CONNECTING IDEAS AND CAPITAL

2007 Industry Conference Calendar

Equity Research. In 2007, our equity research team ranked among the top 5 firms in The Wall Street Journal's Best on the Street analyst awards, for the second time in the past three years, with seven analyst honors¹⁸. The team also received 14 analyst honors in StarMine's Annual Analyst Survey¹⁹, across several industries and countries, reflecting a growing global presence. Our equity research practice is comprised of 140 equity research professionals covering nearly 900 growing and dynamic companies. Our focus remains on small and mid-cap companies, with 60 percent of companies under coverage having a market capitalization of less than $2 billion. Coverage includes companies in the US, the UK, Europe, Japan, India and the emerging Asia markets. We enhanced many of our core areas: consumer, energy, financial services, healthcare, industrial/aerospace and defense, and technology, media and telecommunications.

Industry Conferences. Jefferies hosts a series of annual, sectoral-based conferences that have gained significant traction by providing a forum for public and private, growing and midsized companies to interact directly with institutional investors. We believe the company presentations, panel discussions, guest speakers and one-on-one meetings that we facilitate at our conferences are of tremendous value to our clients, and there is great satisfaction in bringing our two core audiences together. During the year, Jefferies' research hosted an aggregate of more than 5,100 attendees at 11 targeted industry conferences, with more than 550 presenting companies and nearly 6,000 one-on-one meetings.

As another investor touch point, Jefferies hosted some 30 thematic conference calls with companies and/or industry experts and specialists discussing timely topics and cutting-edge issues. Investor attendance has averaged more than 80 clients and speakers have ranged from a leading authority on fracture systems discussing Appalachian shale to a leading clinical endocrinologist discussing emerging diabetic treatments. During the year, analysts hosted nearly 370 non-deal corporate road shows and 32 field trips, and logged the equivalent of nearly 950 days marketing to institutional buy-side clients.

High Yield Research. In addition, our high yield research team, with 14 professionals covering approximately 400 companies, has always been an important component of our high yield sales and trading efforts. This team has developed a targeted quarterly road show for analysts to share their outlook and perspective with investors, which has proven very efficient and successful. With its extensive experience covering high yield securities and unique focus on special or developing situations, our team is among the most respected on Wall Street. Analysts have earned a number of honors over the years, including a spot on Institutional Investor's 2007 All-America Fixed Income Team²⁰.