Jefferies Financial Group Inc.

Jefferies Financial Group Inc.

2020 Investor Meeting

Thursday, October 15, 2020

Important 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 forwardlooking 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 . 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 . 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.

See pages 66-71 at the back of this presentation for endnotes.

2

2020 Investor Meeting Agenda

Start Time

9:00 AM 9.30 AM 9:50 AM 10:10 AM 10:30 AM 10:50 AM 11:05 AM 11:20 AM

Session

Overview Financial Review Investment Banking Equities Fixed Income Leucadia Asset Management Merchant Banking Q & A

Speaker(s)

Rich Handler, CEO Brian Friedman, President Matt Larson, CFO, Jefferies Group Teri Gendron, CFO Chris Kanoff, Acting Global Head of Investment Banking

Pete Forlenza, Global Head of Equities

Fred Orlan, Global Head of Fixed Income Sol Kumin, Co-President of Leucadia Asset Management Nick Daraviras, Co-President of Leucadia Asset Management Jimmy Hallac, Managing Director

See pages 66-71 at the back of this presentation for endnotes.

3

Net Revenues and Earnings Since 1990

($ Millions) Jefferies Group Net Revenues(1)

$4,000 $3,000

Investment Banking Equities

Fixed Income Asset Management & Other

$2,000

$1,000 $144

-

$365

$617

Jefferies Group Net Earnings(1)(2)

$600

$300

$7

$29

-

($300)

($600) 1990

1995

See pages 66-71 at the back of this presentation for endnotes.

$55 2000

$1,205

$157 2005

4

Predecessor Successor

$2,177

$2,395

$240

$183

2010

2015

$4,336 $597 LTM Q3'20

Jefferies Financial Group ? Our Strategy

Our strategy is straightforward and has been consistently executed

Continue to drive growth in our core business of Investment Banking, Capital Markets and Asset Management

Maintain focus on clients, culture and long-term value creation Invest in people to continue to gain market share and in technology to continue to increase productivity Disciplined management of headcount and operating expenses Maintain a conservative and efficient balance sheet, liquidity and risk profile

Finish simplifying our structure

Manage down smartly our legacy Merchant Banking portfolio

Drive shareholder value

Produce consistent and growing double digit ROTE at Jefferies Financial Group, as Jefferies Group becomes an ever larger portion of our overall business

Return excess capital to shareholders through buybacks and dividends

Our consolidated results and continued capital return for the first nine months of FY20 ? against the backdrop of a challenging operating environment ? demonstrate the durability,

operating leverage and momentum of our firm and business model

See pages 66-71 at the back of this presentation for endnotes.

5

Evolution to a Pure Financial Services Firm

2016

2017

2018

2019

2020 YTD

2016

Jefferies Group began latest phase of Investment Banking hiring and expansion Jefferies Group Fixed Income balance sheet reduced and business repositioned

2017

Sold Conwed

2018

Sold 48% and deconsolidated National Beef Sold 100% of our interest in Garcadia Consolidated primary financial services operations in Jefferies Group Transformation to a pure Financial Services firm accelerates

2019

Sold remaining 31% investment in National Beef Distributed Spectrum Brands shares Attained flexibility through control of HomeFed

2020 And Forward...

Success of strategy reflected in market share gains and record results Leucadia Asset Management continues to evolve

See pages 66-71 at the back of this presentation for endnotes.

6

Transformation On Track

% of Tangible Book Value(1)

100%

2%

80%

51%

60%

7% 26%

40%

47%

20%

67%

-

Apr-18: Sale of National Beef Accelerates Transformation

Q3 2020

Investment Banking, Capital Markets & Asset Management Merchant Banking Cash and Other

See pages 66-71 at the back of this presentation for endnotes.

7

Growth and Momentum

In the first nine months of fiscal 2020, we have gained market share across most of our targeted products and regions, maintaining the longterm momentum we have developed over many years

? Investment Banking capabilities continue to broaden, as we strengthen and expand our team ? Equities continues to grow market share globally ? Fixed Income is delivering record revenues and returns, with greater capital efficiency and lower risk ? Asset Management has delivered solid investment returns in 2020, is growing Assets Under Management and continues to invest to drive further growth

These results have been achieved while maintaining our historic conservative balance sheet, risk and liquidity profile

? Our liquidity buffer at Jefferies Group is at an all-time high of $8.1 billion ? VaR and Level 3 assets are in line with historical levels ? We just issued $500 million in senior unsecured twelve-year debt, partially refinancing $750 million in existing debt maturing in 2023. Our next upcoming maturity of

$750 million (due Apr-21) was refinanced with debt issuances earlier in 2019 and 2020

($ Millions)

Jefferies Group LLC

2/29/20

Quarter Ended, 5/31/20

8/31/20

YTD 8/31/20

Net Revenues Earnings Before Income Taxes Net Earnings Return on Tangible Equity (Annualized)(1)

See pages 66-71 at the back of this presentation for endnotes.

$1,171 $235 $171

16.1%

8

$1,034 $173 $129

11.6%

$1,383 $363 $268

23.2%

$3,589 $772 $568

17.7%

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