Leucadia National: Jefferies Global Footprint 30 Principal Offices 4 As Of 11/30/18

The following excerpt is from the company's SEC filing.

Global Full-Service Capabilities Listed
Derivatives Cash Equities Electronic Trading Prime Services ETFs Convertibles Wealth Management MBS / ABS / CMBS Emerging Markets Investment Grade Rates Municipals TMT Industrials Healthcare Financials Financial Sponsors REGAL Equity Capital Markets
Energy Consumer Debt Capital Markets M&A Public Finance Equities Fixed Income Investment Banking Restructuring Research ETFs Desk Research Leveraged Credit Foreign Exchange Leucadia Asset Management(1) Weiss Multi-Strategy quantPORT Mortgage
Banking (Berkadia) Represents investments in strategies listed in this chart. Cor e-Commodity Schonfeld Fundamental Topwater GEEOF Lake Hill 5

Executive Committee Note: Years at
Jefferies includes experience at acquired predecessor (e.g., Broadview). Made up entirely of internal senior managers, the Executive Committee (“EC”) provides insight, perspective and guidance for the day-to-day operations and strategic
direction of their respective businesses and the firm as a whole. Executive and senior management are actively involved in the risk management process in which they receive daily risk reports showing risk metrics and large exposures in addition to
weekly risk meetings with real time discussions as needed. The Treasury Group prepares a weekly balance sheet and cash capital analysis and reviews with Market Risk and Executive Committees. The 9 members of the EC have combined industry experience
of 309 years, with 146 years (average over 16 years) at Jefferies. Corporate Equities Investment Banking Fixed Income Executive Committee Rich Handler – CEO, Chairman of the Board (34 / 29) Brian Friedman – Chairman of the Executive
Committee (39 / 18) Peg Broadbent – Chief Financial Officer (32 / 12) Michael Sharp – General Counsel (37 / 9) Pete Forlenza – Global Head of Equities (30 / 6) Benjamin Lorello – Global Head of Investment Banking &
Capital Markets (39 / 10) Chris Kanoff – Global Co-head of Investment Banking (34 / 28) Andrew Whittaker – Vice Chairman (31 / 29) Fred Orlan – Global Head of Fixed Income (33 / 5) * (Years of Experience / Years at Jefferies)
6

Earnings Update – Second Quarter
2019 and Last Twelve Months Second quarter ending May 31, 2019 performance: Net Revenues: $902 million Pre-Tax Earnings: $155 million Net Earnings: $110 million Revenues by Source: Last twelve months ending May 31, 2019 performance: Net Revenues:
$3,127 million Pre-Tax Earnings: $383 million Net Earnings: $278 million Revenues by Source: 7 ($ Millions) ($ Millions)

Note: 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. In addition, in the fourth quarter of 2018, Jefferies Financial Group transferred to us capital investments in certain separately managed
accounts and funds. Due to this transfer, we have made changes to the presentation of our “Revenues by Source” in the fourth quarter of 2018 and are including investment income from capital invested in these separately managed accounts
and funds within the asset management revenues. We have presented all operating periods to reflect results on a comparable basis, as reported in the Jefferies Group public filings. ($ Millions) Operating Results 8

Balance Sheet and Funding Overview We
continue to manage the size of our balance sheet in response to market conditions and volatility. Tangible Gross Leverage (1) at 5/31/2019: 9.4x Inventory was $16.1 billion at 5/31/2019 Our long-standing liquidity and funding principles have
maintained the strength and soundness of our platform across market cycles: Owning inventory that is comprised of liquid assets that turn over regularly, with a minimal amount of Level 3 Financial Instruments Owned. Maintaining a sound, long-term
capital base and reasonable leverage relative to our business activity. Short-term secured funding that is readily and consistently available through clearing houses, or fixed for periods of time that exceed the expected tenure of the inventory they
are funding. Assessing capital reserves and maintaining liquidity (including intraday liquidity) to withstand adverse changes in the trading or financing markets. Entering into partnerships and joint ventures with complementary long-term partners to
pursue business opportunities that otherwise would exceed our capital capacity or risk tolerance. Tangible gross leverage ratio and tangible gross assets are non-GAAP financial measures. Tangible gross leverage ratio equals tangible gross assets
divided by tangible member's equity. Tangible gross assets equals total assets less goodwill and identifiable intangible assets. Tangible member's equity represents total member's equity less goodwill and identifiable intangible assets. The tangible
gross leverage ratio is used by rating agencies in assessing our leverage ratio. Long-term debt at May 31, 2019 excludes $648.4 million of our 8.500% senior notes and $557.9 million of our 2.375% Euro Medium Term Notes, as these notes mature July
15, 2019 and May 20, 2020, respectively, and $188.8 million of our outstanding borrowings under our senior secured revolving credit facility (“Revolving Credit Facility”). 9

Balance Sheet Overview ($ Millions)
Note: As presented in Jefferies public filings. Leverage ratio equals total assets divided by total equity. Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets of $42,818 million less goodwill and identifiable intangible
assets of $1,818 million divided by tangible Jefferies Group LLC member's equity of $4,355 million. Tangible Jefferies Group LLC member's equity represents total Jefferies Group LLC member's equity of $6,173 million less goodwill and identifiable
intangible assets of $1,818 million. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio. 10 ($ Millions)

Capital, Funding & Liquidity
11

Liquidity and Funding Principles
Jefferies’ long-standing liquidity and funding principles have maintained the strength and soundness of our platform across market cycles. Owning inventory that is composed of liquid assets that turn over regularly, with Level 3 Financial
Instruments Owned at approximately 2% of Financial Instruments Owned as of 5/31/2019. Maintaining a sound, long-term capital base and reasonable leverage relative to our business activity. No material reliance on short-term unsecured funding or
customer balances. No commercial paper program. Short-term secured funding that is readily and consistently available through clearing houses, or fixed for periods of time that exceed the expected tenure of the inventory they are funding. Assessing
capital reserves and maintaining liquidity to withstand adverse changes in the trading or financing markets and a firm specific idiosyncratic stress. Where appropriate, entering into partnerships and joint ventures with complementary long-term
partners to pursue business opportunities that otherwise may exceed our capital capacity or risk tolerance (Jefferies Finance LLC). 12

Limited Leverage Jefferies has a
long-standing policy of carefully managing balance sheet leverage. In periods of stress, Jefferies has demonstrated the ability to rapidly reduce leverage without unduly impacting our business. Tangible gross leverage ratio and tangible gross assets
are non-GAAP financial measures. Tangible gross leverage ratio equals tangible gross assets divided by tangible Jefferies Group LLC member's equity. Tangible gross assets equals total assets less goodwill and identifiable intangible assets. Tangible
Jefferies Group LLC member's equity represents total Jefferies Group LLC member's equity less goodwill and identifiable intangible assets. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio. See Appendix on
page 21 for a reconciliation to GAAP measures. 13

At May 31, 2019, 98% of inventory is
Levels 1 and 2, with a minimal amount of Level 3 Financial Instruments Owned. At May 31, 2019, Level 3 Financial Instruments Owned represent only 8.4% of tangible Jefferies Group LLC member’s equity. Tangible Jefferies Group LLC member's
equity (a non-GAAP financial measure) represents total Jefferies Group LLC member's equity less goodwill and identifiable intangible assets. See Appendix on page 21 for a reconciliation to GAAP measures. Level 3 Financial Instruments Owned Overview
14

Weighted Average Maturity of Secured
Funding (1) Repo Secured with Clearing Corp Eligible Securities (1) Secured Funding Secured Funding Platform - Liquid balance sheet funded predominantly via exchanges. Non-clearing corporation eligible collateral funded via tri-party / bilateral
repo and stock loan with conservative tenors. As of 5/31/2019 15

Fundability of Collateral 16 Weighted
Average Maturity (Days)

Liquidity Pool Jefferies maintains
significant excess liquidity on hand. Consists of high quality sovereign government securities and reverse repurchase agreements collateralized by U.S. government securities and other high quality sovereign government securities; deposits with a
central bank within the European Economic Area, Canada, Australia, Japan, Switzerland or the USA; and securities issued by a designated multilateral development bank and reverse repurchase agreements with underlying collateral comprised of these
securities. In addition, amounts include unencumbered inventory representing an estimate of the amount of additional secured financing that could be reasonably expected to be obtained from our financial instrument owned that are currently not
pledged after considering reasonable financing haircuts. Cash and cash equivalents plus other liquidity sources, divided by total assets. 17 (1) (2)

Unsecured Long-Term Debt Profile As of
5/31/2019, our $6.5 billion carrying value of unsecured long-term debt had a weighted average maturity of approximately 8.4 years. No maturity of unsecured long-term debt in a single year is greater than 20% of outstanding long-term debt. 2019
maturity has been pre-funded and will be paid off with existing cash. Long-Term Unsecured Debt Maturity Schedule ($ Millions) 18

Credit Ratings Jefferies Group LLC
Agency Rating Outlook Standard & Poor’s BBB- Stable Moody’s Baa3 Stable Fitch BBB Stable Note: As of June 2019 Jefferies LLC Agency Rating Outlook Standard & Poor’s BBB Stable Moody’s Baa2 Stable Jefferies
International Agency Rating Outlook Standard & Poor’s BBB Stable Moody’s Baa2 Stable Subsidiaries 19 Group

Appendix 20

Tangible Assets and Tangible Jefferies
Group LLC Member’s Equity GAAP Reconciliation Note: Jefferies tangible gross assets and tangible Jefferies Group LLC member’s equity are unaudited non-GAAP financial measures that begin with information prepared in accordance with U.S.
GAAP and then are adjusted to exclude goodwill and intangibles. Management believes that the tangible gross assets and tangible Jefferies Group LLC member’s equity are common metrics used by many investors in its industry to evaluate
performance from period to period. 21

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Major owner of Leucadia National Corporation just declared 0 ownership of the company. - Nov. 24, 2020
Quarterly report filed by institutional managers, Holdings - Nov. 13, 2020

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