Raising the bar in high yield.

We are a recognized leader in high yield finance, with a team of more than 50 professionals with integrated sales, trading, research and capital markets capabilities, in the U.S. and London. Our professionals have extensive knowledge of and contacts within the high yield, distressed, and levered money investor bases. Our professionals have relationships and regular, active dialogue with institutional high yield and distressed investors and focus on secondary trading to provide clients with liquidity in all market conditions.

In April, 2007, we restructured the secondary market trading activities previously performed by the High Yield division of our principal subsidiary, Jefferies & Company, Inc., and the three funds that traded on a pari passu basis with the High Yield desk into Jefferies High Yield Trading, LLC. Jefferies High Yield Trading, LLC is a registered broker-dealer engaged in the secondary sales and trading of high yield securities and special situation securities, including bank debt, post-reorganization equity, public and private equity, equity derivatives, credit default swaps and other financial instruments.

We are a top trader in the secondary high yield and distressed markets, trading in more than 1,000 issues with over 300 institutions globally. This depth of talent, extensive investor relationships and integrated approach help distinguish us from the competition. As part of an integrated platform, our high yield sales traders work closely with our high yield research analysts to deliver tailored and customized service to our institutional investors around the globe.

In addition, we also have extensive leveraged finance capabilities and are experienced in the issuance and trading of preferred securities and securities of distressed companies in special situations. We also offer securities origination, private placement of preferreds and equity, structured finance transactions, and bank and bridge loans.