111THE GLOBAL INVESTMENT BANKING FIRM FOCUSED ON SERVING CLIENTS FOR 50 YEARS

Explore Opportunitiesat Jefferies

JEFFERIES AT A GLANCE

Founded ..................................................................1962

Publicly held ....................................................NYSE (JEF)

LTM Net Revenue ............................................$3 billion

Offices ............................................30+ Cities Worldwide

Number of Employees ............................................3,800

Companies Under Research Coverage ....................2,250

Equities Professionals ................................................725

Investment Banking Professionals ..............................675

Fixed Income Professionals ........................................525

Commodities Professionals ........................................425

Wealth & Asset Management Professionals ................130

Jefferies is a leader in providing insight, expertise and execution

to investors, companies and government entities worldwide.

With global headquarters in New York, regional headquarters in

London and Hong Kong and offices in over 30 cities around the

world, the firm provides clients with capital markets and

financial advisory services, institutional brokerage and securities

research, as well as wealth and asset management.

Our mission is to help every member of our team – and every

client we represent – fulfill their maximum potential. We are

recruiting talent in the United States, Europe and Asia to

continue to build upon our expertise in investment banking,

fixed income, equities, currencies and commodities, and wealth

and asset management.

Recent Acknowledgments

• Recognized as one of the “World’s Most AdmiredCompanies” in 2011 by Fortune Magazine

• Named “Best Place to Work in the Global Financial Markets”by Here Is The City News for three consecutive years 2012,2011 and 2010

• Named one of The Sunday Times “100 Best Companies toWork For” 2011 and 2012Note: Data references are approximate as of 6/19/2012

Client Centric | Relationship Driven | Collaborative | Results Oriented | Entrepreneurial | Creative

Jefferies is unique today among our major competitors by virtue

of our overriding focus on serving issuers and investors in the

capital markets. We primarily compete with bank holding

companies where their trade balance sheets or consumer

franchises are the primary focus of the organization. At Jefferies,

you’ll have the opportunity to have immediate engagement

on significant deals, client exposure and the support of a

collaborative and entrepreneurial team.

Jefferies is the global investment banking firm, committed to

exceeding the expectations of our clients. We are client-focused,

ethical, tenacious and nonbureaucratic. We believe our culture

offers you the best of all worlds. At Jefferies, junior-level

professionals are given a high level of responsibility and work

closely with senior professionals in a mentoring environment.

Our flat structure provides you with an open and dynamic

atmosphere that encourages initiative and innovative thinking.

You will get a challenging and fulfilling experience in a collegial

environment where exceptional performance is rewarded.

Jefferies’ senior professionals have tremendous experience on

Wall Street. We provide creative, idea-driven solutions that

leverage our long-standing relationships and are backed by

superior market insights. Our leadership has grown by focusing

our intellectual capital, information resources and financial skills

on a single goal: to help our clients meet their goals.

What sets Jefferies apart

Jefferies Fixed Income is comprisedof a highly experienced team of sales,trading, capital markets, research andstrategy professionals who deliver acomplete range of investment bankingservices. Our knowledge-driven sales andtrading professionals provide best-in-classtrade execution and 24-hour liquidity inthe global markets, with the highest levelof service to our clients. Jefferies is aleading market maker in the full spectrumof fixed income products.

• Government Securities

• Mortgage- and Asset-Backed

• Corporate Credit

• Emerging Markets

• Municipal Securities

• Capital Markets

• Exchange Traded Funds (ETFs)

• Research, Strategy & Economics

FIXED INCOME

2

Jefferies is a valued partner for corporateclients globally. Our talented professionalsprovide a full range of advisory andunderwriting services through creativeand idea-driven M&A, leveraged finance,equity & equity-linked financing andrestructuring & recapitalization solutions.Our industry expertise spans a range ofsectors including aerospace & defense,banks, business services, chemicals, cleantechnology, consumer, energy, gaming,general industrials, healthcare, maritime,media, mining & metals, real estate,retailing, specialty finance, technologyand telecommunications. We also haveone of the largest and most experiencedgroups dedicated to serving the privateequity community.

• Equity Capital Markets

• Debt Capital Markets

• Mergers & Acquisitions

• Restructuring & Recapitalization

INVESTMENT BANKING EQUITIES

Jefferies Equities is focused on providingbest-in-class ideas, execution, and serviceto our clients, with superior sales, tradingand research products. With one of thelargest, most experienced institutionalsales forces, Jefferies has dedicated equitytrading desks across the U.S., Europe andAsia. We provide seamless execution andoutstanding liquidity with a focus onminimal market impact. We serve anetwork of more than 2,000 institutionalinvestors around the globe. Our U.S.equity trading business consistently ranksamong the Top 10 investment banks inmarket share and trading quality.

• Equity Research

• Cash Equities

• Electronic Trading Services

• Convertibles

• Equity Derivatives

• Prime Services

• Corporate Access

• Commission Management Services

Our Businesses

Jefferies Bache is a global leader with a130-year track record specializing inexchange-traded futures and options,commodities, and over-the-counterproducts. Our dedicated sales andtrading professionals partner withproducers, consumers and institutionalinvestors to provide liquidity and24-hour market access. Our openarchitecture, robust technology andglobal connectivity allow us to meetclients’ execution, clearing, reporting andrisk management requirements.

• Financial Futures and Options

• Commodity Futures and Options

• Foreign Exchange

• Precious Metals

• Base Metals and Ferrous Markets

• OTC Prime Brokerage

• Carbon and Emissions

COMMODITIES

Jefferies provides tailored wealthmanagement services designed to meetthe unique needs of high net worthindividuals, their families and theirbusinesses, private equity and venturefunds, and small institutions. Our advisorsprovide access to all of Jefferiesinstitutional execution capabilities anddeliver world-class financial services. Ourcommitment to providing an openarchitecture platform affords clients withaccess to products and services fromboth within Jefferies and from a variety ofother major financial services institutions.

• Portfolio Management

• 10b5-1 Selling Plans

• Directed Share Programs

• Insurance Solutions

Jefferies has an established assetmanagement effort. The firm’s strategicfund managers seek to manage riskeffectively and to consistently deliverfavorable returns in all market conditions.Products offered within Jefferies assetmanagement platforms can includeequities, fixed income securities,convertible securities, financial futures, aswell as commodity-based and other realassets. These products are offered throughvarious investment advisory entitiesincluding CoreCommodity Management,Jefferies Investment Advisers and Jefferies(Switzerland) Limited.

• Commodities

• Global Convertible Bonds

• Long/Short Equity

• Quantitative Strategies

WEALTH MANAGEMENT ASSET MANAGEMENT

3

4

We are looking for strong, motivated and dedicated candidates.

Those who will succeed at Jefferies will be able to perform a

variety of tasks and handle ever-increasing responsibility.

Individuals must be self-motivated, possess a great desire to

work hard and have strong analytical skills. Prospective

applicants should have a superior academic record and

preferably an emphasis in finance and/or accounting, although

we hire candidates who have studied a variety of subjects.

Excellent interpersonal and communication skills are essential.

We offer a dynamic, meritocratic and entrepreneurial

environment where you will have exposure to clients and

considerable senior-level interaction from the start. Junior

professionals at Jefferies have considerable responsibility and

client interaction, leading to significant hands-on experience

and the ability to maximize personal growth and contribution.

In addition, you will develop a high degree of financial

sophistication through your access to and participation in

leading-edge financial and strategic transactions.

But perhaps the best way to learn more about working at

Jefferies is to hear from the people who have done it. Over the

next few pages, you can read their personal accounts of a day

in their life at Jefferies.

What we’re looking for

5

Jefferies office location: New York, NYUndergraduate/graduate school: University of Pennsylvania, The Wharton School

Major: Finance

I get to the office around 6:30am and combthrough the events of the last 24 hours to pick outwhich items will most impact today’s market. Icompile a morning update of our proprietarythoughts on important news and stocks that wehave been actively trading and distribute thisupdate internally and to clients. Before the marketopens at 9:30am, our team (desk strategists, salespeople and traders) meets to discuss any relevanttransactions or issues so that we are all on thesame page and can work together throughout theday while managing our risk exposure. I callclients to personally apprise them of informationor thoughts that I think they might find relevant.

The early market is active with most of the ordersplaced – yelling out orders rapid-fire, andexecuting orders at the best possible price formultiple clients at a time with the phones ringingoff the hook. Throughout the day things becomecalmer, and we have more time to thoroughlydiscuss ideas and build out our financial models.We have strategic meetings with management todiscuss thoughts on specific companies or tradeopportunities. As the day winds down before themarket closes at 4pm, activity picks up aslast-minute orders begin to come in.

After the final bell, our team reviews what wentwell, what did not and how we think the next day

will unfold. I work on any loose ends or projectsthat I was not able to get to that day and head outof the office – although sometimes evenings canbecome later nights if a large transaction orrelevant announcement is made, and we will wantto frontload as much work as possible before thenext morning.

I have had the great experience of being exposedto Jefferies’ dynamic platform – by being affordedthe unique opportunity and perspective to workin both banking and equities. After spendingseveral rewarding years working in banking in ourrestructuring group advising distressed companies– a different challenge opened up as our growingglobal equities platform expanded its EventDriven and Special Situations desk. Thecross-platform support that Jefferies provided tomy career has been exceptional, and the ability toexpand your knowledge base by learning differentproducts, working in different cities or workingwith colleagues from different backgroundsprovides an unparalleled experience. Today, withfinancial markets and the investing landscapecontinually evolving, Jefferies is on a full sprintforward – at a time when other firms are stillregrouping and figuring out where they stand.

Andrew Brennan Equity Analyst, Event Driven Trading

Today, with financial marketsand the investing landscapecontinually evolving, Jefferiesis on a full sprint forward – ata time when other firms arestill regrouping and figuringout where they stand.

5

6

Nana ChinebuahJefferies office location: London

Undergraduate/graduate school: London School of Economics and Political Science/Columbia Business SchoolMajor: Accounting and Finance

Investment Banking Associate, Global Mergers & Acquisitions

I usually get to work by 9am, grab myself a largecoffee from the local coffee shop and help myselfto some toast in the kitchen. I try to manage myday during my morning commute (checkmeetings I’m required to attend and deliverablesfor the day and if possible, browse the news). Thisallows me to free up some time to tackle theimmediate deliverables by midday. Client requestsare usually urgent so I tend to deal with thosebefore progressing on to internal tasks, whichrange from building financial models toorganizing logistics for meetings and calls. It is notuncommon to have a few conference callsinterspersed into the morning’s activities inrelation to some of these tasks.

The buzz of the day usually heightens duringthe evening. Clients are gone for the day so wecan focus more on our tasks. We crack a fewjokes on the open plan floor, grab dinner andhuddle back at our desks to number crunch andprepare analyses to send to clients and seniorsovernight so they can review them first thing inthe morning. Once the task at hand iscompleted: model built, analysis completed andchecked, and one section of the marketing

document completed or well progressed, I ordera taxi and enjoy the ride home knowing it’sbeen a good day.

We recently worked on a sell-side transaction for ahealthcare client who was very appreciative of oursupport and hard work throughout thefour-month process, ultimately leading to a sale toa strategic player at an impressive price.

Receiving a call from the CEO on the day the dealannounced to personally thank me for all the hardwork and excellent results achieved put me on ahigh for the rest of the week and validated why Ienjoy this job so much.

I was pleasantly surprised and refreshed by thetrust and level of responsibility I was given fromthe first day: client interaction and representationof the team internally at meetings. Working inM&A gives one exposure to different industriesthat one often has to get up to speed on in a veryshort space of time. The members of my team aregood-natured and have a great sense of humorbut also work incredibly hard and deliver greatresults for our clients.

I was pleasantly surprisedand refreshed by the trustand level of responsibility Iwas given from the first day.

6

7

A typical day usually starts with two slices of toastand a cup of black tea at my desk while goingthrough several commentaries from Jefferies’economists and rates/credit traders. I recentlystarted working with the Taiwan ECB traders. Webegin each morning with a discussion aboutpre-market levels of several Taiwan ECB issuesand then update our clients. It’s important forme to maintain an ongoing dialogue with all ofour clients to understand what sectors andproducts they are focused on so that I am bestprepared to add value. By focusing on ourclients’ investment guidelines I am able tochoose the product or strategy that will best fittheir needs. Several calls with clients and traderstake place during the afternoon when theLondon market opens, which is around 3pm Asiatime, and the day always continues to stay busy.Even when the day is flying by, I need to be alertand stay focused on all of the details to ensurethat our trades are executed smoothly.

I was one of Jefferies’ clients in Taiwan, and whenthe opportunity came for me to join the fixedincome sales force in Asia, I took it immediately.Jefferies is a growing firm that stands out from itsmarket competitors with its dynamic focus onclients’ needs. Cultural diversity is what struck

me most at first. As a native of Taiwan, this isthe first time that I have relocated. LearningCantonese, and working/talking with people ofdifferent nationalities – American, British, Italianand more – has been an exciting experience.Though it’s impossible to learn in a short periodof time all the products Jefferies has, I have hadhelp along the way from traders and analystswho have shown me how different marketswork; it is about learning something every day.

The transition from a buy-side job to a sell-sidejob has proved to be a positive move, partlybecause of the people I work with. Theirdirection and sharing of their own experienceshas helped me to quickly get up to speed andassist clients. It is very satisfying to know that wehave helped our clients to achieve their goals.

My recommendation for the next generationof Jefferies employees is to be well prepared,the earlier the better. Find your interest in oneparticular area, and dig deeper. Also, remainopen-minded and optimistic about daily work.Last but not least, maintain a well-balancedlife between work and leisure by developingother interests.

Roger Hsieh Fixed Income Associate, Mortgage Sales

Jefferies office location: Hong KongUndergraduate/graduate school: National Taiwan University

Major: Risk Management and Insurance Dept./Masters in Finance

I was one of Jefferies’ clientsin Taiwan, and when theopportunity came for me tojoin the fixed income sales forcein Asia, I took it immediately.

7

8

Celso Gonçalves, Jr.Jefferies office location: New York, NY

Undergraduate/graduate school: University of Southern CaliforniaMajor: Business Administration – Concentration in Financial Analysis and Valuation/Minor in Spanish

Investment Banking Analyst, Latin America Group

Jefferies has become a greatsuccess story on Wall Streetand our prospects goingforward outshine the brilliantstory we have recentlywritten.

My workday begins around 9am. When I get tothe office I check my email, voicemail andbrowse the headlines of the Wall Street Journaland LatinFinance. Most mornings involveconference calls to touch base with teammembers on project updates. Recently, I havebeen working on advising a private equity firmon a sell-side process for an industrials companyin Brazil and many of our morning calls serve tocoordinate materials for the virtual data roomthat the buyers use to diligence the target. Wehave also been working as lead-left bookrunneron an initial public offering for a healthcarecompany in Chile. Much of my mornings arespent working on the management presentationto be used during the international roadshow.Around 1pm I grab lunch with a colleague.Afternoons consist of building various analysesand preparing presentations pertaining to livetransactions or deal pitches for the coming days.Many things happen last minute in banking sothere is a level of craftsmanship needed to beable to move things around and progress onmultiple work streams simultaneously. I usuallyorder dinner around 8pm. This is around thetime when senior bankers begin to head out andthe office gets quieter. Oftentimes last-minutemeetings are scheduled for the next day andmaterials need to be coordinated overnight.

Evenings are usually a juggling game betweenfollow-ups on live deals and preparing analysesfor meetings scheduled for the following days.Depending on the intensity of my projects, theworkday can be extended deep into the night.During the summer, working with good internswho are motivated and willing to learn can bevery helpful in dividing the late-night work.

Coming out of undergrad school, I was lookingfor five major characteristics in an investmentbanking analyst program: exposure to variousindustries and products, small deal teams, directexposure to senior bankers and significant clientinteraction at an investment banking firm. As ananalyst at any other investment bank, onespends more time in the office in front of Excelspreadsheets than in front of clients. At Jefferies,however, junior team members are held to ahigher standard because of smaller deal teamsand there is less “buffer” between the analystand the clients. In fact, I have traveled to Brazil asthe only Jefferies representative on a sell-sideadvisory deal to help coordinate diligencebetween the buyer and the seller. Jefferies hasbecome a great success story on Wall Street andour prospects going forward outshine the brilliantstory we have recently written.

9

I am very confident thatI will have a promising,well rewarded career withJefferies and continue togrow with the firm.

Qiang GuoJefferies office location: Hong Kong

Undergraduate/graduate school: Shandong University/Shanghai University of Finance and EconomicsMajor: Business/Management Information Systems

My days generally begin at 8am with clientconference calls and discussions with the sectorteam in the U.S. to discuss project status updatesand market conditions. After the call I compose astatus report and meeting memo to circulate tothe group and grab a quick breakfast downstairs.I spend the first part of the morning collectingdata and industry statistics for upcoming IPOpitches, scheduling meetings and assistingclients by providing supporting data for analysisthat we have conducted. The afternoons areoften filled with more conference calls andthird-party due diligence calls, that I listen to andtake detailed notes for while eating lunch. Irecently had to travel for a meeting, so I headedto the airport with my laptop, printed meetingmaterials and other books that could be usefulfor the meeting. It took about an hour to get tothe airport so I continued to work on my noteson the way there and completed the summaryright before arrival. During the flight I worked onthe IPO pitchbook draft and was able to send itto my MD for review by the time I had landed.After arriving at the hotel I emailed the ECMteam in the U.S. for a market update and gotdinner around 7pm. At 8:30pm it was time for

an internal project call with another sector teamin the United States. I received comments frommy MD on the pitchbook around 11:50pm andfinished updating around 2:50am. I set an alarmfor 7am to ensure I could make any final edits tothe presentation and was finally ready for a fewhours of sleep before the meeting later that day.

The main reason that I chose to work for Jefferieswas the opportunity to “grow with the firm.” Themost important thing that I have learned here is thatwe always aim to maximize our value to clients. I’veworked on many deals where other bookrunnerstend to focus more on the relationship rather thanthe value of the deal.

As a junior banker, you always have theopportunity to work with MDs/SVPs who haverich experience in the industry and are directlyresponsible for the execution – not just pitching.You are encouraged to take client-facingassignments and have more opportunities todirectly talk to the clients, even as a junior person.I am very confident that I will have a promising,well-rewarded career with Jefferies and continueto grow with the firm.

Investment Banking Associate, Generalist

10

Abinand NatarajanJefferies office location: Mumbai

Undergraduate/graduate school: BITS, Pilani/Indian School of BusinessMajor: Analytical Finance and Strategy

Investment Banking Analyst, Generalist

Investment banking is definitely not a 9 to 5 orMonday to Friday kind of job. It is one of themost involving/challenging jobs on the market.It is hard to describe a typical day and especiallythat of an analyst, because it is highly dynamicand involves a lot of multitasking. I firmly believethat juggling among many different projects andprioritizing tasks is the most challenging andinteresting part of an investment bankinglifestyle. The most fascinating part of theinvestment banking analyst role is theopportunity to work on not only some of thelargest and transformational transactions in themarket but to sit across the table fromentrepreneurs to crystallize business models andbuild out their businesses. Investment bankingallows you to work closely with companies thatrange in size and business domains and lets yougain an in-depth understanding of thebusinesses and play an active part of thesecompanies’ strategic decision-making process.

Recently, I have been working on a private equityplacement transaction for one of the leadingInternet companies and am responsible for tasksranging from creating the financial model topreparing the marketing materials including theInvestor Memorandum and presentations. Wework seamlessly across specialized product andindustry groups throughout the firm and gatherdifferent perspectives and provide a holisticapproach to the client. I’ve also been working ona sell-side advisory deal for a leading travelcompany in addition to playing an active role inparticipating in ongoing pitches and businessdevelopment activities.

The people that I have met and relationships thatI have forged over the course of my tenure atJefferies are among the key things that I valuemost at Jefferies. The firm has an impeccable“team” culture – at every level and valuesintegrity and uniformly promotes the “OneFirm” spirit, which makes you feel you are part ofsomething truly special.

The people that I have metand relationships that I haveforged over the course of mytenure at Jefferies are amongthe key things that I valuemost at Jefferies.

11

Cristina ZahariaJefferies office location: New York, NY

Undergraduate/graduate school: Drake University/NYU Stern School of BusinessMajor: MBA, Financial Instruments and Markets

Fixed Income Vice President, Rates Sales

A typical day starts at 6am by turning onBloomberg TV, much to my roommate’sannoyance, in order to know what I will walk intoin the morning. By 7am I am logged ontoBloomberg and have checked the weeklycalendar. I take notes during the morningmeeting/call and try to quickly understandmarket moves overnight, catch up on Europeannews and start showing color/follow up withcustomers whose day is already midway through.The morning is about disseminating information,inquiring traders about trades/positions (axes),sending out commentary and monitoringEuropean market trades. Some days are morehectic than others but mornings are usually thebusiest part of my day since my boss and I coverboth European and U.S. markets.

Lunch is usually around 11:30am and if I get anopportunity I walk briskly to my favorite lunchspot and I eat while checking my screens (andbantering about everyone else’s non-healthylunch choices). In the afternoon, European

accounts go home and we are strictly tradingU.S. markets (U.S. Treasury trades only) with aneye on any news, tape-bombs, changes tocalendar and economic releases. The U.S.Treasury market is the largest, most frequentlytraded market in the world and the most reactiveto news, events and economic data releases.While we execute trades, we call customers andengage the traders to exchange ideas with ourcustomers to facilitate flow of information,present our views and introduce new trade ideasdepending on market environment.

I have been tremendously lucky to work atJefferies and believe that the single greatestasset that we have is the people who workhere. That’s what makes my day rewarding,that’s what motivates me to go forward and topush boundaries, allowing me to learn andexceed expectations. It’s all about the peoplewho work here and the customers we engagewith every day.

I have been tremendouslylucky to work at Jefferiesand believe that the singlegreatest asset that we haveis the people who work here.

1212

Geoffrey OrthJefferies office location: New York, NY

Undergraduate/graduate school: Fairfield UniversityMajor: Economics

Futures Analyst, Energy

I get to the office around 7am and usually start themorning by perusing the wire services for anyheadlines that may have moved the marketsovernight. Next, I call our 24-hour service desk inChicago to see if any of our overnight orders havebeen executed, and if so, I report them to ourclients. By now, I’ll have research from ourconsulting analyst and any other pertinent marketoutlooks in my possession. I also take a look attechnical charts of certain markets, spreads, etc.that might be of interest to some of our clients.Any early news, ideas, pending economic data,etc. get blasted out to our clients via IM or email.

The NYMEX floor opens at 9am and equities ahalf hour later, at which point volume in themarkets picks up. Our clients either call in or sendus IMs with orders to execute on their behalf.Most of our clients are in the futures and optionsmarkets to offset their exposure in the physicalmarket. As the day progresses, we offer ourclients color, and ideas on what might happen onthe close. While our clients primarily trade in theenergy market, we must be cognizant of what isgoing on in the equity and currency marketsgiven the fact they are highly correlated.

After the NYMEX’s close at 2:30pm, we areresponsible for checking out trades and handingoff any open orders to our Chicago 24-hour deskto work on until the next day’s floor opening.Before leaving for the day, the desk reviews anyeconomic data, oil inventory reports, earnings,etc. that could move the market the followingday. I make sure that all relevant news goes outto the customers before leaving.

I started at Bache as an intern in the summer of2009, and began working full-time for Prudentialin the summer of 2010. In April 2011, it wasannounced that Jefferies was buying Bache fromPrudential. The transaction has proven to be abreath of fresh air. It is invigorating to work for afirm whose culture encourages outside-the-boxthinking and a desire to improve every day. Myexperience here has epitomized the notion of“learning by doing.” VPs are more than willing totake time out and share their past experiences,which has aided in my growth both as anemployee and a person.

It is invigorating to workfor a firm whose cultureencourages outside-the-boxthinking and a desireto improve every day.

13

Andrew MorrisJefferies office location: London

Undergraduate/graduate school: Warwick UniversityMajor: Economics

Investment Banking Analyst, Real Estate

Typically, the first thing I do once I arrive in theoffice is check for any news stories that havebroken overnight and circulate the most relevantitems to my team. After this, I usually work ontwo or three separate deals or pitches over thecourse of the day. Examples of recent deals andpitches that I have worked on include the sale ofa hotel company, the issuance of a high yieldbond for a gaming business and an equity raisefor a Spanish real estate developer. The variednature of the work provides a broad exposure todifferent companies, sectors and products andensures that no two days are identical. Generallyspeaking, early mornings are the quietest time ofday when one can think about what needs to beachieved and prioritize work accordingly. Ofcourse, ad hoc jobs that arise throughout the daymust be juggled, but I usually manage to headoutside to grab lunch with my teammates.During the afternoon I could be working on afinancial model or putting together a pitchbookfor the next day, interspersed with conferencecalls with clients or internal meetings with one ofthe product teams. By early evening, I haveusually received comments from my MD on what

materials are required for the next morning, forexample a pitchbook for a client meeting.

As an analyst on the Real Estate, Gaming andLodging Investment Banking team, I havedeveloped an understanding of the keyparticipants and drivers of the three sectors.Through working on deals and pitches alongsidethe product teams, my knowledge of M&A,equity and debt capital markets has expandedsignificantly. It is satisfying to look back andcompare my knowledge and skill set from12 months ago with today, all the timeremembering, however, that I still have a hugeamount to learn. One of the most enjoyableaspects of my job is the opportunity to workalongside a group of highly capable,knowledgeable and driven professionals.

I was attracted by Jefferies’ growing reputationand the significant momentum that the firm hasbuilt up over recent years. While many otherbanks appeared to be scaling back following thecrisis, Jefferies stood out as a firm moving in amore positive direction.

While many other banksappeared to be scaling backfollowing the crisis, Jefferiesstood out as a firm movingin a more positive direction.

14

Justin PolselliJefferies office location: Stamford, CT

Undergraduate/graduate school: University of RichmondMajor: Economics/Finance

Fixed Income Associate, Capital Markets

I’m usually in the office by 6:45am, but theday starts earlier when I wake up and checkmy BlackBerry to make sure that nothingarose overnight.

On any given day, we’ll be launching a new issueand have a management presentation for oursales force, I’ll want to make sure that the teamis still on time and that we’ve received all thematerials for the transaction. After the meeting,I’ll send out official announcements internally soour sales force can start to market the new issue.I usually have a lull at this point and quickly scanthe high yield news publications that morningand see if anything new or breaking has hit thetape. When I’m not working on new issues, I’mworking with our origination team in New Yorkon pitches for prospective clients. By being closeto the sales force and our accounts, we cangauge their appetite for certain types ofstructures and transactions we may be pitching.

It’s safe to say that no two days are alike and thatat any moment, we could be working withindustry and product teams in New York, issuerson the road marketing a new transaction, orworking with investors on a new deal we have inthe market.

The best experiences I have had on my desk havebeen working on the complex deals with mydirect managers. During these transactions we’llbe working with investors and issuers in real timeproposing and modeling various changes inorder to finalize the deal. The most rewardingdays are when we are able to execute a newissue transaction in the wake of market whereother underwriters are pulling deals.

After having worked at other larger banks, Irealized that a large institution was not going tooffer me the direct hands on opportunities that Iwas seeking. Since I joined the firm, our grouphas grown in size and deal flow has tripled. Butthe biggest benefit that I could not have foreseenhas been the nature of the culture. Everyone Ihave worked with has the same mentality thatJefferies is one firm and that nothing is outside ofanyone’s scope of responsibility. This has allowedme to seize opportunities within the firm thatmay not have been present if there was a rigidbureaucracy preventing cross collaboration.Knowing that I have the support of my team topursue problems as well as seek their advice whenneeded, has given me an unparalleled ability toexpand my expertise.

Knowing that I have thesupport of my team to pursueproblems as well as seek theiradvice when needed, hasgiven me an unparalleledability to expand myexpertise.

15

John ManfraJefferies office location: Washington, D.C.

Undergraduate/graduate school: United States Military Academy at West Point/Chicago BoothMajor: Economics/MBA

Investment Banking Associate, Aerospace & Defense

On a recent business trip, I flew out to LosAngeles late the night before from WashingtonD.C. The next morning I met the Global Head ofmy team for breakfast where we prepared for theday’s meeting. Over the next two hours, wepresented our thoughts on the state of theindustry we cover, how this potential target waspositioned in relation to its competitors, what wethought was the most likely valuation range forthis transaction and our initial view on debtfinancing terms. I was looked to several timesduring the meeting to offer my opinion; juniorbankers at Jefferies are afforded the opportunityand always encouraged to contribute theirthoughts. Overall, the meeting went very well.One of Jefferies’ competitive advantages in a“bake-off” process such as this one is our deepindustry knowledge.

After the meeting I hurried to the airport to catcha flight back to Washington D.C. where anotherone of my deal teams was helping a client preparefor the due diligence phase of a sell-side M&Aprocess. Our client was the target in an M&A dealand Jefferies was helping this client prepare for alarge scale review of their business by the acquirerand its legal and accounting teams. After my flightlanded in the evening I hailed a cab to go straightto the client site where my team was preparing

hundreds of documents for review by the buyerover the course of the next few hours. Overall, thiswas a very busy and long day, but interaction withsenior bankers and clients is one of the majorreasons that I joined Jefferies and in that respect itwas a successful one.

I chose to work at Jefferies for a number ofreasons. It is a firm where Associates are given asignificant amount of responsibility andconsiderable contact with the firm’s clients. Evenas Jefferies has grown substantially over the pastseveral years it has been able to retain a lean andentrepreneurial feel, free of the bureaucracy thatone may face at a larger institution. This job isvery difficult at times and requires long hours,but is always interesting and rewarding. Themost fulfilling aspect of working at Jefferies ishaving access to the firm’s senior bankers andthe interactions that I have with our clients’management teams. Our lean deal teams oftenmean that I speak directly to CEO or CFO levelleaders of mid-sized companies, often on a dailybasis during an M&A advisory engagement.Seeing first-hand how these individuals thinkabout strategy and finding the right solutions fortheir companies is an excellent way to gather avast amount of business acumen quickly.

Even as Jefferies has grownsubstantially over the pastseveral years it has beenable to retain a lean andentrepreneurial feel, freeof the bureaucracy thatone may face at a largerinstitution.

16

Kelly YangJefferies office location: New York, NY

Undergraduate/graduate school: University of MichiganMajor: Business Administration

Investment Banking Associate, Healthcare

I was at the office late one night finalizing apitchbook for a meeting in San Francisco anddrafting a CIM (Confidential InformationMemorandum) for a manufacturer of siliconefor medical devices. My managing director wasleaving early the next morning for the airportand planned on taking the pitchbooks with him.The next morning I was woken up at 7am with afrantic phone call and a chain of emails sayingthat the books needed to change. We wouldhave to coordinate with the convertibles teamasap to get the convertible financing pagesupdated. The books were finalized at 10am, butmy managing director needed hard copies forthe meeting at 2pm ET. After calling four Kinko’sin the Bay area, I finally reached one that couldprint the new books in time and was close to themeeting location. After the morning’s ordeal, Iturned comments to the draft of the CIM formost of the afternoon and once it was in goodshape, rushed to the airport to catch the lastplane to Charlottesville, VA with my MD and

VPs. My deal team planned to spend thenext day in Charlottesville with the sponsorowner of the silicone manufacturer to continuedrafting the CIM.

I chose to work at Jefferies because of its growthpotential and the generalist program. As anintern, I had no idea what group I wanted tojoin, so the program gave me the opportunity tointeract with most of the industry and productgroups. Jefferies is continually expanding, andthere are numerous new opportunities to workwith clients on various transactions. The bestpart about working at Jefferies is the camaraderiebetween all the junior bankers. It is very rare towork amongst such charismatic, intelligentpeople who are also always willing to lend ahand to a fellow analyst or associate. Throughthe generalist program, I was able to buildrelationships that carried over once my analystclass was placed into groups.

The best part about workingat Jefferies is the camaraderiebetween all the junior bankers.It is very rare to work amongstsuch charismatic, intelligentpeople who are also alwayswilling to lend a hand toa fellow analyst or associate.

17

Jasmin FischerJefferies office location: Frankfurt

Undergraduate/graduate school: University of NurembergMajor: Business Administration

Investment Banking Associate, Global Mergers & Acquisitions

It was Monday evening, after an unusually quietday in the office, when I received a call from oneof our sell-side clients, asking me to meet withhis team at 7am the next day to help to compilethe information needed for company’smanagement presentation. I immediatelybooked a car, packed up and went on a threehour drive to the hotel near the companyheadquarters. After a sleepless night due to thenearby church bell ringing all night long, a bigcup of coffee and a cold shower, I visited theclient. The entire management team welcomedme in a conference room, and we spent the daydiscussing the equity story, key investmenthighlights, presentation structure and compileda first draft of the presentation. When themanagement team asked questions andincorporated my advice into the plan, I realizedthat although I was the most junior member ofthe team, my opinion and advice were trulyvaluable and respected by the client. When we

called it a day, the CEO expressed his gratitudeand stated how much he was looking forward toworking with me on the transaction. At thatmoment, I completely forgot about the longdrive and sleepless night and very happilycommitted to work closely with him over thenext few months to close the deal, which wesuccessfully did.

I chose to work at Jefferies because I knew I wouldhave the opportunity from day one to experiencethe challenging but ultimately inspiring life of aninvestment banker and work alongside clients tohelp them achieve their goals. I also wanted towork with highly qualified, intelligent andinvolved senior bankers both across Europe andaround the world. I continue to be inspired byour clients and by the role we play in theirgrowth. After four years at Jefferies, I know I madethe right choice, and look forward to theopportunities and challenges to come.

After four years at Jefferies,I know I made the rightchoice, and look forwardto the challenges to come.

18

Govinder UbhiJefferies office location: London

Undergraduate/graduate school: Imperial College LondonMajor: Aeronautical Engineering (MEng)

Investment Banking Analyst, Mining & Metals

My career at Jefferies started when I interned forthe Aerospace & Defense team in the summer of2007. Having an extensive background of flyingand knowledge of aircraft due to my degree, Iwas fortunate enough to be offered a full timeposition following my hard work andcommitment during the summer. During myinternship it was quite clear that I genuinelyenjoyed working with my team and the workthat I was doing so it felt completely natural forme to return. I have definitely made the rightchoice and would make the same choice again.

When I arrive at work in the morning, I give thenews in our sector a quick read to see if anythingparticular has occurred overnight, with a specificfocus on the projects and companies that I amcurrently working on. I then run through mye-mails to ensure that any requests from clientsor senior team members are answered sharply, asthese are usually urgent. Our afternoons andevenings are the most intense part of the day,mixed in with conference calls, projectdeadlines, ad hoc work and client meetings. Ourteam tries to have lunch and dinner togetherevery day to catch up with each other on ourwork and social lives.

The most rewarding experience thus far, wasbeing part of a two week due diligence processwith my former managing director for a deal thatwe were working on in Norway. It was across-border public to public transaction, and wewere the sell-side advisors. We worked extremelyhard with little sleep to ensure that the buyerhad received satisfactory answers to all of theirdue diligence questions. Ultimately, it was asuccess and we sold the company. When Ilanded back in the UK, I received a call from mymanaging director telling me that both he andour clients were extremely happy with thequality and amount of work that we had coveredin a very compressed timeline. This experiencemade me realize how much I enjoyed my job.

In April 2011, I joined the Mining & Metals teamand have since been given significant exposureto the sector. I am really enjoying the caliber ofwork, experience and new team. What keepsme motivated when I come through the doorevery day is the fast pace and full schedule thatcomes with this job. As soon as you get to yourdesk its non-stop until you leave.

During my internship it wasquite clear that I genuinelyenjoyed working with myteam and the work that Iwas doing so it felt completelynatural for me to return.I have definitely made theright choice and would makethe same choice again.

19

Diversity Social Responsibility

Jefferies is committed to building a culture that providesopportunities for employees of all nationalities, races, gendersand educational backgrounds. We believe that diversity fosterscreativity, innovation and thought leadership through theinfusion of new ideas and perspectives.

OUR DIVERSITY IS BUILT UPON SOLID PARTNERSHIPS

Sponsors for Educational Opportunities (SEO) – SEO is anon-profit organization that prepares young people of color fortheir careers through extensive training, mentorship andplacement with a summer internship.

The Robert Toigo Foundation – The foundation is committedto bringing increased diversity to the finance industry throughtraining, mentoring, tuition assistance and career support for itsfellows. Partnership would offer early access to top minorityMBA students as well as contact with a candidate pool ofmid-career minorities.

Urban Leadership Fellows Program – This organization iscommitted to introducing graduating NYC public and parochialhigh school seniors to the finance industry through paidinternships, mentoring and training.

Chicago Summer Business Institute – Founded in 1991 toprovide paid summer internships for Chicago high schoolstudents and to introduce them to the financial services sector.

Jefferies Women’s Initiative (JWIN) partnership with85 Broads – Global network of 30,000 trailblazing women whoare inspired, empowered and connected.

Together with the help of clients and vendors, our firm and itsemployees have contributed over $25 million in donationstoward the relief efforts in response to the September 11, 2001terrorist attacks, the December 2004 Asian tsunami, HurricaneKatrina, which struck New Orleans and the Mississippi GulfCoast on August 29th, 2005, the January 2010 earthquake inHaiti and the 2011 earthquake and tsunami in Japan.

20

Next StepsWe seek talented professionals with strong academic and workachievements who want the opportunity to make meaningfulcontributions, challenge the status quo, introduce new ways ofthinking, and help us succeed. Join Jefferies to explore youropportunities and reach your potential.

For more information, visit us at Jefferies.com.

• Read about Jefferies Analyst/Associate Program and allopportunities at Jefferies

• Experience Jefferies employee-partners first hand throughour corporate video

• Learn about Jefferies employee benefits

• Explore all of Jefferies global capabilities, and get acomprehensive view of the products and services

Join us on Facebookfacebook.com/jefferiesandcompany

21

GLOBAL FOOTPRINTSales, trading and investment banking presence in morethan 30 cities across the Americas, Europe and Asia.

Member SIPC. © 2012 Jefferies & Company, Inc. All rights reserved. UK & Europe: Jefferies International Limited and Jefferies Bache Limited, authorized and regulated bythe Financial Services Authority; Asia: Jefferies Hong Kong Limited and Jefferies Bache (Hong Kong) Limited, licensed by the Securities and Futures Commission of Hong Kong withCE numbers ATS546 and ABX154 respectively. In Shanghai Jefferies maintains a representative office of Jefferies & Company, Inc.

Jefferies.com Investment Banking | Equities | Fixed Income | Commodities | Wealth & Asset Management

London(European headquarters)

New York(Global headquarters)

Hong Kong(Asian headquarters)

AAMMEERRIICCAASS

NEW YORK

ALBANY

ATLANTA

BOSTON

CHARLOTTE

CHICAGO

CLEVELAND

DALLAS

DENVER

HOUSTON

JERSEY CITY

LOS ANGELES

NASHVILLE

ORLANDO

SAN FRANCISCO

SHORT HILLS

SILICON VALLEY

STAMFORD

TORONTO

WASHINGTON, DC

EUROPE & THE MIDDLE EAST

LONDON

DUBAI

FRANKFURT

HAMBURG

MILAN

PARIS

ZURICH

AASSIIAA

HONG KONG

MUMBAI

SHANGHAI

SINGAPORE

TOKYO