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 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. See pages 66-71 at the back of this presentation for endnotes. 2 2020 Investor Meeting Agenda Start Time Session Speaker(s) Rich Handler, CEO 9:00 AM Overview Brian Friedman, President Matt Larson, CFO, Jefferies Group 9.30 AM Financial Review Teri Gendron, CFO 9:50 AM Investment Banking Chris Kanoff, Acting Global Head of Investment Banking 10:10 AM Equities Pete Forlenza, Global Head of Equities 10:30 AM Fixed Income Fred Orlan, Global Head of Fixed Income Sol Kumin, Co-President of Leucadia Asset Management 10:50 AM Leucadia Asset Management Nick Daraviras, Co-President of Leucadia Asset Management 11:05 AM Merchant Banking Jimmy Hallac, Managing Director 11:20 AM Q & A 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) Predecessor Successor $4,336 Investment Banking Fixed Income $4,000 Equities Asset Management & Other $3,000 $2,177 $2,395 $2,000 $1,205 $1,000 $617 $144 $365 - Jefferies Group Net Earnings(1)(2) $597 $600 $240 $300 $157 $183 $7 $29 $55 - ($300) ($600) 1990 1995 2000 2005 2010 2015 LTM Q3'20 See pages 66-71 at the back of this presentation for endnotes. 4 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% 7% 80% 26% 51% 60% 40% 67% 20% 47% - Apr-18: Sale of National Beef Accelerates Q3 2020 Transformation 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 long- term 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 $750 million (due Apr-21) was refinanced with debt issuances earlier in 2019 and 2020 Jefferies Group LLC Quarter Ended, YTD ($ Millions) 2/29/20 5/31/20 8/31/20 8/31/20 Net Revenues $1,171 $1,034 $1,383 $3,589 Earnings Before Income Taxes $235 $173 $363 $772 Net Earnings $171 $129 $268 $568 Return on Tangible Equity (Annualized)(1) 16.1% 11.6% 23.2% 17.7% See pages 66-71 at the back of this presentation for endnotes. 8 High Double Digit Growth in Investment Banking Revenues Investment Banking Net Revenues(1) ($ Millions) Predecessor Successor $2,000 $1,876 $1,600 $1,439 $1,200 $890 $800 $495 $400 $72 $91 $9 - 1990 1995 2000 2005 2010 2015 LTM Q3'20 See pages 66-71 at the back of this presentation for endnotes. 9 Continued Gains in Global Advisory Global Sell-Side M&A Global Sell-Side M&A < $5 Billion Global Sell-Side M&A < $1 Billion 2020 YTD (as of 8/31/20) 2020 YTD (as of 8/31/20) 2020 YTD (as of 8/31/20) Rank Investment Bank Fee Market Share Rank Investment Bank Fee Market Share Rank Investment Bank Fee Market Share 1 Goldman Sachs 11.0% 1 Goldman Sachs 8.9% 1 Jefferies 7.2% 2 JPMorgan 9.7% 2 JPMorgan 7.5% 2 Goldman Sachs 5.5% 3 Morgan Stanley 7.3% 3 Morgan Stanley 7.4% 3 JPMorgan 5.0% 4 Citi 4.8% 4 Jefferies 5.2% 4 Morgan Stanley 4.9% 5 BofA Securities 4.7% 5 Centerview Partners 5.2% 5 Houlihan Lokey 4.1% 6 Centerview Partners 4.5% 6 BofA Securities 4.6% 6 Credit Suisse 3.8% 7 Jefferies 4.3% 7 Citi 4.1% 7 BofA Securities 3.8% 8 Credit Suisse 3.7% 8 Credit Suisse 3.5% 8 Rothschild & Co 3.6% 9 Evercore Inc 3.3% 9 Evercore Inc 3.5% 9 Evercore Inc 3.6% 10 Lazard 3.2% 10 Lazard 3.3% 10 Lazard 2.6% All Global M&A 2018 2019 2020 YTD (as of 8/31/20) Rank Investment Bank Fee Market Share Rank Investment Bank Fee Market Share Rank Investment Bank Fee Market Share 1 Goldman Sachs 10.6% 1 Goldman Sachs 10.9% 1 Goldman Sachs 10.3% 2 JPMorgan 8.6% 2 JPMorgan 9.0% 2 JPMorgan 8.9% 3 Morgan Stanley 7.5% 3 Morgan Stanley 7.1% 3 Morgan Stanley 7.9% 4 Citi 4.5% 4 BofA Securities 5.2% 4 BofA Securities 5.9% 5 BofA Securities 4.2% 5 Citi 4.6% 5 Citi 4.8% 6 Barclays 3.9% 6 Barclays 3.9% 6 Credit Suisse 3.7% 7 Credit Suisse 3.8% 7 Credit Suisse 3.2% 7 Centerview Partners 3.7% 8 Lazard 3.4% 8 Lazard 3.2% 8 Jefferies 3.5% 9 Rothschild & Co 3.3% 9 Evercore Inc 2.9% 9 Lazard 3.2% 10 Evercore Inc 2.8% 10 Jefferies 2.8% 10 Evercore Inc 3.1% 11 Jefferies 2.7% See pages 66-71 at the back of this presentation for endnotes.