#1Jefferies Financial Group Inc. 2023 Investor Meeting Monday, October 16th, 2023 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., and its subsidiaries. These forward-looking statements reflect our 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 our strategies for the future development of its business and products. These forward-looking statements are not historical facts and are based on 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 our 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 Jefferies Financial Group Inc. Consolidated Financial Statements and the Notes thereto contained in the Annual, Quarterly and Periodic Reports filed by the such issuer that are also accessible on the SEC website at sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update any forward-looking statements to reflect the impact of circumstances or events that arise after the date of such forward- looking statements. 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. Jefferies 2#32023 Investor Meeting Agenda Start Time 9:00 AM 9:20 AM 9:40 AM 10:00 AM 10:20 AM 10:40 AM 11:00 AM Session Overview Financial Review Investment Banking Equities Fixed Income Asset Management Q & A Speaker(s) Rich Handler, CEO Brian Friedman, President Matt Larson, CFO Andrea Lee, Co-Head of Global Investment Banking Raphael Bejarano, Co-Head of Global Investment Banking Alejandro Przygoda, Co-Head of Global Investment Banking Peter Forlenza, Global Head of Equities Fred Orlan, Global Head of Fixed Income Nick Daraviras, Co-Head of Asset Management Sol Kumin, Co-Head of Asset Management Jefferies 3#4Overview Rich Handler, CEO Brian Friedman, President Jefferies#5The Jefferies Difference Jefferies is one of the world's leading investment banking and capital market firms We believe our success is grounded in our balance of extreme urgency and long-term perspective. We know there is no shortcut to building our capabilities and client base. We have patiently built Jefferies and our culture around: Relentless Client Focus THREE PILLARS Differentiated Insights A Flat and Nimble Operating Structure Jefferies 5#6Inflection Point: Our Time Growth led by Investment Banking and further fueled by three factors: Major Competitive Opening Broader and Deeper Jefferies Platform Cyclical Recovery Jefferies 6#7Investing in Top Investment Banking Talent... 212 As of 11/30/2019 +2 2020 We have increased MDs by +148 (70%) since 2019 +35 2021 +50 2022 +61 Projected 2023 360 Projected 12/1/2023 Jefferies 7#8...Across the Globe 2019 33 Offices (1) 269 non-U.S. Investment Bankers 61 non-U.S. MDs 2023 44 Offices (1) 495 non-U.S. Investment Bankers 126 non-U.S. MDS (+107%) See pages 65-70 at the back of this presentation for endnotes. San Francisco Americas +83 MDS (+55%) Los Angeles Chicago Dallas Toronto Miami Houston Boston New York Charlotte São Paulo 27 EMEA +44 MDS (+87%) London Amsterdam Stockholm Madrid •-Frankfurt Milan Paris O-Tel Aviv Dubai • Mumbai APAC +21 MDS (+207%) O ● Singapore Tokyo Hong Kong ● Sydney Melbourne Jefferies 8#9Positioned to Capture Greater Market Share Our commitment to MD recruitment, as well as training and promotions, enhance the opportunity to maximize our competitive positioning 360 Total IB MDs (Projected 12/1/23) 57% of our MDs have either been hired (36%) or promoted (21%) since 11/30/2019 +186 Less than 3 years at JEF Jefferies 9#10Investment Banking Growth In a cyclical downturn for Investment Banking... Market Size(1) ($ Billions) M&A, ECM & LevFin $57.3 2019 -15% $48.7 LTM Q3'23 See pages 65-70 at the back of this presentation for endnotes. ...we have grown revenue... Core Investment Banking Revenue(²) ($ Billions) $1.5 2019 +40% $2.1 LTM Q3'23 ...and improved our market position JEF Market Position Global Advisory, ECM & DCM (3) Global Advisory & ECM(3) 2019 #12 # 10 LTM Q2'23 #7 #6 Jefferies 10#11Cash Equities Growth Total Equities Revenue (1) ($ Billions) $0.8 2019 3.1% 2019 +43% See pages 65-70 at the back of this presentation for endnotes. Pan-Europe Cash Equities Market Share(2)(3) $1.1 +175bps LTM Q3'23 4.9% Success in Regional Growth 1H'23 U.S. Cash Equities Market Share (2) (3) 4.3% 2019 1.8% +130bps 2019 Asia (Ex.China) Cash Equities Market Share(2)(3) 5.6% +217bps 1H'23 4.0% 1H'23 Jefferies 11#12Core Credit Products Growth Total Fixed Income Revenue(1) ($ Billions) $0.7 2019 See pages 65-70 at the back of this presentation for endnotes. Building Upon Areas of Strength +59% $1.1 LTM Q3'23 Global Core Credit Market Share(2) 2.6% 2019 +130bps 3.9% 2022 Jefferies 12#13Alternative Asset Management - Opportunity Jefferies Strategy We are committed to growing our fee revenue to realize the stable, growing, high margin opportunity that exists. Our approach is one where Jefferies maintains investments with asset managers on our platform. We look to recycle capital to support new strategies. Since 2019, Jefferies has: ▪ Increased management fee revenue by 2.6x. ▪ Produced attractive performance from a diversified platform of underlying managers. ▪ Achieved significant AUM(¹) growth of over $18 billion. ▪ Decreased invested capital, while attaining profitable growth. See pages 65-70 at the back of this presentation for endnotes. Management Fee Revenue ($ Millions) $23 2019 Management Fee Growth +162% $61 LTM Q3'23 Jefferies 13#14Path to Accelerating Momentum Continue to Invest in Top Talent and Talent Development Drive Market Share Gains Capitalize on Alliance with SMBC Leverage Technology and ESG Grow Jefferies Brand Jefferies 14#15Continue to Invest in Top Talent... Broad multinational footprint 5,500+ Employees 40+ Global Offices 20 Countries An A growing and diverse workforce tof wat 1,250+ employees (+30%) added since 2019, with almost half outside the US 550+ investment banking professionals (+51%) added across various sectors and products since 2019 ■ ■ ■ Madrid ■ Driving significant regional expansion ■ Dubai Melbourne Paris São Paulo Tel Aviv Toronto Jefferies 15#16...And Talent Development Starting almost six years ago, doubled down on talent development at all levels Focused on emerging talent and continuous development Jefferies Providing robust leadership development and mentoring opportunities firmwide To strengthen our firm culture and brand differentiation Deepening our commitment to DEI, rolled out Inclusive Leadership Training to employees To strengthen our culture of inclusivity and ability to attract and retain the best and brightest Continuing to enhance firmwide performance management process To ensure firmwide efficiency and talent identification and investment Jefferies 16#17A Capitalize on Alliance with SMBC SMBC has committed ~$3.4 billion to Jefferies and intends to increase its share stake to 15%(1) Our strengthened and expanding alliance... Jefferies ...provides enhanced client capabilities... ...including for jointly covered investment grade clients. 5th largest investment banking firm in the US(2)(3) 7th largest investment banking firm globally(2)(3) + SMBC 2nd largest bank in Japan(4)(5) 8th largest bank globally (ex-China)(4)(5) $2 trillion of total assets, including a $284 billion non-Japan loan balance(6) See pages 65-70 at the back of this presentation for endnotes. Greater global collaboration and balance sheet capacity facilitates: ■ ■ Comprehensive M&A and ECM services for SMBC borrower clients Larger underwrites in Leveraged Finance Tailored financing solutions, including bridge loans, staple financings, derivatives / risk management, pre-IPO revolvers, and margin loans. For designated SMBC borrower clients with dedicated Jefferies investment banking coverage: ■ Jefferies to provide M&A and ECM services I SMBC to provide credit products and investment grade DCM services Jefferies 17#18Accelerating Momentum since the Alliance Expansion Closed Transactions with SMBC Since May 2023 Includes the largest Global IPO in 2023 (Arm)(¹) and the largest European convertible bond (Cellnex) in more than 2 years (1) Energy October 2023 RIVIAN $1,725,000,000 Telecom Convertible Notes Offering Joint Bookrunner August 2023 cellnex €1,788,000,000 Convertible Notes Offering and Repurchase Joint Global Coordinator and Joint Dealer Manager See pages 65-70 at the back of this presentation for endnotes. Technology September 2023 arm $5,228,000,000 Initial Public Offering Joint Bookrunner Healthcare August 2023 Envista $500,000,000 Convertible Notes Offering Joint Bookrunner Technology 5 September 2023 SEAGATE $1,500,000,000 Healthcare Convertible Notes Offering Joint Bookrunner June 2023 Noile-Immune Biotech ¥3,083,000,000 Initial Public Offering Joint Global Coordinator and Joint Bookrunner Real Estate Safehold Energy August 2023 $139,000,000 Common Stock Offering Joint Bookrunner HESS May 2023 Hess Midstream $345,000,000 Common Stock Offering Joint Bookrunner Finance August 2023 Xercules CAPITAL $111,000,000 Common Stock Offering Joint Bookrunner Technology May 2023 GHX ⓇI $850,000,000 Amendment and Extension of Credit Facility Joint Lead Arranger Jefferies 18#19Opportunities through Long-Term Strategic Partnerships BERKSHIRE HATHAWAY INC. Berkadia Berkadia commercial real estate finance and investment sales J.V. with Berkshire Hathaway, established in 2009 #1 in Freddie Mac Loan Origination (¹) (As of Dec 31, 2022) #2 in Fannie Mae Loan Origination (1) (As of Dec 31, 2022) #3 in FHA/HUD Loan Origination (1) (As of Dec 31, 2022) #4 in CRE/Multi-Family As a Lender(1) (As of Dec 31, 2022) See pages 65-70 at the back of this presentation for endnotes. Largest Non-Bank Servicer(1) (As of Dec 31,2022) $395B UPB Servicing Portfolio (As of Q3'23) $23.1B New Financing Origination (LTM Q3'23) $10.7B Brokered CRE Transactions (LTM Q3'23) ...MassMutual Jefferies Finance LLC A 50/50 J.V. with MassMutual, established in 2004, Jefferies Finance (JFIN) is a leading commercial finance company focused on arranging leveraged loan transactions and managing third party capital across large and mid cap strategies Ranked #1 on Left Lead US Sponsor-Backed LBO Transactions (²) (2018-Q3'23) Lead arranged over 1,450 transactions representing >$310B of financing (Inception to Q3'23) Generated more than $6.0B in gross fees (Inception to Q3'23) Assets under management over $15B(³) (As of Q3'23) Jefferies 19#20Leverage Technology and ESG ■ Technology Digital network drives information sharing and workflow management ■ Implement an artificial intelligence strategy driven by approved use cases that enable new functionality to the firm safely and securely ■ Strengthen trading system resiliency in light of record trading volumes experienced in past quarters ■ Renewed focus on safety and soundness with cyber security remaining a top strategic priority + ESG ▪ 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 Jefferies 20#21Strengthening our Brand Jefferies is emerging as one of a handful of global investment banking leaders. How Jefferies' Investment Research Leapfrogged Competitors The bank has stolen market share from others and made an "unprecedented" jump in the rankings of research providers. May 12, 2023 Flis "Jefferies ranked third in 2022, up from seventh place in 2021, an "unprecedented" jump..." Institutional Investor #10 in 2019 See pages 65-70 at the back of this presentation for endnotes. Investment Banking: Global Rankings Jump FT FINANCIAL TIMES Japan's SMBC plans to triple stake in Jefferies in Wall Street push New York and Tokyo banks seek deeper ties as they try to compete with larger rivals Advisory & ECM Jefferies Jefferies and SMBC partnership etteries HEARD ON THE STREET Jefferies Signals Green Shoots in Wall Street's Investment Banking Lull Some positive signs at bank might herald better-than-feared quarter for its megabank competitors By Telis Demos Follow June 28, 2023 8:19 am ET Share AA Resize 520 MADISON Jefferies #6 LTM Q2'23(1) THE WALL STREET JOURNAL Listen (2 min) : Jefferies Is Hiring 10 Investment Bankers for India Expansion ■ New hires could rank from associates to managing directors ■Jefferies has been increasing its presence in Asia Pacific Bloomberg wwwwwwww Jefferies Jefferies 21#22Our Process We spoke to more than 500 clients, prospects, intermediaries and internal stakeholders to understand the essence of our brand. Jefferies 22#23Their Feedback is our Brand Blueprint Decision makers told us that their choice is rarely about league tables or balance sheets. . It's about trust and insight. They told us that Jefferies: Provides a partnership based on trust Truly understands our business ● •.00 congs us creative ideas Has excellent people Furthermore, they choose Jefferies over competitors because they: Get unique insights and deep sector expertise that translates into better outcomes Can depend on the drive and excellence of our people Experience our high touch service and commitment Their feedback forms the foundation of a single, unified powerful brand narrative that WE ALL seek to deliver clearly, consistently and with great purpose. Jefferies 23#24Three Qualities Set Jefferies Apart Insightful We lead with ideas and advice. • We offer bespoke advice, ● informed by product and sector expertise and deep client/stakeholder relationships. • We deliver high-quality creative ideas and execution for clients. • We develop and apply unique macro and sector perspectives and analyses. Driven Our structure and culture are designed to deliver for clients. ● • We anticipate and deliver precisely what clients need, when they need it. • We are flat, nimble and entrepreneurial. • We relentlessly focus on client service. High Touch Every client relationship is personal. • We're incisive and personal: We care about our clients' business success as much as they do. • We collaborate seamlessly, globally, without borders or bureaucracy. • We bring senior professionals to all engagements and are able to deploy the full resources of the firm meet client needs and ensure successful execution. Jefferies 24#25Our Future Is Now Clear Path to Accelerating Momentum Low-Risk Fee Revenue Driving Growth >>> Increasingly Unique Franchise ☐o ☐ Focused on Total Shareholder Return Jefferies 25#26Financial Review Matt Larson, CFO Jefferies#27Driving Forward and Building Long-Term Value in Challenging Markets Despite a Challenging Environment... We Have Elevated Through Market Share Gains Macro Environment ■ Volatility in markets Geopolitical uncertainty Sharply rising interest rates Inflation Investment Banking Dormant M&A environment ECM & LevFin markets substantially closed See pages 65-70 at the back of this presentation for endnotes. $2.1B vs. $1.5B Core Investment Banking Revenues(1)(2) LTM Q3'23 vs. 2019 $2.2B vs. $1.5B Capital Markets Revenues(2) LTM Q3'23 vs. 2019 Jefferies 27#28A Step Change in Our Core Business' Revenue Core Investment Banking & Capital Markets Revenues +46% Since 2019(1)(2) Core Investment Banking Revenue (1)(2) Capital Markets Revenue(2) See pages 65-70 at the back of this presentation for endnotes. $1.5B $0.4 $0.4 $0.8 2019 $1.5B $0.7 $0.8 2019 +40% ■Advisory Equity Underwriting +51% ■ Equities Debt Underwriting Fixed Income $2.1B $0.3 $0.5 $1.3 LTM Q3'23 $2.2B $1.1 $1.1 LTM Q3'23 Jefferies 28#29Commitment to Shareholder Return Capital Returned: (2018- YTD Q3'23) Buybacks: $3.8B Quarterly Dividends: $1.2B Special Dividends: $1.0B Total: $5.9B $1.3B 2018 $2.4B 2019 ■Cumulative Regular Dividends $3.4B 2020 $3.9B 2021 Cumulative Special Dividends $5.0B 2022 Cumulative Share Repurchases $5.9B YTD Q3'23 Jefferies 29#30A Leader in Dividend & Stock Price Growth Stock Price Growth (1): (12.31.19 vs. 9.29.23) Jefferies: 79% Peer(1)(2) Max: 60% Dividend Growth (1): (2019 vs. Annualized(3) 2023) Jefferies: 140% Peer(2) Avg: 85% See pages 65-70 at the back of this presentation for endnotes. $20.42 12.31.19 $0.50 2019 79% 140% $36.63 9.29.23 $1.20 Annualized 2023 Jefferies 30#31Creating Value for Our Shareholders Long-term shareholders benefit from our focus on growing our market position and managing our capital utilization Fully Diluted Shares Outstanding(1) (Millions) 374 12/31/2016 See pages 65-70 at the back of this presentation for endnotes. -33% 317 11/30/2019 252 8/31/2023 Jefferies 31#32Increased Productivity via Strategic Actions & Investments A focused investment in technology and allocation of resources to our core businesses $828 2019 Revenue per Head (¹) ($ Thousands) See pages 65-70 at the back of this presentation for endnotes. +12% $926 LTM Q3'23 Investments in key technological infrastructure and new systems underpin our employees' ability to operate more efficiently Focus on hiring in more profitable and impactful businesses such as Investment Banking Continuing to expand market share in core products through strategic hiring Wind down of non-core businesses and investments Jefferies 32#33Investing in Technology & Growth Our largest expense categories align with our focus on continuing to grow and invest in our business Technology, Communications & Professional Services ■ Development of Madison, our in-house CRM tool, which will facilitate greater cross-business interactions with our clients ■ Front-office trading platform to support continued product offerings ■ Infrastructure modernization & mobility improvements ■ Continued focus on enhanced cyber security ■ Support of our growing global footprint See pages 65-70 at the back of this presentation for endnotes. 45% Transaction & Client Related Costs Other Expenses $1.3B Non-Comp Expenses FYTD Q3'23 13% 34% 8% Transaction & Client Related Costs (1) ■ Expanded product offerings ■ Regional expansion ■ Market share gains across Investment Banking products ■ Strong Capital Markets trading volumes ■ Occupancy & Equipment ■Technology, Commmunications, & Professional Services Jefferies 33#34Capital, Liquidity & Funding Stable capital, liquidity, and funding are core principles As of August 31, 2023 $10.8B of Cash & Cash Equivalents & Other Sources of Liquidity 4.0% Level 3 Assets Owned as a % of Total Financial Instruments Owned $7.8B Tangible Equity 6.9X Tangible Gross Leverage (¹) $17B Total Long-Term Capital 8.8 Weighted Average Years Maturity of Unsecured Long-Term Debt ~5 Months Average Term for Non-Clearing Corp Eligible Repos See pages 65-70 at the back of this presentation for endnotes. Capital Liquidity Funding Jefferies 34#35Investment Banking Andrea Lee, Co-Head of Global Investment Banking Raphael Bejarano, Co-Head of Global Investment Banking Alejandro Przygoda, Co-Head of Global Investment Banking Jefferies#36Key Developments since 11/30/2019 Strengthened key teams or expanded coverage in... ■ Consumer Debt Advisory & Restructuring Direct Lending Energy Transition Equity Capital Markets Financial Institutions Financial Sponsors Healthcare Industrials Leveraged Finance M&A Private Capital Private Funds TMT Jefferies has continued to invest in Investment Banking Strategic alliance... Expanded international coverage in... ■ ■ ■ Australia Brazil Canada France Germany Hong Kong India Italy ΜΕΝΑ I Southeast Asia Spain ■ Sweden UK With SMBC ($284 billion non- Japan loan balance), which has already led to multiple successful transactions and mandates across products globally Leadership transition... ■ ■ Next generation leadership team installed Broadened empowerment across our overall team Jefferies 36#37We Have Built a Leading Global Footprint, with Significant Reach Across Every Major Region Americas 997 Investment Bankers 208 Managing Directors ▪ 122 MDs with 3+ years at JEF H M EMEA E H Globally, we have over 1,400 Investment Bankers, including 319(1) Managing Directors, operating in 17 countries JEF Rank by Region (M&A & ECM) (2) 2019 FYTD Q3'23 M 386 Investment Bankers 87 Managing Directors 38 MDs with 3+ years at JEF APAC (3) DER 106 Investment Bankers I 24 Managing Directors ■ 8 MDs with 3+ years at JEF See pages 65-70 at the back of this presentation for endnotes. #8 #11 #23 #6 #8 # 15 We have built a global network across the Americas, EMEA and APAC (³) Our global network, flat structure and culture of service allow us to serve clients holistically, with best-in-class talent from across the globe This provides us with a unique and sustainable service advantage relative to what our competitors can offer Jefferies 37#38Revenues Increased 40% Since 2019; Fee Pools Declined by 15% ▪ LTM ended Q3 2023 Core Investment Banking (1) revenues were $2.1 billion ▪ As of Q3'23 our footprint has increased by 107 Managing Directors since FY19, including 74 internal promotions Global Fee Pool ($ Billions) Period End MDs Period End MDs with 3+ years at JEF Period End Investment Bankers See pages 65-70 at the back of this presentation for endnotes. $1.5 FY19 $57.3 212 118 954 Core Investment Banking Revenues (1) ($ Billions) $2.5 FY20 $65.1 214 124 969 $4.4 FY21 Advisory ■ Equity Underwriting $106.7 249 150 1,237 Debt Underwriting $2.8 FY22 $65.5 299 174 1,436 $2.1 LTM Q3'23 $48.7 319 168 1,489 Jefferies 38#39Deep and Expanding Sector Expertise m Acute and Behavioral Healthcare Biotechnology Generic & Specialty Pharmaceuticals m H Healthcare Information Technology " I m M M Healthcare Large Cap Pharmaceuticals Life Sciences Tools & Services Managed Care & Payor Services Medical & Dental Products Consumer We now have in place specialized MD coverage of almost all key industry subsectors H M Medical Devices ■ Blue denotes recent addition of or increased coverage of subsector since the beginning of Fiscal 2020 ■ Pharmaceutical Services Post Acute Care Services M Medical Technology Apparel Retailing Beauty & Personal Care Products Consumer Products Fitness, Wellness & Consumer Services Food and Beverage Products Hardlines Retailing Health, Nutrition & Wellness Products Luxury Goods Omnicommerce H Restaurants & Food Service ■ Retail Healthcare Veterinary Healthcare . . . Agriculture Automotive Supply H Automotive Aftermarket Oil & Gas Exploration Oil & Gas Midstream Oil Field Services. W Power & Renewables Utilities . H Aviation H 11 M H 1 Energy & Power Energy Transition Oil & Gas Downstream Aerospace & Defense Building & Construction Materials Business Services Capital Goods Chemicals ■ Industrials W ■ W M 1 H Distribution Services Industrial Distribution Industrial Services Industrial Technology Logistics & Transportation Maritime Metals Mining Paper & Packaging ■ Asset & Wealth Management Banks & Depositories Financial Services ■ Broker Dealers Bank Technology ■ Commercial Finance Consumer Finance Insurance ■ Insurance Services ■ Investment Funds Market Structure I Specialty Finance H " M M M ■ Education Technology Enterprise Resource Planning & Content Mgt Software ■ Entertainment ■ Communications Equipment Content Production & Distribution Development & Operations Software Digital & Diversified Media H FinTech Governance, Reg & Compliance Software ▪ Human Capital Management Software Infrastructure Software & Cloud Services Internet IT Services ■ REGAL Gaming Healthcare REITS Industrial REITS TMT Leisure Lodging Multifamily & Office REITS Self-Storage REITS ■ Omnicommerce ■ ■ H H H M M M ■ ■ ■ Marketing Services Mobility m m Publishing & Broadcasting Payments & Processing Real Estate, Mortgage & Insurance Software Security Software Semiconductors Sports Supply Chain Software Technology Enabled Services Telecom Services Higher Education Housing Opportunity Zones ■ Tobacco Settlements Municipal Finance Airports and Transportation Healthcare Jefferies 39#40Our Position and Team have Continuously Strengthened Over the Last Five Years ($ Billions) Rank 1 2 3 4 5 6 7 8 9 10 JPMorgan Goldman Sachs Morgan Stanley BofA Securities Citi Barclays Jefferies Evercore Rothschild LTM 02'23 Global Rankings Advisory, ECM & DCM(1)(2) RBC Total Assets $3,868 $1,571 $1,165 $3,123 $2,424 $1,940 $53 $3 $19 $1,440 See pages 65-70 at the back of this presentation for endnotes. LTM Q2'23 Revenue $6.4 $6.4 $4.9 $4.7 $2.7 $2.5 $2.3 $2.1 $1.8 $1.6 Ranking A Since FY 2019 ↑ from 12 ($ Billions) Rank 1 2 3 4 5 6 7 8 9 10 Goldman Sachs JPMorgan Morgan Stanley BofA Securities Evercore Jefferies Rothschild Citi Lazard Barclays LTM Q2'23 Global Rankings Advisory & ECM(1)(2) LTM Q2'23 Revenue $4.9 $4.0 $3.4 $2.5 $2.1 $1.9 $1.8 $1.6 $1.5 $1.1 Ranking A Since FY 2019 ↓ from 10 Jefferies 40#41Financial Sponsor Franchise 5th in Global Sponsor-Backed Investment Banking(1) See pages 65-70 at the back of this presentation for endnotes. Rank 1 2 3 4 5 6 7 8 9 10 800 Private Equity Firms Covered by Approximately 30 Managing Directors LTM Q3'23 Global Rankings Sponsor-Backed M&A, ECM, LevFin(¹) JPMorgan Goldman Sachs Morgan Stanley BofA Securities Jefferies Barclays Citi Evercore RBC Capital Markets Credit Suisse Fee Market Share 10.6% 9.6% 5.8% 5.3% 4.7% 4.4% 3.8% 2.5% 2.5% 2.3% Ranking A Since FY 2019 ↑ from 7 1 st in U.S. Sponsor M&A by number of deals(1) Jefferies 41#42Strategic Priorities Grow our market share by monetizing the breadth, scale and quality of our global team Leverage our alliance with SMBC to better serve our clients, and to serve more clients ⠀⠀ Drive growth in serving corporate clients, to complement our sponsor franchise Continue to focus on developing our talent, both through internal growth and selective external hiring; predominantly very experienced and tenured MDs Jefferies 42#43Equities Peter Forlenza, Global Head of Equities Jefferies#44Step Change in Market Position Our Business has Experienced a Significant "Step Change" in Revenue, Continuing Our Momentum Total Equities Revenue(³) ($ Millions) See pages 65-70 at the back of this presentation for endnotes. 3.2% Market Share(1) in 2019 $768 2019 4.9% Market Share(1) in 2023 (2) $1,101 Achieved against the backdrop of a very challenging primary issuance market. LTM Q3'23 Jefferies 44#45Global Cash Equities (1) Market Share Growth Global (5) 172bps Growth 3.2% 4.9% 2019(3) 2023(³) Consistent Market Share(2) Gains Driving Milestone Competitive Positioning See pages 65-70 at the back of this presentation for endnotes. US 130bps Growth r 4.3% 5.6% 2019(3) 2023(3) Pan-Europe 175bps Growth 3.1% 4.9% 2019(3) 2023(³) Asia ex. China 217bps Growth 1.8% 4.0% 2019(3) 2023(³) Key Rankings 1st Global Convertibles (4) 1st US Electronic Trading (4) Product & Service Quality 2nd India Cash Equities International Brokers(2) 4th US High Touch (2) 4th UK High Touch(2) 5th US Low Touch (2) Jefferies 45#46Advisory - Global Research KEY RESEARCH HIGHLIGHTS Senior Analysts: 122 Globally Stocks Covered(1): 3,600+ incl. Co-Brand Stock coverage increased by 26% since 11/30/19(1) Covering stocks across 50 countries Co-Branded: 4000 3500 3000 2500 2000 1500 1000 500 0 JPMorgan Jefferies w/ CBS Citi Morgan Stanley Continued Expansion in Global Research with Differentiated Thought Leadership Global Stock Coverage (6) BofA ML 8 partners globally UBS Goldman Sachs HSBC Barclays Daiwa RBC ""| Cfra/Nomurawm See pages 65-70 at the back of this presentation for endnotes. China Int'l Citic Securities Morningstar RECORD RESULTS DIFFERENTIATED STOCK COVERAGE 29% of US stocks covered by Jefferies are not covered by our top 5 competitors 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 43% Health Care 37% US #6 Most improved ranking in the US survey with 17 ranked analysts and 6 analysts ranked #1(3) Differentiated Stock Coverage(6) 32% Overlap with 0 or 1 Top 5 Competitve Peers 26% 26% 24% 23% SMALL CAP COVERAGE Jefferies is #1 in global small cap stock coverage 21% "|||| 20% Consumer Staples Europe #6 Record II ranking in 2023 with analysts ranked in 24 sectors(4) 19% Real Estate 700 600 500 400 300 200 100 0 Jefferies Citi JPMorgan Asia #3 Maintained #3 Asiamoney ranking for the 2nd straight year(2)(5) GLOBAL STOCK COVERAGE Including our co-brand partners, Jefferies is #3 in global stocks covered Global SMID Cap Coverage(6) Morgan Stanley UBS Daiwa BofA ML Goldman Sachs Barclays Jefferies HSBC 46#47Investment in Advisory Driving Market Share and Revenue Gains Jefferies Research Payments are Market Leading (1) Provider A Provider B -60.7% Change in Payment Revenue (CY 2018 vs. H1'23 Annualized) -40.7% Provider C See pages 65-70 at the back of this presentation for endnotes. -31.3% Provider D -26.9% Provider E -20.1% Provider F -4.1% Provider G 5.0% Provider H 10.8% Provider I 12.3% Provider Jefferies J 14.0% 38.1% Jefferies 47#48Driving Strategic Growth 1 2 3 Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and Broadening our Client Footprint Expand our Total Addressable Market by Building Client-Requested Capabilities and Higher Margin Businesses Continue Significant Market Share and Revenue Momentum while Capitalizing on Competitor Dislocation We have significantly expanded our footprint in the last 5 years, enabling us to improve our client breadth and service all clients that comprise our addressable wallet. Americas Legacy EMEA Recent Expansion ➤ India ➤ Australia ► Japan ➤ France ➤ Germany ➤ Israel APAC ➤ Dubai ➤ Latin America Near Term Expansion ► Canada Jefferies 48#49Driving Strategic Growth 1 2 3 Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and Broadening our Client Footprint Expand our Total Addressable Market by Building Client-Requested Capabilities and Higher Margin Businesses Continue Significant Market Share and Revenue Momentum while Capitalizing on Competitor Dislocation See pages 65-70 at the back of this presentation for endnotes. Expanding our Total Addressable Market "TAM"(1) Expanded TAM(1) ~$50-60bn Current TAM(1) ~$15bn-$20bn Prime Brokerage Swaps Derivatives Program Trading Jefferies 49#50Fixed Income Fred Orlan, Global Head of Fixed Income Jefferies#51Business Performance Long-term investments in the strength and diversity of our franchise have resulted in durable revenue generation Total Fixed Income Revenue(1) ($ Billions) $0.7 2019 $1.3 Record best 2020 See pages 65-70 at the back of this presentation for endnotes. $1.0 2021 59% Growth $0.8 2022 40% Growth $1.1 LTM Q3'2023 Growing headcount abroad Period End Headcount 2019 Average Gross Assets(3) +12% Int'l 个 35% Efficient use of balance sheet 2019 Aug 23 -8% 9M 2023 Strategic deployment of capital Average Capital (2) 2019 Average Stress Loss +5% Reduced levels of stress loss 2019 9M 2023 -7% 9M 2023 Jefferies 51#52Driving our Opportunity Curve Higher Jefferies voted #1 for Net Positive Business Momentum(1) Global Core Credit (4 consecutive years) Sustained focus on long-term growth of our core businesses See pages 65-70 at the back of this presentation for endnotes. Global Core Credit Client Wallet (1) 2019-2022 个15% Street 个70% Strong Franchise Growth vs. Peers Jefferies Jefferies Client Wallet Growth Momentum (¹) 2023 & Beyond 2.6% Market Share 2019 个1.7x vs 2019 3.9% Market Share 2022 >1.5x ~6% share Wallet Opportunity vs 2022 Jefferies 52#53Ongoing Commitment to be the "Partner of Choice" for our Clients Expanding Global Platform Deepening Client Relationships Top 100 Global Fixed Income Clients (1) 2019 Client Revenues 2023 Annualized (3) 90% vs FY2019 2020 2021 2022 See pages 65-70 at the back of this presentation for endnotes. (3) 2023 Annualized + International Fixed Income Client Revenues 2019 International Production x2 vs FY2019 2023 Annualized (3) + Improving Service Quality Rankings (2) Jefferies Top 10 Dealer Rankings Overall Service Quality E.U. Distressed Debt E.U. EM Credit E.U. High Yield E.U. Par Loans U.S. Distressed Debt U.S. EM Credit U.S. High Yield U.S. Par Loans Most Helpful Originator U.S. CLO Most Helpful Traders Global EM Credit E.U. High Yield U.S. Distressed Debt U.S. High Yield U.S. Municipals U.S. Par Loans Most Helpful Analysts Global EM E.U. Lev Finance U.S. Lev Finance Jefferies 53#54Focus on Enhancing our Electronic Trading Capabilities Technology Efficiently leveraging technology and incorporating Al to provide our clients with unique access to optimal sources of liquidity See pages 65-70 at the back of this presentation for endnotes. Collaboration Integrating our high-touch voice & low-touch electronic capabilities enables us to deliver differentiated solutions to our clients and helps us recycle risk more efficiently Product Growth Extending our electronic trading capabilities throughout our Fixed Income platform across both regions and products including Municipals, Emerging Markets and Structured Credit #3 Dealer in High Yield Electronic Trading(¹) ✓ Top 5 Dealer in High Yield Portfolio Trading (2) Jefferies 54#55Strategic Focus Core Credit Focus Aligned with Investment Banking Unique Ideas & Differentiated Solutions Best-in-Class Service Outstanding High & Low Touch Global Execution Capabilities Exceptional Talent & Collaborative Culture Continuous Commitment to Culture of Discipline "Partner of Choice" for clients Realize higher quality share Durability of revenues Jefferies 55#56Asset Management Nick Daraviras, Co-Head of Asset Management Sol Kumin, Co-Head of Asset Management Jefferies#57Leucadia 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 ■ ■ LAM provides its affiliated asset managers with access to stable long-term capital, robust operational infrastructure, as well as global distribution. Strategic Alignment LAM offers investors the opportunity to invest alongside Jefferies, which maintains investments with revenue share and/or equity interests in the asset managers on the platform. Platform constructed by an efficient use of capital ▪ LTM Q3'23 management fees of $61 million, built through provision of strategic seed and acceleration capital Growth in fee participation "acquired" via Limited Partner investments have yielded positive results despite volatile markets Jefferies 57#58Fee Growth ■ Long term goal is stability and growth of fee revenue, as evidenced by 2023's increased management fee revenue ▪ In a difficult fundraising environment, new products and offerings have supported stable AUM at affiliated managers, as we continue to recycle capital to support future strategies ▪ $50 million from revenue share participation with low associated direct costs in LTM Q3'23 Total Asset Management Fees and Revenues (Fiscal Year 2020 vs LTM Q3'23) $ Millions +765% 27 Performance Fees IFY 2020 23 +162% 61 Management Fees LTM Q3'23 27 +233% Total Fees 88 Jefferies 58#59Performance Profile Total Select Asset Management Revenue(1) (Fiscal Year 2020 vs LTM Q3'23) $ Millions 283 381 246 See pages 65-70 at the back of this presentation for endnotes. 337 ■FY 2020 ■FY 2021 ■FY 2022 LTM Q3'23 Fiscal YTD (9 month) 3-Year Total Return Total Investment Return (Fiscal Year 2020 vs LTM Q3'23) $ Millions 256 FY 2020 LAM 7.7% 45.4% 260 FY 2021 LAM ex Oak Hill (2) 157 FY 2022 n/a 31.8% 248 LTM Q3'23 HFRI Index 5.9% 21.4% Jefferies 59#60■ ■ ■ Capital Raising Update Marketing & Investor Relations team includes 25 professionals (up from 13 in FY 2020), providing global client coverage ■ Added new team member based in Singapore to enhance coverage of the APAC region which now includes professionals based in Hong Kong, Tokyo, and Singapore Despite a challenging capital raising environment, Leucadia's Marketing and Investor Relations Team has raised over $2.4 billion in LTM Q3'23 Selectively expanding team across functional areas and regions to facilitate optimal support for clients and affiliated managers ■ Significant commitments into Point Bonita, JAT Capital, FourSixThree, Manteio, and Pearlstone Point Bonita has reached ~$1.4 billion of overall AUM; the strategy expects to remain closed until early next year as it builds its portfolio and creates additional capacity Strong pipeline for remainder of 2023 and H1 2024 Recent strategy additions are gaining marketing momentum (e.g. Pearlstone and StemPoint) 42% of managers still have less than 3-year track record Long/short hedge funds (e.g. ISO-mts, JAT, Kathmandu, StemPoint, SVI, and 31512 Capital) have performed well YTD on an absolute / relative basis despite a volatile market environment Actively marketing private strategies (e.g. Hildene Private Credit Fund, Monashee Growth Equity Strategy, and Point Bonita) Supporting the Jefferies Finance platform: Additionally, our Marketing and Investor Relations team provides support to our Investment Banking joint venture, Jefferies Finance Significant commitments including $625 million investment from ADIA into Large-Cap BDC Actively marketing JCP Middle Market Direct Lending Fund II See pages 65-70 at the back of this presentation for endnotes. Aggregate NAV-Equivalent AUM(1) (Fiscal Year End 2019 vs Current 2023) $ Billions 11 0.1 FY 2019 Capital Raised (Calendar Year 2020 vs LTM Q3'23) $ Billions 1.1 Jefferies Finance 1.9 ■CY 2020 1.3 All Strategies ex-Jefferies Finance 29 Q3 2023 LTM Q3'23 2.0 2.4 Total Jefferies 60#61Our Platforms and Strategies ($ Billions) Multi-Manager Credit Equity Long/Short Other (2) A DYMON ASIA (2) SSCHONFELD Topwater (2) W WEISS (2) (2) (2) CAM CATENARY ALTERNATIVES ASSET MANAGEMENT (2) 3/5/2 CAPITAL FOUR SIXTHREE CAPITAL LP HILDENE CAPITAL MANAGEMENT (2) ISO (5) Jefferies FINANCE PEARLSTONE ALTERNATIVE POINT BONITA CAPITAL (2) JAT CAPITAL MANAGEMENT KATHMANDU (2) SVI (2) StemPoint capital (3) MIM Monashee Strategic Vision Investment * INVESTMENT MANAGEMENT (4) CORE COMMODITY MANAGEMENT (2) (2) (4) TEPHRA DIGITAL Manteio Capital ILLUMINATE FINANCIAL Strategy Multi Equities Multi Multi Equities Asset-Backed Securities Special Situations/Distressed Asset-Based & Opportunistic Credit Long/Short Bank Credit Corporate Credit European Opportunistic Credit Trade Finance TMT Equities Energy / Cyclicals Greater China Equities Bio-Pharma Capital Markets Commodity-Related Liquid Digital Assets Quant/Al Fintech Venture Capital *Denotes new strategy was added in FY2023 See pages 65-70 at the back of this presentation for endnotes. AUM (1) $1.8 $3.6 $0.3 $2.9 $0.2 $0.4 $0.6 $3.9 $0.1 $14.0 $0.1 $1.4 $0.7 $0.3 $0.2 $0.2 $1.9 $9.7 $0.0 $0.1 $0.2 Invested 2020 2019 2013 2018 Description Asia-focused multi-manager platform investing across equities, credit, fixed income/rates, and FX Market-neutral equity platform focused on fundamental and tactical strategies globally First-loss, scalable multi-manager and multi-strategy liquid securities platform Multi-strategy asset manager with 40-year track record (founded in 1978) allocating across equities, credit, and macro Multi-PM, market-neutral platform built on proprietary insights into where alpha resides within equity markets 2020 Structured product strategies, emphasizing consumer-related asset-backed securities 2021 Distressed and opportunistic credit strategy investing across sectors and geographies 2023 2022 2022 2004 2022 Diversified institutional asset manager focused on asset-based and credit opportunities; founded in 2008 Niche long/short strategy focused on bank credit-related instruments CLO manager, leveraged finance and middle-market credit investing platform Pan-European fundamental credit strategy focused on idiosyncratic opportunities Trade finance and supply chain-based corporate credit investments 2019 2021 Fundamental TMT-focused long/short equity manager 2018 Global long/short equity strategy specializing in energy and related cyclical sectors 2021 Greater China-focused fundamental L/S equity manager focused on structural mega trends Long-biased, biopharma focused long/short equity strategy 2023 2020 Focus on capital markets new issuance across equities, converts, credit, and crossover strategies; founded in 2011 2011 Active strategies designed to provide enhanced commodity exposure 2022 Digital assets strategy providing exposure to the blockchain and Web3 ecosystem 2021 Quantitative strategy that leverages Artificial Intelligence and traditional capital markets insights Venture capital firm dedicated to fintech/enterprise software companies; founded in 2014 2022 Jefferies 61#62Strategic Priorities Grow fee-generating third party assets; prospect of long-term stable cash flows Earn strong return on invested capital; recycle capital to support new strategies Continue to add new strategies; three were added in FY 2023 Manage cost and mitigate risk Leverage support infrastructure to manage launch costs and operating expenses Strict controls to manage and limit risk Stop losses, if necessary, at pre-determined levels Jefferies 62#63Q&A Session Please submit questions using the webcast question box Jefferies#64Appendix Jefferies#65Endnotes These notes refer to page 8 (1) Map does not show all office locations. These notes refer to page 10 (1) Source of data: Dealogic. (2) Core Investment Banking Revenue is a non-GAAP financial measure. See Appendix for Non-GAAP reconciliation. (3) Source: Investment banking market position based on data compiled by Jefferies and derived from publicly available company filings, including Form 10-Qs and 10-Ks, earnings releases and supplements. These notes refer to page 11 (1) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology. (2) Cash Equities market share and ranks sourced from a third-party market survey. (3) Cash includes high touch, low touch, agency program trading and swaps commissions in addition to advisory payments. These notes refer to page 12 (1) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology. (2) Core Credit Market Share definition and data provided by Coalition/Greenwich. These notes refer to page 13 (1) AUM includes aggregate NAV and NAV-equivalent Assets Under Management held by us and our affiliated asset managers as of each period end. Jefferies 65#66Endnotes These notes refer to page 17 (1) SMBC's $2.25 billion financing in 2021 and investments will, at market prices as of 4/27/23, the date of the press release announcing an expansion of the Jefferies and SMBC strategic alliance, result in a financial commitment to Jefferies of approximately $3.4 billion. (2) Source of data: Investment Banking rank defined as M&A, ECM and LevFin per Dealogic. (3) Data as of LTM August 2023. (4) Based on total assets. (5) Source of data: https://www.spglobal.com/marketintelligence/en/news-insights/research/the-world-s-100-largest-banks-2023 as of FYE 2022. (6) Source of data: https://www.smfg.co.jp/english/investor/financial/small/pdf/20230904_bofa_pre01e.pdf. These notes refer to page 18 (1) Source of data: Dealogic. These notes refer to page 19 (1) Source of data: Mortgage Bankers Association annual report. (2) Source of data: Dealogic. (3) Includes both proprietary and third-party AUM. These notes refer to page 21 (1) Source: Investment banking market position based on data compiled by Jefferies and derived from publicly available company filings, including Form 10-Qs and 10-Ks, earnings releases and supplements. These notes refer to page 27 (1) Core Investment Banking Revenue is a non-GAAP measure. See Appendix for Non-GAAP reconciliation. (2) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, Jefferies Financial Group refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been reclassed to conform with the revised methodology. Jefferies 66#67Endnotes These notes refer to page 28 (1) Core Investment Banking Revenue is a non-GAAP measure. See Appendix for Non-GAAP reconciliation. (2) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology. These notes refer to page 30 (1) Source of data: Bloomberg. (2) Peer group defined as: BAC, C, GS, JPM, MS. (3) Annualization calculation: Q1 Dividend + Q2 Dividend + Q3 Dividend + Q3 Dividend = Annualized 2023. These notes refer to page 31 (1) 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 and other shares. See Appendix for non-GAAP reconciliation. These notes refer to page 32 (1) As of November 30, 2022, certain reclassifications were made within the Consolidated Statement of Earnings to present Income from associated companies and Interest expense within Net revenues. Net revenues, for purposes of calculating Revenue per Head, has been recast to conform to this presentation. These notes refer to page 33 (1) Transaction & Client Related Costs include the following expenses: Business Development, Cost of Sales, Brokerage Clearing & Exchange Fees and Underwriting Fees. These notes refer to page 34 (1) See Appendix for reconciliation to GAAP amount. These notes refer to page 37 (1) Headcount as of period end 8/31/23. (2) Source: Dealogic. FYTD as of 8/31/23. (3) APAC excludes China. Jefferies 67#68Endnotes These notes refer to page 38 (1) Core Investment Banking Revenue is a non-GAAP measure. See Appendix for Non-GAAP reconciliation. (2) Source: Dealogic LTM as of 8/31/23. These notes refer to page 40 (1) Source: Investment banking market position based on data compiled by Jefferies and derived from publicly available ompany filings, including Form 10-Qs and 10-Ks, earnings releases and supplements. (2) FX rates as of 9/29/23. These notes refer to page 41 (1) Source: Dealogic. LTM as of 8/31/23. These notes refer to page 44 (1) Market share sourced from a third-party market survey and reflects Global Cash Equities which represents cumulative share across US, Pan-Europe, and Asia ex. China markets. (2) 2023 market share reflects H1'23 calendar results (latest available). (3) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology. These notes refer to page 45 (1) Cash includes high touch, low touch, agency program trading and swaps commissions in addition to advisory payments. (2) Cash Equities market share and ranks sourced from a third-party market survey. (3) Market share reflects full year 2019 versus H1'23 calendar results. (4) Convertibles and Electronic Trading rank sourced from Coalition/Greenwich. (5) Global market share represents cumulative share across US, Pan-Europe, and Asia ex. China markets. Jefferies 68#69Endnotes These notes refer to page 46 (1) Reflects our internal Equity Research coverage from 2019 versus 2023. (2) Asia includes our co-branded coverage. (3) US ranking reflects 2022 Institutional Investor results. (4) Europe ranking reflects 2023 Institutional Investor results. (5) Asia ranking represents 2022 Asiamoney results. (6) SMID Cap Stock Coverage Breadth information is as of August 2023, sourced from Starmine, and includes our co-branded partners in the survey. These notes refer to page 47 (1) Market data provided by Substantive Research H1'23 Report. These notes refer to page 49 (1) Total addressable market figures are estimated and sourced from Coalition/Greenwich report. These notes refer to page 51 (1) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology. (2) Average Capital excludes Intraday Cash. (3) As of November 30, 2022, we changed our accounting for our secondary trading activity related to purchases and sales of corporate loans. Refer to our Annual Report on Form 10-K for the period ended November 30, 2022 for more information. Average gross assets for 2019 have not been restated for the affect of this change, which would have the effect of reducing the difference for average gross assets between 2019 and 9M 2023. These notes refer to page 52 (1) Rankings sourced from Coalition Greenwich 2022 Fixed Income Study. Jefferies 69#70Endnotes These notes refer to page 53 (1) # of Clients based on accounts with >$1m in Annualized Client Revenues. (2) Rankings sourced from Coalition Greenwich 2022 Fixed Income Study. (3) Period reflects Q3'23 YTD annualized metrics. These notes refer to page 54 (1) MarketAxess 9M YTD August 2023. (2) TradeWeb 9M YTD August 2023. These notes refer to page 59 (1) Total Select Asset Management Revenue is a non-GAAP measure. See Appendix for Non-GAAP reconciliation. (2) LAM revenues ex Oak Hill is a non-GAAP measure, which represents $586M of Investment Return less revenues of $175M generated as a result of the sale of Oak Hill in 2022. These notes refer to page 60 (1) AUM includes aggregate NAV and NAV-equivalent Assets Under Management held by us and our affiliated asset managers as of each period end. These notes refer to page 61 (1) AUM includes aggregate NAV and NAV-equivalent Assets Under Management held by us and our affiliated asset managers as of each period end. (2) Represents revenue share agreement. (3) Equity investment made 10/7/19. Not wholly-owned by Jefferies. (4) Not wholly-owned by Jefferies. (5) Jefferies Finance (JFIN) is a 50/50 joint venture between Jefferies and Mass Mutual Life Insurance Company. Leucadia Asset Management's share of net earnings from JFIN is included in Investment Banking net revenues. Jefferies 70#71Reconciliation of Core Investment Banking (non-GAAP measure) ($ Billions) Total Investment Banking Revenue (GAAP) Other Investment Banking Revenue Core Investment Banking Revenue (non GAAP)(¹) (4) EN 2019(2) $1.5 $(0.0) (3) $1.5 (3) 2020 $2.6 $0.1(3) $2.5 2021 $4.7 $0.3(3) $4.4 2022 $2.9 $0.1(3) $2.8 LTM 8/31/2023 Note: The above table reconciles 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. $2.3 $0.2(3) $2.1 (1) Core Investment Banking Revenue primarily represents revenue from advisory services and equity and debt underwriting services. Amount shown for the year ended November 30, 2019 is as reported in the Jefferies Financial Group Annual Report on Form 10-K for the year ended November 30, 2021. During the year ended November 30, 2022 and in connection with the merger of Jefferies Group LLC with and into Jefferies Financial Group, Inc. we realigned our presentation of Other investment banking revenues to include revenues from our lending and servicing of automobiles and revenues from various public equity positions. Other investment banking revenues for the year ended November 30, 2019 have not been revised to conform to the current reporting. (4) Core Investment Banking Revenue (non GAAP) is equal to Total Investment Banking Revenue (GAAP) less Other Investment Banking Revenue. Jefferies 71#72Reconciliation of Fully Diluted Shares Outstanding (non-GAAP Financial measure) (Millions) Common Shares Outstanding (GAAP) Restricted stock units ("RSUS") Convertible preferred shares(¹) Stock options(2) Other Fully diluted shares outstanding (non-GAAP) (3) As Of 11/30/2016 11/30/2019 8/31/2023 359 292 14 22 H 0 0 0 0 1 1 315 374 210 14 21 1 252 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) Convertible preferred shares added to book value and fully diluted shares outstanding assume that the 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. Jefferies 72#73Reconciliation of Tangible Assets, Tangible Equity and Tangible Gross Leverage Ratio (non-GAAP Financial 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) As Of 8/31/2023 $56,045 ($1,872) $54,173 $9,699 ($1,872) $7,827 6.9 Note: The above table reconciles certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Jefferies Financial Group results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. (1) Tangible gross leverage ratio is equal to tangible assets divided by tangible equity. Jefferies 73#74Reconciliation of Total Select Asset Management Revenue (non-GAAP measure) ($ Millions) Asset mgmt. fees and revenues (GAAP) Investment Return (GAAP) Total Select Asset Management Revenue 2020 $27 $256 $283 2021 $121 $260 $381 2022 $89 $157 $246 LTM 8/31/2023 $88 $248 $337 Note: The above table reconciles 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. Jefferies 74