Jefferies offers innovative asset management strategies to
sophisticated investors.



Assets Under Management*
(by predominant asset strategy)




Calculation as of 6/30/06. Includes the Company's managed or co-managed assets ($3.5 billion) as well as third party managed funds (funds in which the Company has an interest in the entities that manage these assets or otherwise receives a portion of the management or incentive fees).
** denotes third party managed funds.

US
Jefferies Asset Management, LLC, also known as JAM, manages investments across multiple strategies and financial instruments. JAM has assembled a superior group of experienced portfolio managers and other investment professionals. JAM empowers each of its portfolio management teams to apply its unique set of skills and focus to the investment process, while providing each team with common operational, finance, legal and compliance infrastructure. JAM also uses proprietary capital to seed new portfolio managers and strategies. JAM is registered as an investment adviser with the U.S. Securities and Exchange Commission.

Through other U.S.-based asset management subsidiaries, Jefferies provides additional investment advisory services, including the management of high yield, distressed and special situations securities associated with the activities of Jefferies & Company, Inc.'s High Yield Department.

Europe
Jefferies (Switzerland) Ltd. brings wide-ranging expertise to institutional investors around the globe. With over $2 billion in assets under management, we offer investment solutions for long-only strategies in global convertible bonds. Our major clients are pension funds, insurance companies and private banks in Switzerland, France and Germany. We are known for an innovative approach and unique capabilities in the analysis and understanding of the performance characteristics of convertibles. We also offer customized investment management services designed to incorporate client-specific criteria. In addition, London-based Jefferies Investment Management Limited manages the Global Convertible Opportunities Fund, a hedge fund seeking absolute return through a diverse range of convertible bond trading strategies.