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Investors Update – Jefferies Group, Inc.

Jefferies Group, Inc. · May 31, 2014 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Investors Update – Jefferies Group, Inc. – slide 1
    Jefferies Group LLC Update for Fixed Income Investors May 2014 Jefferies LLC Member SIPC
  2. Investors Update – Jefferies Group, Inc. – slide 2
    Overview 1
  3. Investors Update – Jefferies Group, Inc. – slide 3
    Introduction and Key Credit Strengths Jefferies is a wholly owned subsidiary of Leucadia National Corp. (NYSE: LUK) Richard Handler and Brian Friedman, with over 60 years of combined experience (more than half at Jefferies), have led…
  4. Investors Update – Jefferies Group, Inc. – slide 4
    Introduction and Key Credit Strengths (continued) Jefferies has been profitable for every quarter for over 20 years, with the exception of the financial crisis in 2007-2008 when the Firm incurred losses Consistently of 128 million(1),…
  5. Investors Update – Jefferies Group, Inc. – slide 5
    Jefferies Group Full-Service Capital Markets Platform: expertise and depth across equities, fixed income, commodities and investment banking Client-Focused: providing investor and issuer clients with the highest quality advice and…
  6. Investors Update – Jefferies Group, Inc. – slide 6
    A Full-Service Investment Bank Over 3,800 employees in over 30 cities worldwide Equities Fixed Income Jefferies Bache Investment Banking Equity Cash Electronic Investment Leveraged Listed Base Metals Consumer Energy Capital…
  7. Investors Update – Jefferies Group, Inc. – slide 7
    Earnings Update ( Millions) LTM Ending 02/28/14 performance: Q1 2014 performance: Net Revenues: 3,040 million Net Revenues: 899 million Net Earnings: 274 million Net Earnings: 112 million Revenues by Source LTM Ending 02/28/14…
  8. Investors Update – Jefferies Group, Inc. – slide 8
    Jefferies Strategic Outlook Jefferies continues to win market share and deliver consistent profitability Investment Banking revenue growth underlines the quality and increasing momentum of Jefferies platform Solid growth in Equities…
  9. Investors Update – Jefferies Group, Inc. – slide 9
    Regional Positioning Jefferies is growing market share in Europe Full-service European capabilities; 945 professionals in the UK and Continental Europe Investment Banking: significant growth in advisory and capital markets issuance,…
  10. Investors Update – Jefferies Group, Inc. – slide 10
    Regulatory Outlook Jefferies is well-positioned to capitalize on global regulatory change Unlikemany of our competitors, Jefferies is client-focused and not materially leveraged to earnings from proprietary activities Since Jefferies…
  11. Investors Update – Jefferies Group, Inc. – slide 11
    Balance Sheet ( Millions) Jefferies Group LLC Balance Sheet as of 02/28/14 Assets Liabilities and Equity Cash & Cash Equivalents 2,865 Short-term Borrowing 12 Cash & Securities Segregated 3,802 Financial Instruments Sold, Not Yet…
  12. Investors Update – Jefferies Group, Inc. – slide 12
    Net Revenues & Net Income Since 1990 ( Millions) Net Revenues Predecessor Succ- essor 3,500 3,040 3,000 2,500 2,192 2,000 1,500 1,205 1,000 617 365 500 144 0 Net Earnings to Common Shareholders Predecessor Succ- essor…
  13. Investors Update – Jefferies Group, Inc. – slide 13
    Investment Banking Revenues Since 1990 ( Millions) Predecessor Succ- Net Revenues essor 1,500 1,428 1,200 890 900 600 495 300 72 91 9 0 12
  14. Investors Update – Jefferies Group, Inc. – slide 14
    Financial Performance Financial Summary Predecessor Successor 11 Months Nine Months Fiscal Year Fiscal Year Fiscal Year Fiscal Ending, Fiscal LTM Ending, (Amounts in Millions) 2010 2011 2012 Q1 2013 11/30/13 Q1 2014 02/28/14…
  15. Investors Update – Jefferies Group, Inc. – slide 15
    Leucadia Jefferies Merger Leucadia Jefferies merger closed on March 1, 2013 Richard Handler, Jefferies CEO, and Brian Friedman, Jefferies' Executive Committee Chairman, now also serve as Leucadias CEO and President, respectively,…
  16. Investors Update – Jefferies Group, Inc. – slide 16
    Leucadia Overview As of December 31, 2013: Leucadia National Common Equity: 10.1 billion Other Businesses and Parent Company Jefferies Assets, net (1) Cash & Investments (1) 5.3 billion 2.6 billion 2.6 billion Berkadia (50%)…
  17. Investors Update – Jefferies Group, Inc. – slide 17
    Long-Term Strategy Compelling Value in Sectors We Understand Financial Services Jefferies Berkadia Asset Management Auto Retail Garcadia Agribusiness National Beef Project Development Gasification Oregon Liquefied Natural Gas…
  18. Investors Update – Jefferies Group, Inc. – slide 18
    Capital and Liquidity Management 17
  19. Investors Update – Jefferies Group, Inc. – slide 19
    Liquidity and Funding Principles Jefferies long-standing liquidity and funding principles have maintained the strength and soundness of our platform across market cycles: Owning inventory that is composed of liquid assets that turn…
  20. Investors Update – Jefferies Group, Inc. – slide 20
    Strong Capital Structure and Ample Liquidity Jefferies maintains a highly liquid balance sheet, with low gross leverage and exposure to illiquid assets, and significant structural liquidity Jefferies continues to manage the size of…
  21. Investors Update – Jefferies Group, Inc. – slide 21
    Limited Leverage Jefferies has a long-standing policy of carefully managing balance sheet leverage In periods of stress, Jefferies has demonstrated the ability to rapidly reduce leverage without unduly impacting our business…
  22. Investors Update – Jefferies Group, Inc. – slide 22
    Level 3 Trading Assets Overview 97% of inventory is Levels 1 and 2, with a minimal amount of Level 3 Trading Assets Level 3 Trading Assets (1) represent only 14% of tangible common equity Level 3 Financial Instruments Owned (1) as a…
  23. Investors Update – Jefferies Group, Inc. – slide 23
    Liquidity Pool Jefferies maintains significant excess liquidity on hand Total Liquidity Pool ( Millions) Predecessor Successor 6,000 5,574 18.0% 5,187 5,282 5,000 4,726 15.0% 4,467 4,229 4,423 14.4% 4,000 3,441 3,571 3,379 12.3%…
  24. Investors Update – Jefferies Group, Inc. – slide 24
    Long-Term Debt Profile As of 02/28/14, our 5.8 billion notional of long-term debt had a weighted average maturity of 8.6 years No maturity of long-term debt in a single year is greater than 20% of outstanding long-term debt Debt…
  25. Investors Update – Jefferies Group, Inc. – slide 25
    Credit Ratings Jefferies Group LLC Credit Ratings Agency Rating Outlook Standard & Poors BBB Stable Moodys Baa3 Stable Fitch BBB- Stable Note: As of May 2, 2014. 24
  26. Investors Update – Jefferies Group, Inc. – slide 26
    Appendix 25
  27. Investors Update – Jefferies Group, Inc. – slide 27
    GAAP Reconciliation Leverage Ratio - Excluding Merger Impacts May 31, August 31, November 30, February 28, ( Millions) 2013 2013 2013 2014 Total Assets 38,938 38,830 40,177 43,440 Goodwill and Acquisition Accounting Fair Value…

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