3'22 ..while further enhancing our full range of Capital Markets & Research capabilities... $1,455 Revenues ($mm) Headcount $1,772 1,090 Capital Markets 2019 12 1,231 LTM Q3'22 ...and growing our strategy offerings(¹) & AUM (2) in Asset Management $11 Asset Management ■AUM ($Bs) (2) # of Strategies $31 2019 12 Q3'22 20 Jefferies#13Ongoing Growth in Investment Banking Market Share Consistently growing Investment Banking franchise as the backbone of our growth #5 #6 $1.1B 23 Global M&A, ECM and LevFin combined (Q3'22) Global M&A, ECM and LevFin combined (YTD Q3'22) Average M&A Deal Size (YTD Q3'22) New Industry Sub-Sectors Covered Since 2020 Source: Dealogic. See pages 65-69 at the back of this presentation for endnotes. Investment Banking Market Share (M&A, ECM, LevFin)(1) 0.1% 2000 ($ Millions) Addressable Market Jefferies (As per Dealogic) 13 1.1% 2010 Investment Banking Fee Revenues (Global M&A, ECM, LevFin)(¹) 2000 $46,883 $27 2010 2.8% $53,128 $557 2020 2020 $65,015 $1,838 LTM Q3'22 $79,536 $2,451 3.1% LTM Q3'22 CAGR 2.5% 23.0% Jefferies#14Low Risk, Fee Revenue Driving Growth Revenue by Type - 2019 v. LTM Q3'2022 Net Interest / Other 29% $3.9B Net Revenues 2019 Principal Transactions 14% Growth through stable and durable client-based revenue sources Commissions 17% See pages 65-69 at the back of this presentation for endnotes. Investment Banking 39% 67% Fees and Commissions 65% Increase in Revenue 14 Net Interest / Other 20% Principal Transactions 12% $6.4B Net Revenues LTM Q3'22 Commissions 14% Investment Banking 53% Jefferies#15People, Technology and ESG are Foundational to Our Strategy Key Focus ■ Focus on individualized development and retention ▪ Foster a culture of continuous feedback ■ Ensure well-being is a top priority Talent Development Highlights Expanded development programs including one-on- one, tailored training and mentoring ■ W Implemented enhanced performance management processes, including formalized mid-year reviews and an inclusion-focused proficiency in the annual review process ■ Extensive wellness programs, offering resources for employee-partners and their families Technology Key Focus ■ Deliver technology solutions, including enhanced CRM and analytics, as an enabler to business growth ■ Protect Jefferies critical systems and sensitive information from digital attacks through a diligent focus on cyber security ■ Accelerate Cloud transformation journey Highlights Delivery of Fixed Income Algo Trading and Equities Derivatives expansion in Europe through business-led technology strategy ■ ■ Invested in firmwide platform services (including messaging, UI/UX framework and monitoring) to improve efficiency and enhance control environment ■ Defined new IT target operating model and established a consistent firm-wide software development lifecycle ■ Partnered with Amazon Web Services (AWS) to develop a cloud-first policy aimed at modernizing strategic applications 15 ESG Key Focus ■ Provide distinctive advice and thought leadership to our clients in ESG and sustainable finance ▪ Make a positive difference in the communities in which we live and work ■ Build value for clients and stakeholders by leveraging our diverse people and culture Highlights ■ Engaged with 550+ institutional investor clients and 150+ corporate clients on ESG matters ■ Launched firmwide ESG training covering global issues and Jefferies business model ■ Raised $14m as part of Doing Good Global Trading Day for charities providing humanitarian aid and support in Ukraine Implemented Career Relaunch and Job Switch programs aimed at diversifying pipeline of hires ■ Announced Global Fertility, Surrogacy and Adoption program to support inclusive families Jefferies#16Strategic Partnership Updates ■ SMBC Strategic alliance focused on expanding and scaling existing offerings in the U.S. leveraged finance business, while leveraging both companies' strengths in the US healthcare sector ■ Additional goal is to jointly pursue cross border M&A opportunities with Japanese companies Highlights ■ $1.9 billion financing for Jefferies Finance allowing for further growth in origination and underwriting ■ $350 million unsecured credit line to Jefferies Group ..:MassMutual ■ Jefferies Finance joint venture with MassMutual focused on arranging, managing and investing in primarily senior secured loans to corporate borrowers ■ JFIN's private credit investment team, Jefferies Credit Partners ("JCP"), manages third party capital across large and mid cap strategies Highlights Operated through extreme volatility, successfully de-risking a significant underwriting book without balance sheet/liquidity erosion ■ Continued build out of direct lending platform with strong fundraising/investment momentum ■ Grew managed capital across business lines to exceed $17 billion 16 BERKSHIRE HATHAWAY INC. ■ Berkadia commercial real estate finance and investment sales joint venture with Berkshire Hathaway ■ 363 investment sales advisors and mortgage bankers providing nationwide coverage Highlights ■ Mortgage Banking: $40 billion of loans closed across 2,000+ transactions in 2021 ■ Investment Sales: $27 billion of brokered sales across 700+ transactions in 2021 Servicing: 20,000+ loans serviced with an aggregate unpaid principal balance of $337 billion as of 12/31/21 Jefferies#17Themes Underpinning 2022 and Beyond VE MM Solid 2022 results despite ECM and LevFin challenges Growing market share, brand and opportunity Closing out simplification - pure, substantially fee-generating, growing Wall Street firm Shareholder value driven firm 17 Jefferies#18Financial Review Matt Larson, CFO Jefferies#19Balance Sheet & Financials Our Balance Sheet remains strong... As of August 31, 2022 $55B in Total Assets $9.5B of Cash & Cash Equivalents 3.8% Level 3 Assets Owned as a % of Total Financial Instruments Owned $8.4B of Tangible Equity(¹) See pages 65-69 at the back of this presentation for endnotes. 19 ...while continuing to support our growing franchise LTM Q3 2022 $6.4B Net Revenues $1.3B Profit Before Taxes $1.0B Net Income 20% Operating Margin Jefferies#20Income Statement Trend Net Revenue ($ Millions) 3,893 2019 Investment Banking Revenue ($ Millions) 1,662 2019 6,011 2020 2,534 2020 65% 118% 8,185 2021 4,641 2021 6,435 LTM Q3 2022 3,620 LTM Q3 2022 20 Profit Before Taxes ($ Millions) 479 2019 Capital Markets Revenue ($ Millions) 1,455 2019 1,067 2020 2,470 2020 169% 22% 2,254 2021 2,261 2021 1,286 LTM Q3 2022 1,772 LTM Q3 2022 Jefferies#21Focused on Return on Equity Increasing portion of returns driven by core businesses, demonstrating the overall success of our strategy Returns increasing substantially as Tangible Equity(1) has grown by ~$750mm or 10% since 2019 See pages 65-69 at the back of this presentation for endnotes. Tangible Equity(¹) & Adjusted Annualized Return On Tangible Equity (2) ($ Millions) 7,657 2019 7,490 2020 8,656 8,418 || 2021 Tangible Equity 21 (1) 9M 2022 5.9% 2019 11.7% 24.5% 2020 Adjusted Annualized ROTE 2021 12.4% 9M 2022 (2) Jefferies#22Balance Sheet Trend Tangible Gross Leverage Ratio (1) (As of Period End) 6.2 2019 3.3% 6.8 2019 2020 3.6% Level 3 Assets Owned as a % of Total Financial Instruments Owned (% as of Period End) 2020 6.8 See pages 65-69 at the back of this presentation for endnotes. 2021 2.9% 6.3 2021 Q3 2022 3.8% Q3 2022 22 Cash and Cash Equivalents ($ Millions as of Period End) 7,679 2019 Tangible Equity(2) ($ Millions as of Period End) 7,657 2019 9,055 2020 7,490 2020 10,755 2021 8,656 2021 9,478 Q3 2022 8,418 Q3 2022 Jefferies#23Capital, Liquidity & Funding Stable capital, liquidity, and funding are core principles As of August 31, 2022 $11.0B of Global Liquidity 20.5% Global Liquidity as % of Tangible Assets(¹) 243 Days Average Term of Non-Clearing Corp Eligible Repos 82 Days Average Term for Equity Financing $19.0B Long-Term Debt/Equity 9.9 Average Years Maturity of Unsecured Long-Term Debt See pages 65-69 at the back of this presentation for endnotes. 23 Capital Funding Liquidity Jefferies#24Expenses Align with Growth Tech, Comms & Professional Services Drivers ■ Elevated regulatory operating environment ■ Infrastructure modernization & mobility improvements ■ Cyber security risks & concerns ■ Front-Office systems to support expanded offerings Transaction & Client-Related Drivers ■ ■ Activity ramp up of new bankers Increased volumes ■ Expanded product offerings across regions ■ Return of conferences and employee travel Investment Banking, Capital Markets & Asset Management Non-Compensation Expenses 24 33% 8% $1.2B FYTD Q3'22 ■Tech, Comms & Professional Services Occupancy and Equipment 17% 42% ■ Other Expenses Transaction & Client Related Costs Jefferies#25Investment Banking Chris Kanoff, Global Head of Investment Banking Jefferies#26We Deliver Our Capabilities Through An Extensive Global Footprint Americas ▪ 980 Investment Bankers ▪ 191 Managing Directors EMEA Globally, we have over 1,400 Investment Bankers, including 294 Managing Directors, operating in 15 countries ▪ 369 Investment Bankers ▪ 82 Managing Directors APAC 83 Investment Bankers 21 Managing Directors San Francisco Los Angeles Chicago Nashville Dallas Miami Houston 26 Boston New York Washington DC Richmond Charlotte Amsterdam London Paris Madrid Stockholm o Warsaw Frankfurt Milan Zurich o Mumbai Tokyo Hong Kong Singapore Sydney Jefferies#27Revenue and Headcount ▪ 9 months ended Q3 2022 Core Investment Banking revenues(1) were $2.3 billion, resulting in our second-best first 9 months ever ▪ Record 9 months advisory revenues of $1.4 billion and underwriting revenues of $859 million ▪ Our footprint has increased by 82 Managing Directors since 11/30/2019, a result of 51 internal promotions and 70 new hires Period End MDs Period End Bankers 1,764 FY 2017 196 790 See pages 65-69 at the back of this presentation for endnotes. 1,910 FY 2018 206 Core Investment Banking Net Revenues(1) ($ Millions) 881 1,537 FY 2019 ■ Equity Underwriting 212 953 27 2,501 FY 2020 Debt Underwriting 214 968 ■Advisory 4,366 FY 2021 249 1,238 2,261 9M 2022 294 1,432 Jefferies#28Revenue and Market Share Momentum 1.1% Market Share in FY10(1) $1,110mm FY10-FY13 Average Net Revenue See pages 65-69 at the back of this presentation for endnotes. 2.0% Market Share in FY14(1) $1,482mm FY14-FY17 Average Net Revenue 28 2.8% Market Share in FY18(1) $2,579mm Record $4.4bn in 2021 FY18-FY21 Average Net Revenue 3.1% Market Share in FY22(1) $3,442mm LTM Q3 2022 Net Revenue Jefferies#29Global Ranking and Market Share 17 Over the last five years, our global ranking has increased from #10 to #6 for FYTD Q3'22; we rank #5 for QTD Q3'22 Jefferies Global M&A, ECM, LevFin Ranking Over Time 2010 Since 2017, our market share increased from 2.4% to 3.1% 11 2015 Source: Dealogic. See pages 65-69 at the back of this presentation for endnotes. 8 2020 8 2021 6 9M 2022 29 Rank 1 2 3 4 LO 10 7 8 9 10 FYTD Q3 2022 Global Investment Banking Rankings All M&A, ECM, & LevFin(¹) Revenue ($mm) Investment Bank JPMorgan Goldman Sachs Morgan Stanley BofA Securities Citi Jefferies Barclays Credit Suisse Evercore Lazard 4,342 4,293 2,950 2,892 1,940 1,545 1,496 1,310 1,007 888 Fee Market Share 8.6% 8.5% 5.9% 5.7% 3.8% 3.1% 3.0% 2.6% 2.0% 1.8% A Since FY 2017 from 10 Jefferies#30M&A Franchise 12 We rank 6th in global M&A(1) Jefferies Global M&A Ranking Over Time 2010 We remain a major force in advising companies in the sale of their business Larger deals represent the majority of our M&A revenue, while nearly 30% of our transactions are international (¹) 13 2015 Source: Dealogic. See pages 65-69 at the back of this presentation for endnotes. 2020 6 2021 6 9M 2022 30 Rank 1 2 3 4 5 6 7 8 9 10 FYTD Q3 2022 Global Investment Banking Rankings M&A Investment Bank Goldman Sachs JPMorgan Morgan Stanley BofA Securities Citi Jefferies Evercore Lazard Barclays Rothschild & Co Fee Market Share 10.7% 8.9% 7.1% 5.5% 3.9% 3.5% 3.1% 3.0% 2.9% 2.6% A Since FY 2017 from 12 Jefferies#31Equity Underwriting Franchise Jefferies Global ECM Ranking Over Time(²) 30 We rank 6th in global ECM(1)(2) We were active bookrunner on approximately 90% of our ECM deals(1) #1 in U.S. bookrun follow-on offerings and #1 in Europe for Global Coordinator roles(¹) 2010 12 2015 Source: Dealogic. See pages 65-69 at the back of this presentation for endnotes. 7 2020 7 2021 6 9M 2022 31 Rank 1 2 3 4 5 6 7 8 9 10 FYTD Q3 2022 Global Investment Banking Rankings (2) Equity Capital Markets Fee Market Share Investment Bank JPMorgan Goldman Sachs Morgan Stanley Citi BofA Securities Jefferies Credit Suisse Barclays UBS Deutsche Bank 7.8% 7.5% 6.8% 6.5% 6.3% 3.9% 2.9% 2.0% 1.9% 1.8% A Since FY 2017 from 13 Jefferies#32Financial Sponsor Franchise Jefferies Global Sponsor-Backed M&A, ECM, LevFin Ranking Over Time 5 11 We rank 5th in global sponsor-backed transactions(1) We have a leading Financial Sponsor franchise, covering over 650 private equity firms Cover 100+ private equity investors, family offices, sovereign wealth funds, and alternative investors 2010 9 2015 Source: Dealogic. See pages 65-69 at the back of this presentation for endnotes. 7 2020 7 2021 9M 2022 32 Rank 1 2 3 4 5 6 7 8 9 10 FYTD Q3 2022 Global Investment Banking Rankings Sponsor-Backed M&A, ECM, Leveraged Finance Investment Bank Fee Market Share JPMorgan Goldman Sachs BofA Securities Morgan Stanley Jefferies Credit Suisse Barclays Citi Deutsche Bank RBC Capital Markets 9.8% 9.4% 6.0% 5.4% 5.1% 4.4% 4.3% 4.0% 2.7% 2.6% A Since FY 2017 from 7 Jefferies#33Jefferies Finance - Overview H Jefferies Finance ("JFIN") continues to operate prudently JFIN has demonstrated growth and resilience across multiple business cycles, including the current economic disruption JFIN has built a highly successful franchise arranging leveraged loans for distribution to the capital markets and has successfully arranged >1,400 transactions ($290 billion of financing) since inception JFIN also provides direct lending to Jefferies' clients through Jefferies Credit Partners ("JCP"), JFIN's private credit investment team JFIN manages CLOs through Apex Credit Partners ("Apex"), which runs 29 term loan CLOS and revolver funding vehicles, a large share of which were arranged by Jefferies Managed capital across all business lines exceeds $17 billion(1) JFIN's strategy will remain focused on core U.S. and European underwriting business, and furthering the success of our large cap and mid cap direct lending (both origination and asset management), which represents a significant growth opportunity Total Arranged Deal Volume ($ Billions) 10 $0.0 $0.6 $0.6 FY 2005 25 $0.0 $14 $1.4 FY 2006 45 $0.4 $2.9 FY 2007 $3.4 14 $0.1 $0.6 $0.7 FY 2008 See pages 65-69 at the back of this presentation for endnotes. 25 $0.3 $0.6 FY 2009 40 $1.0 $3.8 $2.9 FY 2010 64 $7.7 $2.9 $4.8 FY 2011 69 $11.6 $4.9 $6.8 FY 2012 Committed 118 $21.1 $10.4 $10.8 FY 2013 ■ I During 2022 the Leveraged Finance market has experienced volatility and limited activity resulting from the Ukraine/Russia conflict, rising interest rates and investor concerns around inflation/recession Unfavorable market conditions have resulted in a YTD net loss of $91 million Despite YTD loss, overall leverage remains moderate at 2.9x and strong liquidity remains intact Significant momentum has continued in the Direct Lending business with strong market tailwinds and investor demand 33 ~$2.5 billion of third-party capital raised YTD with a near term sizeable backlog indicating continued growth YTD investment activity across 75 specific transactions supporting nearly 50 separate private equity clients 132 $23.4 $8.5 $14.8 FY 2014 Best Efforts 101 $21.4 $5.9 $15.5 FY 2015 80 # of Deals $17.0 $9.3 $7.7 FY 2016 161 $42.1 $22.5 $19.6 FY 2017 $44.4 175 $22.2 $22.2 FY 2018 98 $18.1 $4.6 $13.5 FY 2019 96 $26.8 $14.8 $12.0 FY 2020 199 $45.3 $21.4 $23.9 FY 2021 97 $18.5 $8.6 $10.0 LTM Q3 22 Jefferies#34Jefferies Finance Summary Financials. Net Revenues ($ Millions) FY 2004 ($1) $5 Pre-Tax Earnings (1) ($ Millions) FY 2004 FY 2005 $2 FY 2005 $17 $41 FY 2006 $6 FY 2006 FY 2007 $16 FY 2007 See pages 65-69 at the back of this presentation for endnotes. - ($26) FY 2008 ($46) FY 2008 Proven Track Record Successfully Navigating Prior Market Down Turns $86 FY 2009 $71 FY 2009 $94 11M 2010 $76 11M 2010 $121 FY 2011 $92 FY 2011 $168 $181 FY 2012 $133 FY 2012 FY 2013 $138 FY 2013 34 $205 FY 2014 $144 FY 2014 $147 FY 2015 $87 FY 2015 $36 FY 2016 1 ($21) FY 2016 $258 FY 2017 $282 FY 2017 FY 2018 $188 $205 FY 2018 $126 FY 2019 $46 FY 2019 I 1 ($13) FY 2020 ($78) FY 2020 $332 FY 2021 LTM Q3 22 $212 FY 2021 ($95) LTM Q3 22 Jefferies#35Strategic Priorities Global ■ Grow market share by monetizing our current breadth and scale of capabilities Firm-wide collaboration and coordination Develop our talent Grow our market share as advisors to corporates Leverage SMBC partnership Targeted hiring, predominantly focused on experienced MDs Monetize our existing footprint ■ Targeted regional hiring ■ Grow leveraged finance practice ■ Americas ■ EMEA APAC Leverage exceptional local equity research and trading strength to build market share Monetize investment in expanded team built over the last several years 35 Jefferies#36Equities Peter Forlenza, Global Head of Equities Jefferies#37Revenue & Market Share Momentum Client-Focused Franchise Driving Significant "Step Change" in Revenue Growth with Continued Momentum 1.6% Market Share(1) in 2010 $636mm 2010-2013 Average Net Revenue See pages 65-69 at the back of this presentation for endnotes. 1.9% Market Share(1) in 2014 $681mm 2014-2017 Average Net Revenue 37 2.6% Market Share(1) in 2018 $967mm Record $1.3bn in 2021 2018-2021 Average Net Revenue 4.0% Market Share (1) in 2022 $1.1bn 2022 LTM Net Revenue Jefferies#38Global Cash Equities Market Share Growth Durable Market Share Gains with Significant Momentum and Milestone Competitive Positioning 155 BPS Growth 2.4% 2017 Global 4.0% 2022 See pages 65-69 at the back of this presentation for endnotes. 142 BPS Growth 3.7% 2017 U.S. 5.1% 2022 216 BPS Growth 2.4% 2017 4.6% 2022 Pan-Europe 38 175 BPS Growth 1.3% 2017 3.0% 2022 Asia-Pacific Key Rankings (1) 1st Global Convertibles 1st Japan and India Advisory 1st U.K. High Touch Cash 5th Global High Touch Cash 6th U.S. Cash Equities 6th Global Low Touch Cash 7th Global Advisory Payments 8th Global Cash Equities Jefferies#39Client Footprint Our Increased Client Breadth and Improved Rankings have Resulted in Record Payment Levels More Clients Trading Across All Regions Number of Active Clients 2,602 2017 US EU AP See pages 65-69 at the back of this presentation for endnotes. 3,173 2021 39 Our Collection Ranks with Clients: 2021 versus 2017 Ranked Top 3 Ranked 4-5 With Improved Global Client Rankings(1) Ranked 6-9 We Rank in the Top 3 with 400+ Clients, Globally Resulting in Record Payment Levels in 2022 With 30% More Clients Versus 2017 With 72% More Clients Versus 2017 With 78% More Clients Versus 2017 Jefferies#40Thought Leadership and Research Footprint Expansion and Momentum in Global Research and Leading Client Service with Thought Leadership Record High Stock Coverage Breadth 2,831 2017 U.S.E.U. 3,515 2021 IA.P. See pages 65-69 at the back of this presentation for endnotes. #1 in Global SMID-Cap Coverage Breadth(¹) 1 2 3 4 5 6 7 8 9 10 Jefferies JPMorgan Citi Bank of America Morgan Stanley Goldman Sachs UBS Credit Suisse HSBC CICC 837 814 40 1,352 1,320 1,312 1,817 1,752 1,640 1,580 1,573 Institutional Investor & Asiamoney Rankings (2) US Europe Asia Ranked 8th (Versus 12th in 2017) Ranked 7th (Versus 18th in 2017) Ranked 3rd (Versus 18th in 2017) Jefferies#41Growth and Momentum into our Growing Opportunity Strategic Direction and Expanding our Total Addressable Market(¹) 1 2 3 Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and Broadening our Client Footprint Expand our Total Addressable Market (¹) by Building Client-Requested Capabilities and High Margin Businesses Continue Significant Market Share and Revenue Momentum while Capitalizing on Competitor Dislocation See pages 65-69 at the back of this presentation for endnotes. 41 Expanding our Total Addressable Market (1) "TAM" Expanded TAM ~$50bn+ Current TAM ~$15bn - $20bn Prime Brokerage Swaps Derivatives Program Trading Jefferies#42Fixed Income Fred Orlan, Global Head of Fixed Income Jefferies#43Overview Drivers for Long-Term Success ■ Our global Fixed Income business is led by our Top 10 Global Credit franchise which is supported by our leading Leverage Finance Investment Banking platform ■ We provide best-in-class ideas and exceptional high and low touch execution capabilities ■ Our strategy is to build and enhance our long-term client partnerships globally, which has driven growth in both market share and the quality of that share, driving better realization of our relationships ■ We maintain a sharp focus on discipline across risk, capital and costs to drive improved returns 43 Jefferies#44Business Performance $506mm 2015-2018 Average Net Revenue (1) See pages 65-69 at the back of this presentation for endnotes. $994mm Record $1.3bn in 2020 42% Growth 2019-2021 Average Net Revenue 44 $719mm 9M¹22 Annualized Net Revenue ■ ■ Continued investment in talent and technology across our franchise has led to more durability in revenues through the cycle Further improvements expected, given momentum in market share Significant investments in our Global Credit businesses have led to 140%+ increase in revenues between 2015- 2018 and 2022 9M annualized Ongoing build-out and integration of Europe, an effort that continues to drive revenue diversification and growth Maintained client momentum in 2022 notwithstanding challenging market environment Jefferies#45Momentum in Credit Trading Businesses Global Credit Franchise(1) Driving Significant Long-Term Revenue Growth 2015-2018 Average Net Revenue (2) See pages 65-69 at the back of this presentation for endnotes. 146% Growth 2019-2021 Average Net Revenue 45 9M¹22 Annualized Net Revenue ■ ■ ■ ■ ■ HY Bonds Loans Distressed Emerging Markets Municipals Investment Grade CLO ABS Jefferies#46Client Footprint Combination of Client Franchise and Trading Strength Leads to Durable Revenues Increasing Cross-Product Penetration # of Clients Active across 7 or More Products Global Fixed Income Capabilities (1)(2) 2016 103% Growth 2022 See pages 65-69 at the back of this presentation for endnotes. + Deepening Client Relationships Top 100 Clients 2022 Client Revenues (1) Top 100 Clients Ann'l ↑ 108% vs. FY2016 2016 2017 2018 2019 2020 2021 2022 Ann'l 46 + Improving Service Quality Rankings (3) Jefferies Dealer Rankings 1 st Top 3 Top 10 Service Quality Top 3 U.S. EM Credit U.S. Distressed Debt E.U. Distressed Debt E.U. High Yield U.S. High Yield U.S. IG Corporates U.S. Par Loans Best Liquidity in Story Credits U.S. HY Bonds Jefferies#47Competitive Positioning Evidence that Our Curve is Shifting Top 10 in Global G10 & EM Credit (excluding derivatives) (1) Improvements in our client franchise have led to more durable revenues and a higher return on capital Market Share Growth Top 10 ranking in six products (vs. three products in 2016) 2021 ■2016 U.S. EM Credit U.S. Distressed U.S. HY Cash Bonds E.U. EM Credit U.S. Par Loans E.U. CLO (2) 1.6% 2.8% 1.7% 1st 4.2% 3.8% 7.0% 6.3% > 5.3% 5.2% % Market Share ~10.0% Expanding and Deepening Our Client Relationships Jefferies voted #3 for Net Positive Business Momentum in U.S. Core Credit Clients expect to do more business with Jefferies in the next 6 to 12 months #1 for Net Positive Business Momentum in E.U. Core Credit Clients expect to do more business with Jefferies in the next 6 to 12 months ~20% Increase in the proportion of clients ranking Jefferies as one of its most important counterparties among the Most Active U.S. Core Credit Investors 75% Increase in # of clients citing relationship with Jefferies among E.U. Core Credit #1: EM LATAM Most Helpful Traders 1st Top 6 7th Quality Share 8th Global EM U.S. Par Loans U.S. Distressed E.U. HY Bonds U.S. HY Bonds Municipals Most Helpful Analysts 5th 8th Top 10 Global EM U.S. Lev Fin Most Helpful Originator Municipals Market Share % Municipals Top 3: U.S. High Yield U.S. CLO 4% Increase in market share to 11%+ in 13 months to 10 year maturities eTrading Rankings 1H2022 (3) Note: All comparisons vs. 2016. Rankings, Market Share and Market Penetration sourced from Coalition Greenwich 2021 Fixed Income Study unless otherwise noted. Market Share represents % of trading volumes done with dealer. Coalition Greenwich research is not a credit assessment and should not form the basis of any lending, credit, or rating decision. 47 See pages 65-69 at the back of this presentation for endnotes. Jefferies EM CEEMEA Sovereigns#48Strategic Focus Leveraging Our Core Strengths to Generate Significant Growth Opportunities 1 2 3 4 5 Partner with Clients to Continue to Grow Market Share and Quality Share, Leading to Better Realization of our Relationships Work closely with Investment Banking to Create More Opportunities for Our Clients Continue to Build-out our Franchise Globally Capitalize on Investments in Technology Continue to Optimize Risk, Capital and Costs to Drive Returns 48 Jefferies#49Asset Management Nick Daraviras, Co-President of Asset Management Sol Kumin, Co-President of Asset Management Jefferies#50Leucadia Asset Management - Overview ▪ Our alternative asset management platform offers an innovative range of investment strategies to predominantly institutional clients through directly owned and affiliated managers We leverage broader Jefferies to source managers, provide them with operational support and bring Leucadia's brand to market We support and develop distinctive investment offerings with proven investment teams We have significant in-house Marketing and Investor Relations functions across all major regions Leucadia provides its affiliated asset managers with access to stable long-term capital, robust operational infrastructure, as well as global distribution. Strategic Alignment 50 Leucadia offers investors the opportunity to invest alongside Jefferies, which maintains investments with revenue share and/or equity interest in the asset managers on the platform. Jefferies#51Growth and Momentum Continued growth in Leucadia Asset Management, as evidenced by 2022's increased management fee revenue and AUM(¹). In LTM Q3 2022: New products and offerings have supported ongoing growth of Assets Under Management ("AUM") of Affiliated Managers(¹) to $31 billion, a 33% increase since fiscal year-end 2021 Fee based revenues(2) of $89 million; including $56 million of management fees and $33 million of performance fees $67 million from revenue share participation with low associated direct costs Investment performance of +6%(³) outperformed S&P 500 Index (-13%) and HFRI Equity Hedge Index (-10%) Five strategies were added in FY 2022 and several additional strategies are actively fundraising - Solid demand for existing multi-manager and credit strategies ▪ Jefferies' broad reach continues to provide a consistent flow of attractive investment opportunities ▪ 50% owned Jefferies Finance (included within Investment Banking results) manages an additional $13.8 billion, up from $10.5 billion in Q3 2021 ■ Aggregate NAV-Equivalent AUM(1) ($ Billions) 11 FY 2019 See pages 65-69 at the back of this presentation for endnotes. 16 FY 2020 51 24 FY 2021 31 Q3 2022 Jefferies#52Fee Revenues ▪ Our long-term goal is scale in fee revenue - LTM Q3 2022 management fees of $56 million (1) and performance fees of $33 million(¹) Q3 2022 management fees of $16 million(¹), reflecting continued ramp of AUM(²) While still positive, performance fees decreased due to lower investment returns in challenging market environment Due to timing differences, LTM Q3 2021 performance fees largely reflect fees earned for 2020 calendar investment results. Likewise, LTM Q3 2022 reflects 2021 calendar performance ● Total Fees (1) (LTM August 2021 vs August 2022) $ Millions 72 33 Performance Fees (1) +30% See pages 65-69 at the back of this presentation for endnotes. 43 LTM Q3'21 56 Management Fees (1) LTM Q3'22 115 89 (1) Total Fees 52 Total Investment Return (LTM August 2021 vs August 2022) $ Millions 312 82 Investment Return LTM Q3'21 LTM Q3'22 Jefferies#53Capital Raising Momentum ▪ Raised nearly $3 billion of new capital via our marketing team in 2022 YTD New clients include institutional investors across North America, Europe, and Asia Significant commitments into Jefferies Finance (Mid-Cap Direct Lending Fund II), Point Bonita, Schonfeld, and Weiss Strong pipeline for remainder of 2022 and 1H 2023 Recent strategy additions are gaining marketing momentum (e.g. 3|5|2 Capital, Hildene Capital, Illuminate Financial, Manteio Capital, and Pearlstone) - Long/short hedge funds (e.g. Kathmandu, JAT Capital, and SVI) have performed well despite a volatile market environment and continue to receive investor interest – Actively marketing private strategies ▪ Continued interest in custom products and larger strategic relationships Marketing & Investor Relations team has grown to 25 professionals (up from 13 in FY 2020), meaningfully increasing client coverage globally ■ - Selectively expanding team across functional areas and regions to facilitate optimal support for clients and affiliated managers 53 Capital Raised $ Billions 0.1 0.7 Jefferies Finance IFY 2021 New York 17 2.3 All Strategies ex- Jefferies Finance 2.0 London 3 YTD 2022 Global Marketing & Investor Relations Team Stockholm Frankfurt 2.4 Total 2.7 Hong Kong 3 Americas: 17 | Europe & Middle East: 5 | Asia Pacific: 3 Jefferies#54Our Platforms and Strategies ($ Billions) Multi- Manager Fundamental Credit Quant VC * * * W SSCHONFELD DYMON ASIA * MIM WEISS INVESTMENT MANAGEMENT CORE COMMODITY MANAGEMENT Topwater Monashee (3) (4) SOLANAS CAPITAL * TEPHRA (2) DIGITAL KATHMANDU JAT CAPITAL MANAGEMENT (2) Jefferies (5) FINANCE SVI (2) Strategic Vision Investment 352 CAPITAL FOUR SIXTHREE CAPITAL LE POINT BONITA CAPITAL HILDENE CAPITAL MANAGEMENT ISO (2) Manteio Capital ILLUMINATE FINANCIAL (2) (2) PEARLSTONE (2) ALTERNATIVE (2) (2) (2) (2) (4) Strategy Multi Equities Multi Multi Capital Markets Commodity-Related ESG Liquid Digital Assets Energy / Cyclicals TMT Equities Greater China Equities Corporate Credit Trade Finance Asset-Backed Securities Special Situations/Distressed Asset-Based & Opportunistic Credit European Opportunistic Credit Long/Short Bank Credit Quant/Al Fintech Venture Capital *Denotes strategy was added in FY 2022 See pages 65-69 at the back of this presentation for endnotes. AUM (1) $3.2 $5.1 $2.7 $0.2 $2.6 $11.1 $0.1 $0.0 $0.2 $0.4 $1.0 $13.8 $0.9 $0.3 $0.5 $2.6 NA (6) NA (6) $0.4 $0.1 Founded Description 1978 Multi-strategy asset manager with 40-year track record allocating across equities, credit, and macro 2014 Market-neutral equity platform focused on fundamental and tactical strategies globally 2008 Asia-focused multi-manager platform investing across equities, credit, fixed income/rates, and FX First-loss, scalable multi-manager and multi-strategy liquid securities platform 2002 2011 Focus on capital markets new issuance across equities, converts, credit, and crossover strategies Active strategies designed to provide enhanced commodity exposure 2003 2009 ESG long/short equity strategy investing across alternative energy and sustainable resources 2022 Digital assets strategy providing exposure to the blockchain and Web3 ecosystem 2015 Global long/short equity strategy specializing in energy and related cyclical sectors 2020 Fundamental TMT-focused long/short equity manager 2014 2004 2019 Trade finance and supply chain-based corporate credit investments 2020 2020 2008 2022 2022 2020 2014 Greater China-focused fundamental L/S equity manager focused on structural mega trends CLO manager, leveraged finance and middle-market credit investing platform Structured product strategies, emphasizing consumer-related asset-backed securities Distressed and opportunistic credit strategy investing across sectors and geographies Diversified institutional asset manager focused on asset-based and credit opportunities Pan-European fundamental credit strategy focused on idiosyncratic opportunities Niche long/short strategy focused on bank credit-related instruments Quantitative strategy that leverages Artificial Intelligence and traditional capital markets insights Venture capital firm dedicated to fintech/enterprise software companies 54 Jefferies#55Leucadia Asset Management Strategic Priorities - ▪ Grow fee-generating third party assets; prospect of long-term stable cash flows ▪ Continue to add new strategies - ▪ Earn strong return on invested capital; recycle capital to support new strategies I Manage cost and mitigate risk - Leverage Jefferies support infrastructure to manage launch costs and operating expenses - Strict controls to manage and limit risk - Stop losses, if necessary, at pre-determined levels 55 Jefferies#56Vitesse Bob Gerrity, CEO Vitesse Energy Jefferies#57Vitesse Energy Story Vitesse ▪ Vitesse is a non-operated working and royalty interest owner of oil and gas assets primarily in the Bakken oil field in North Dakota and focused on acquiring properties with significant development potential and converting its substantial inventory of undeveloped locations into cash flowing wells ▪ As a non-operated working interest owner, Vitesse leverages the drilling, completion and production technology and expertise of leading oil and gas operators (Continental, EOG, Conoco, Hess and others) by investing alongside and participating with them on a proportionate basis in the production and drilling of horizontal wells ▪ Vitesse has interests in over 6,100 productive wells (133 net wells) with an average working interest of 2.6% per working interest well, and an additional ~800 gross wells (16 net) that are drilling, completing or have been permitted for development within its 48,000 net acres as of August 31, 2022 ▪ The Company has completed over 120 acquisitions totaling $520 million and deployed a further $400+ million in the development of its oil and gas properties ▪ As of November 30, 2021, Vitesse had proved reserves of 42.5 million Boe and an estimated inventory of 200+ net undeveloped drilling locations ▪ The Company has always maintained conservative debt levels. Net Debt(¹) at August 31, 2022 was $58 million, representing 0.4x LTM Adjusted EBITDA(¹) Approximately 30% of Vitesse's expected oil production is hedged in 2023 and 2024 at a weighted average price of $77.50/Bbl Our executive team of Bob Gerrity (CEO), Brian Cree (President) and Dave Macosko (CFO) have a combined 75+ years of experience in the oil and gas industry Jefferies has announced that it anticipates Vitesse will be spun off to its shareholders by year-end ■ I See pages 65-69 at the back of this presentation for endnotes. 57 Jefferies#582010 | Original Thesis: Deeper, Denser, Cheaper, Better, Expanded w Horizontal Wells Gerrity 2010 Acreage ■ ■ Vitesse In 2010, Bob Gerrity started to acquire for his ▪ The focus was on purchasing undeveloped own account undeveloped oil and gas leases in prospective areas of the Bakken field of North Dakota shown in yellow on the map properties "ahead of the drill bit" believing that superior economics would be derived from drilling wells that converted undeveloped acreage into streams of cash flow The thesis was that the Bakken is a world class rock and over time fracture technology would improve, drilling costs would decline, and the field would become increasingly economic - Deeper: Additional benches would be viable (additional future locations) Denser: Increased spacing per unit (additional future locations) Cheaper: Well costs and operating expenses would decline as completion technologies improved and efficiencies were realized Better: Reserves per well (EUR) would increase through enhanced frac technology - Expanded: Tier 3 acreage would eventually yield Tier 1 economics with improved frac results across the basin 58 ▪ As producing wells became cash generating, the proceeds were reinvested into purchasing additional undeveloped acreage and horizontal drilling Jefferies#592014 | Jefferies Financial Group's Initial Funding H MAK Vitesse By 2014, Bob Gerrity's original thesis was panning out and activity in the Bakken field was increasing Horizontal Wells Vitesse 2014 Acreage ▪ We sought new capital to purchase oil and gas properties with significant development opportunity and fund the conversion of this undeveloped inventory to cash flow Vitesse Energy was originally funded in 2014, and by 2018 Jefferies had invested a total of $450 million to acquire attractively priced acquisitions of undeveloped inventory and producing assets throughout the Bakken's expanding core ▪ Vitesse created a foundation of systems, processes and data capabilities designed specifically for non-op that enable it to selectively acquire and manage highly economic assets 59 Jefferies#602022 | Vitesse Today Th 1 See pages 65-69 at the back of this presentation for endnotes. - Horizontal Wells Vitesse 2022 Acreage Vitesse Core Bakken drilling activity has expanded into the acreage Vitesse bought at attractive valuations ▪ Vitesse holds substantial undeveloped inventory as its "Deeper, Denser, Cheaper, Better, Expanded" thesis continues to play out ▪ Vitesse now produces a substantial amount of free cash flow and an estimated 80%+ of its asset consists of undeveloped drilling locations ▪ To date, ~17,000 horizontal wells have been drilled in North Dakota and ~800 new wells continue to get drilled each year(¹) ▪ At the current pace, an additional 40,000+(²) Bakken wells are expected to be drilled over the next 50+ years ▪ Vitesse is positioned to participate in this future Bakken development and generate sustainable cash flow 60 Jefferies#61Historical Financials ($ in millions except prices and production) Average NYMEX Oil Price ($/Bbl) Average NYMEX Natural Gas Price ($/MMBtu) Daily Production (Boe/d) Oil and Gas Revenue Realized Hedging Gain/(Loss) Adjusted EBITDA(1) Interest Expense Drilling & Completion Capex Acquisitions Free Cash Flow(1) Net Income (Loss) Dividends Paid (²) Net Debt(¹) Net Debt/LTM Adjusted EBITDA See pages 65-69 at the back of this presentation for endnotes. (1) 2019 $56.20 $2.70 10,724 $171 $4 $109 ($5) ($99) ($5) $36 $25 $102 0.9x Year Ended November 30, 61 2020 $40.20 $2.00 9,655 $97 $27 $64 ($5) ($61) ($9) ($11) ($9) $97 1.5x 2021 $65.97 $3.79 9,899 $185 ($14) $102 ($3) ($37) ($6) $56 $18 $12 $65 0.6x Vitesse Nine Months Ended August 31, 2022 $96.96 $6.31 10,048 $225 ($40) $123 ($3) ($37) ($20) $63 $56 $42 $58 0.4x Jefferies#62Forward Business Plan ■ Pay a regular fixed dividend - $42 million distributed year to date during the first nine months of 2022 Participate in the conversion of our extensive inventory of undeveloped drilling locations to cash flowing assets - $43 million of accrual basis drilling and completion capex year-to-date ▪ Review broad range of acquisition opportunities - Acquisition team led by senior management - Near-term development opportunities - $20 million of acquisitions year-to-date - Look for large, "fat pitch" acquisitions comprised of both undeveloped inventory and producing assets that are accretive to value per share Hedge to reduce impact of volatility of oil prices and protect dividend ▪ Maintain conservative leverage below 1.0x Adjusted EBITDA - $66 million outstanding on Credit Facility with a $200 million Borrowing Base as of August 31, 2022 ■ ■ Vitesse 62 Jefferies#63Q & A Session Please submit questions using the webcast question box Jefferies#64Appendix Jefferies#65Endnotes These notes refer to page 7 (1) Tangible Book Value Per Fully Diluted Share + Cumulative Dividends Per Share is a non-GAAP financial measure. See Appendix on page 70 for reconciliation to GAAP amount. These notes refer to page 8 (1) Cumulative return of capital since end of FY16. (2) Fully diluted shares outstanding at end of each period. Fully diluted shares outstanding, a non-GAAP measure, is defined as Jefferies Financial Group's common shares outstanding plus restricted stock units, stock options, conversion of redeemable preferred shares when dilutive and other shares. See Appendix on page 70 for reconciliation to GAAP amount. (3) Dividend for fourth quarter of each year, annualized, except for Q3 2022 (Q3'22 dividend of $0.30 per share, annualized). (4) Tangible Book Value is a non-GAAP measure. See Appendix on page 71 for reconciliation to GAAP amount. These notes refer to page 10 (1) Investment Banking only includes Advisory, Equity Underwriting and Debt Underwriting components. (2) Industry Peers: Morgan Stanley, JP Morgan, Goldman Sachs, Citi, Bank of America, Barclays, UBS, Deutsche Bank, Credit Suisse. All foreign denominated peers use their base currency for calculations. These notes refer to page 11 (1) Source: Dealogic. (2) Market share sourced from third party market survey and reflects Global Cash Equities. 2022 market share reflects 1H22 results. These notes refer to page 12 (1) Includes arrangements with strategic affiliates. (2) AUM includes aggregate NAV and NAV-equivalent Assets Under Management held by us and our affiliated asset managers as of each period end. These notes refer to page 13 (1) LTM Q3'22 as of 8/31/22. 65 Jefferies#66Endnotes These notes refer to page 19 (1) Tangible Equity is a non-GAAP financial measure. See Appendix on page 73 for reconciliation to GAAP amount. These notes refer to page 21 (1) Tangible Equity is a non-GAAP financial measure. See Appendix on page 73 for reconciliation to GAAP amount. (2) Adjusted Annualized Return on Tangible Equity (a non-GAAP financial measure) is defined as Jefferies Financial Group annualized adjusted net income divided by adjusted tangible shareholders' equity. See Appendix on page 74 for reconciliation to GAAP amounts. These notes refer to page 22 (1) Tangible Gross Leverage Ratio is a non-GAAP financial measure. See Appendix on page 73 for reconciliation to GAAP amounts. (2) Tangible Equity is a non-GAAP financial measure. See Appendix on page 73 for reconciliation to GAAP amount. These notes refer to page 23 (1) Tangible assets is a non-GAAP financial measure. See Appendix on page 73 for reconciliation to GAAP amount. These notes refer to page 27 (1) Includes Advisory, Equity Underwriting and Debt Underwriting revenues. In the first quarter of 2018, we made changes to the presentation of our "Revenues by Source" to better align the manner in which we describe and present the results of our performance with the manner in which we manage our business activities and serve our clients. For a further discussion of these changes, see Jefferies Group LLC's Form 8-K filed on March 20, 2018. We have presented fiscal year 2017 to reflect results on a comparable basis, as reported in Jefferies Group public filings. These notes refer to page 28 (1) Global M&A, ECM, LevFin market share. Source: Dealogic. (2) Reported Advisory, Equity Underwriting and Debt Underwriting revenues. These notes refer to page 29 (1) Excludes Investment Grade and Other DCM. These notes refer to page 30 (1) FYTD as of 8/31/22. 66 Jefferies#67Endnotes These notes refer to page 31 (1) FYTD as of 8/31/22. (2) Fee pool excludes China domiciled issuers. These notes refer to page 32 (1) FYTD as of 8/31/22. These notes refer to page 33 (1) Includes core capital, third party assets under management and committed funding. These notes refer to page 34 (1) FY 2020 includes $80 million of expenses related to backstop liquidity facilities. These notes refer to page 37 (1) Market share sourced from third party market survey and reflects Global Cash Equities. 2022 market share reflects 1H22 results (latest available). (2) LTM Q3'22 as of 8/31/22. These notes refer to page 38 (1) Cash Equities market share and ranks sourced from third party market survey. Market share reflects full year 2017 versus 1H22 results. Convertibles rank sourced from Greenwich. Japan and India Advisory ranks sourced from Asiamoney. These notes refer to page 39 (1) Active clients reflect clients that generate revenue in S&T products. Our collection ranks sourced from third party market survey and reflect our Global Cash Equities rankings (where available) in 2021 versus 2017. 67 Jefferies#68Endnotes These notes refer to page 40 (1) Stock coverage breadth reflects our internal Equity Research coverage from 2017 versus 2021. Asia includes our co-branded coverage. SMID Cap Stock Coverage Breadth information is as of August 2022, sourced from Starmine, and includes our co-branded partners in the survey. (2) Institutional Investor for US reflects 2021 versus 2017. Institutional Investor for Europe reflects 2022 versus 2017. Asiamoney rankings for Asia reflect 2021 versus 2017. These notes refer to page 41 (1) Total addressable market figures are estimated. These notes refer to page 44 (1) Revenues exclude impact of Bache business. Refer to Appendix on Page 72 for reconciliation to GAAP amounts. These notes refer to page 45 (1) Global Credit Franchise: US and EU Credit, Global EM, Municipals, CLO and ABS. (2) Revenues exclude impact of Bache business. Refer to Appendix on Page 72 for reconciliation to GAAP amounts. These notes refer to page 46 (1) Data represents Global Fixed Income Trading Client Revenues as of August 31, 2022. (2) # of Clients based on accounts with >$10k in Client Revenues. (3) Rankings sourced from Coalition Greenwich 2021 Fixed Income Study. These notes refer to page 47 (1) Coalition Greenwich Global Institutional Client Analytics 2021 - based on the leading 1,750 clients. (2) Creditflux: YTD 31 August 2022. (3) MarketAxess Volumes 1H 2022. These notes refer to page 51 (1) AUM includes aggregate NAV and NAV-equivalent Assets Under Management held by us and our affiliated asset managers as of each period end. (2) Includes revenues from arrangements with strategic affiliates. (3) Based on average invested capital on a quarterly basis. 68 Jefferies#69Endnotes These notes refer to page 52 (1) Includes revenues from arrangements with strategic affiliates. (2) AUM includes aggregate NAV and NAV-equivalent Assets Under Management held by us and our affiliated asset managers as of each period end. These notes refer to page 54 (1) AUM includes aggregate NAV and NAV-equivalent Assets Under Management held by us and our affiliated asset managers as of each period end. (2) Represents revenue share agreement. (3) Equity investment made 10/7/19. Not wholly-owned by Jefferies. (4) Not wholly-owned by Jefferies. (5) Jefferies Finance (JFIN) is a 50/50 joint venture between Jefferies and Mass Mutual Life Insurance Company. Leucadia Asset Management's share of net earnings from JFIN is included in Investment Banking net revenues. (6) No third party NAV Equivalent AUM as of 8/31/22. These notes refer to page 57 (1) Net Debt and Adjusted EBITDA are non-GAAP financial measures. See Appendix on pages and 76 for reconciliation to GAAP amounts. These notes refer to page 60 (1) Source: NDIC. (2) Source: IEEFA estimated from IHS Markit data. These notes refer to page 61 (1) Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures. See Appendix on pages 75 and 76 for reconciliation to GAAP amounts. (2) In addition to the dividends paid, Jefferies Financial Group retained close to $25 million in hedging gain proceeds that were attributable to derivatives associated with Vitesse oil production. 69 Jefferies#70Reconciliation of Tangible Book Value per Fully Diluted Share + Cumulative Dividends per Share (a Non-GAAP Measure) ($ Millions except Per Share Amount) Book value (GAAP) Redeemable convertible preferred shares convertible to common Stock options (2) Intangible assets, net and goodwill Adjusted tangible book value (non-GAAP) (1) Common Shares Outstanding (GAAP) Restricted stock units ("RSUS") Redeemable convertible preferred shares convertible to common (1) Stock options Other Fully diluted shares outstanding (non-GAAP) (³) 12/31/2017 11/30/2018 11/30/2019 11/30/2020 11/30/2021 $10,554 $10,061 $9,580 $9,404 $10,106 $0 $7 $0 $0 $0 $0 $125 $121 $6 $6 ($1,923) ($1,890) ($1,913) ($1,898) ($2,463) $7,650 $8,171 $7,663 $7,497 $8,902 356 16 0 0 1 373 308 20 0 70 1 328 292 22 As Of 0 1 315 250 23 0 0 1 274 244 20 LO 5 1 274 8/31/2022 $10,293 $125 $119 ($1,874) $8,662 229 17 5 1 256 Tangible book value per fully diluted share outstanding (4) $20 $25 $24 $27 $32 (5) Cumulative cash dividends per share $0 $1 $1 $2 $3 (6) Cumulative special dividends per share $0 $0 $2 $2 $2 $2 Total Tangible Book Value Per Share + Cumulative Dividends Per Share (non-GAAP) $21 $26 $27 $31 $37 $39 Note: The above tables reconcile certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Jefferies Financial Group results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. (1) Redeemable convertible preferred shares added to book value and fully diluted shares outstanding assume that the redeemable convertible preferred shares are converted to common shares in periods when they were dilutive. These preferred shares were anti-dilutive in the years ended 2017-2020. (2) Stock options added to book value are equal to the total number of dilutive stock options outstanding as of the end of each period multiplied by the weighted average exercise price at the end of each period. Stock options added to fully diluted shares are equal to the total dilutive stock options outstanding at the end of each period. (3) Fully diluted shares outstanding include vested and unvested RSUS as well as the target number of RSUS issuable under the senior executive compensation plans. Fully diluted shares outstanding also include all dilutive stock options and the additional common shares if our redeemable convertible preferred shares were converted to common shares. (4) Tangible book value per fully diluted share outstanding is equal to adjusted tangible book value divided by fully diluted shares outstanding. (5) Cumulative cash dividends per share are equal to the cumulative cash dividends per share since 2017. (6) Cumulative special dividends per share are equal to the special dividend per share of Spectrum Brands in 2019. $34 $4 Jefferies#71Reconciliation of Tangible Book Value (a Non-GAAP Measure) ($ Millions) Book value (GAAP) Intangible assets, net and goodwill Tangible book value (non-GAAP) As Of 12/31/2016 $10,128 ($2,514) $7,614 Note: The above tables reconcile certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Jefferies Financial Group results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. 71 Jefferies#72Reconciliation To Remove the Impact of the Bache Business From Fixed Income Capital Markets Historical Results ($ Millions) Fixed Income Net Revenues (GAAP) Adjustments to Remove Bache(1) Adjusted Fixed Income Net Revenues (non-GAAP) Fiscal Year Ended 11/30/15 $271 (80) $191 Note: The above tables reconcile certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed Adjusted non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Jefferies Financial Group results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. (1) Revenues generated by the Bache business, including commissions, principal transaction revenues and net interest revenue, for the presented period have been classified as a reduction of revenue in the presentation of Adjusted financial measures. 72 Jefferies#73Reconciliation of Tangible Assets, Tangible Equity and Tangible Gross Leverage Ratio (non-GAAP measures) ($ Millions except Leverage Ratio) Total Assets (GAAP) Intangible assets, net and goodwill Tangible assets (non-GAAP) Shareholders' equity (GAAP) Intangible assets, net and goodwill Tangible equity (non-GAAP) Tangible gross leverage ratio (¹) 11/30/2019 $49,460 ($1,923) $47,537 $9,580 ($1,923) $7,657 6.2 11/30/2020 73 $53,118 ($1,913) $51,205 $9,404 ($1,913) $7,490 6.8 As Of 11/30/2021 $60,404 ($1,898) $58,507 $10,554 ($1,898) $8,656 6.8 8/31/2022 $55,230 ($1,874) $53,355 $10,293 ($1,874) $8,418 6.3 Note: The above tables reconcile certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Jefferies Financial Group results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. (1) Tangible gross leverage ratio is equal to tangible assets divided by tangible equity. Jefferies#74Jefferies Financial Group Annualized Adjusted Return on Tangible Equity (a non-GAAP measure) ($ Millions except return percentages) Net income attributable to Jefferies Financial Group common shareholders (GAAP) Intangible amortization and impairment expense, net of tax Tax benefit associated with sale of available for sale portfolio Net income impact for regulatory settlement Adjusted net income (non-GAAP) Annualized adjusted net income (non-GAAP) Shareholders' equity (GAAP) Less: Intangible assets, net and goodwill Less: Deferred tax asset Less: Weighted average year-to-date impact of cash dividends and share repurchases Adjusted tangible shareholders' equity (non-GAAP) Annualized adjusted return on adjusted tangible equity (1) 11/30/2019 $960 $14 ($545) $0 $429 $429 11/30/2018 $10,061 ($1,890) ($513) ($378) $7,280 5.9% Fiscal Year Ended 11/30/2020 $770 $11 $0 $0 $781 $781 74 11/30/2019 $9,580 ($1,923) ($462) ($545) $6,649 11.7% As of 11/30/2021 $1,667 $11 $0 $0 $1,678 $1,678 11/30/2020 $9,404 ($1,913) ($394) ($243) $6,854 24.5% 9M Ended 8/31/2022 $637 $6 $0 $80 $723 $964 11/30/2021 $10,554 ($1,898) ($328) ($540) $7,789 12.4% Note: The above tables reconcile certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Jefferies Financial Group results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. (1) Annualized adjusted return on adjusted tangible equity is equal to annualized adjusted net income divided by adjusted tangible shareholders' equity. Jefferies#75Vitesse Energy Reconciliation of Adjusted EBITDA and Free Cash Flow (non-GAAP measures) ($ Millions) Net Income (Loss) (GAAP) Plus: Interest expense Plus: Income tax expense Plus: Depletion, depreciation, amortization, and accretion 11/30/2019 $36 $5 $0 $65 $3 $0 $0 $109 ($5) ($104) $0 Fiscal Year Ended 11/30/2020 ($9) $5 $0 $58 ($1) ($2) $13 $64 ($5) ($70) ($11) 75 11/30/2021 $18 $3 $0 $61 $1 $19 $0 $102 ($3) ($43) $56 9M Ended 8/31/2022 $56 $3 $0 $46 $8 $7 $3 $123 ($3) ($57) $63 12M Ended 8/31/2022 $81 $4 $0 $62 $8 $0 $3 $158 Plus(Less): Unit-based compensation Plus (Less): Unrealized loss (gain) on derivatives (1) Plus: Adjustments for non-routine items Adjusted EBITDA (non-GAAP) Less: Interest expense Less: Net cash used in investment activities Free Cash Flow (non-GAAP) Note: The above tables reconcile certain Vitesse Energy non-GAAP financial information to their respective U.S. GAAP measures. Vitesse Energy believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Vitesse Energy results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. (1) Our Adjusted EBITDA calculation excludes certain items we consider non-routine and non-recurring. In 2020, adjustments for non-routine items were comprised of $13 million impairment charge to our Colorado and Wyoming properties because of the significant declines in oil and natural gas prices as a result of the COVID-19 pandemic. During the Nine months ended August 31, 2022, the adjustment for non-routine transactions was composed of $3 million of costs related to the Spin-Off. Jefferies#76Vitesse Energy reconciliation of Net Debt and Net Debt-to-Adjusted EBITDA Ratio (non-GAAP measures) ($ Millions except Net debt-to-adjusted EBITDA ratio) Revolving Credit Facility (GAAP) Less: Cash Net Debt (non-GAAP) Net Debt (non-GAAP) Adjusted EBITDA(1) Net debt-to-adjusted EBITDA ratio 11/30/19 $104 $2 $102 11/30/19 $102 $109 0.9 Fiscal Year Ended 11/30/20 $99 $2 $97 76 Fiscal Year Ended 11/30/20 $97 $64 1.5 11/30/21 $68 $3 $65 11/30/21 $65 $102 0.6 9M Ended 8/31/22 $66 $8 $58 12M Ended 8/31/22 $58 $158 0.4 Note: The above tables reconcile certain Vitesse Energy non-GAAP financial information to their respective U.S. GAAP measures. Vitesse Energy believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Vitesse Energy results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix on page 75 for reconciliation to GAAP amounts. Jefferies