B U I L D I N G  O N  O U R 
S U S T A I N A B I L I T Y  S T R A T E G Y
ESG/DEI 
 REPORT 
 F E B R U A R Y  2 0 2 3

1.	INTRODUCTION . .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . 3
Letter from Our CEO and President. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4
Letter from the ESG/DEI Committee of the Jefferies Board. .  .  .  .  .  . 5
About Jefferies. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 6
2022 ESG/DEI Highlights. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 7
2.	SUSTAINABILITY AT THE 
CORE OF JEFFERIES’ VALUES. .  .  .  .  .  .  .  .  . . . . . . . . . 8
Our Approach to ESG/DEI: Integration. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 9
Sustainability Oversight. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 11
Stakeholder Engagement. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 12
3.	SUSTAINABLE FINANCE . .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . 13
Jefferies’ Sustainable Investment Statement. . . . . . . . . . . . . . . . . . 14
Sustainable Finance Solutions and Services. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 15
Global Investment Banking and Capital Markets. .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17 
Asset Management. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17
ESG Research. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 18
Jefferies 2022 Conferences and Summits. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 19
4.	HUMAN CAPITAL. .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . 20
Supporting Our Global Team . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 21
Investing in Our Talent. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 22
Diversity, Equity and Inclusion. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 23
5.	GIVING BACK . .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . 26
Doing Good Is Good Business. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 27
Jefferies Family Scholarship. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 29
2022 Employee Volunteerism . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 30
6.	RESPONSIBLE BUSINESS PRACTICES. .  .  .  .  . . . . . . 31
Business Ethics and Compliance. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 32
Data Security and Customer Privacy. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 33
Risk Management and Business Continuity. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 35
Supply Chain Management . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 36
Responsible Approach to Tax. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 37
7.	ENVIRONMENTAL STEWARDSHIP . .  .  .  .  .  .  . . . . . . . 38
Our Strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Looking Forward. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 39
Metrics. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 39
8.	ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES . .  .  .  .  .  .  . . . . . . . 40
Berkadia. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 41
HomeFed. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 42
Foursight Capital. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 42
OpNet (Formerly Linkem). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 43
9.	APPENDIX . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . 44
U.N. Sustainable Development Goals (SDGs). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 45
Sustainability Accounting Standards Board (SASB) . .  .  .  .  .  .  .  .  .  .  .  . 46
About This Report. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 48
Forward-Looking Statements. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 48
FEBRUARY 2023 ESG/DEI REPORT
Table of Contents
2  |  FEBRUARY 2023 ESG/DEI REPORT

SECTION 1
Introduction
Letter from Our CEO and President. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  4
Letter from the ESG/DEI Committee of the Jefferies Board. .  .  .  .  .  .  .  .  5
About Jefferies . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  6
2022 ESG/DEI Highlights. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  7
3  |  FEBRUARY 2023 ESG/DEI REPORT

4
  FEBRUARY 2023 ESG/DEI REPORT  |
INTRODUCTION 
	 Letter from Our CEO and President 
	 Letter from the ESG/DEI  
	 	
	Committee of the Jefferies Board 
	 About Jefferies 
	 2022 ESG/DEI Highlights
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES 
APPENDIX
Letter from Our CEO and President
2022 was a tumultuous year. From the Russian 
invasion of Ukraine and Russia’s continuing 
assault on the civilian families of Ukraine, to 
inflation, to aggressive interest-rate tightening by 
global central banks, to volatile and sometime 
treacherous markets, to the crypto-currency 
meltdown and more, we and our clients and the 
entire industry were challenged throughout.
As always, the Jefferies team weathered the storm and produced 
a very respectable year. Perhaps more importantly, in the face of 
2022’s tumult, our team continued to make progress on our 
environmental, social and governance (ESG) and diversity, equity 
and inclusion (DEI) initiatives. We know better than anybody that 
we still have a long way to go to achieve our ESG/DEI goals, but 
we remain convinced that we and our team share the strong 
motivation and commitment to reach those goals.
Here are some of the things you will see in the following pages:
•	Our Board of Directors and its ESG/DEI Committee increased 
their leadership and coordination this year. They have not only 
made even clearer to us and our team the progress they expect 
from us on ESG/DEI initiatives but also increased their role in 
working with our team to help drive those initiatives.
•	We adopted a Sustainable Investment Statement for all our 
stakeholders to define how we approach the myriad aspects 
of sustainable investing and finance.
•	We have increased the number of United Nations (U.N.) 
Sustainable Development Goals (SDGs)-linked bonds brought 
to market through Jefferies.
•	We brought together companies and investors for corporate 
sustainability summits and conferences.
•	We supported a variety of deals and transactions related to 
climate change, energy transition and decarbonization, and 
social impact.
•	On the human capital and DEI front, we have begun publishing 
our EEO-1 statistics and have committed to conducting a racial-
equity audit.
•	Building on the work we have done to measure, report and 
reduce our greenhouse gas emissions, we have expanded 
our work to include Scope 3 emissions (business travel, fuel, 
and energy-related activities). In 2023, we plan to report on 
all relevant Scope 3 categories and advance our work to 
reduce emissions.
•	At the direction of our Board’s ESG/DEI Committee, we achieved 
100% renewable energy through the purchase of environmental 
attribute certificates in volumes matching energy consumed 
globally. In addition, we offset all remaining Scope 1 and Scope 
2 energy as a near-term mitigation strategy to reduce emissions 
now in our business operations. 
Regardless of what we have done, we realize far more remains to 
be done. Within Jefferies, we must continue to develop the tools 
and strategies our clients need to address the ESG challenges 
facing them as they raise capital or invest in companies. And 
close to home at Jefferies, we will continue on our journey to 
hold ourselves to the high standards expected by our clients, 
shareholders, noteholders, employee-partners and all other 
stakeholders regarding ESG/DEI matters and continue to build 
an increasingly diverse and inclusive team at Jefferies. 
We have no doubt that with our Board and the great team working 
with us at Jefferies, we will achieve our goals. We very much look 
forward to continuing the journey. 
JEFFERIES’ MISSION AND PURPOSE
Jefferies is a people-driven business. Our greatest 
contribution to the world flows through our 
team of outstanding professionals who live 
the Jefferies’ values of partnership, service, 
nimbleness, drive, and humility to make a positive 
difference in the communities in which we live and 
work. We strive to be a global leader in investment 
banking, equity capital markets, and alternative 
asset management and to build value for our 
clients and stakeholders by leveraging our diverse 
team and our culture of resilience and innovation.
Richard B. Handler
Chief Executive Officer
Brian P. Friedman
President

INTRODUCTION 
	 Letter from Our CEO and President 
	 Letter from the ESG/DEI  
	 	
	Committee of the Jefferies Board 
	 About Jefferies 
	 2022 ESG/DEI Highlights
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
5
  FEBRUARY 2023 ESG/DEI REPORT  |
Letter from the ESG/DEI Committee of the Jefferies Board
Our ESG/DEI journey is some combination of 
challenging, fascinating and continually alluring. 
Representative of the alluring part of that journey, 
we on the Committee have been energized in 
pressing to be ever more involved in urging 
management at Jefferies to achieve greater 
accomplishments on the ESG/DEI front. We 
are pleased to report that our efforts have had 
a tangible impact.
Of particular allure has been the way this Committee has 
interacted with Jefferies’ global business-level ESG Working 
Group, as well as with its third-party consultants, in the work 
Jefferies has done to measure, report and reduce Scope 1 and 2 
and parts of its Scope 3 carbon emissions. In addition to the 
learning experience it has been for all of us to understand better 
how such processes are conducted, we found it particularly useful 
to be part of the process of purchasing environmental attribute 
certificates and offsets to mitigate the impact of our operating 
emissions. We committed to matching 100% of our global 
electricity use with renewable energy, a zero-carbon energy 
source, and to offsetting remaining emissions in an effort to 
mitigate our impact while we work to reduce our environmental 
footprint. In 2023, our environmental strategy will expand across 
all Scope 3 categories relevant to our business and our work 
will continue.


Of equal interest has been both the opportunity to get to know 
better the global members of Jefferies’ ESG Working Group and to 
see the diligence and initiative those members bring to fulfilling 
their mission. Perhaps this year more than prior years, the one 
thing that we have appreciated was seeing how Jefferies is 
preparing for the myriad regulatory mandates coming its way. 
Whether it is the SEC’s proposed climate disclosure rules or the 
European Union’s upcoming ESG reporting requirements in the 
Corporate Sustainability Reporting Directive, we have been both 
educated and intrigued by the work in which the global ESG 
Working Group is engaged to prepare for and ultimately to satisfy 
those disclosure mandates. 
As we look at Jefferies and the progress it has made across many 
fronts, we continue to need to see more progress on diversity. To 
management’s great credit and with our urging and help, this 
Board is now among the most diverse in any industry. Likewise, 
our international subsidiary, Jefferies International Limited (JIL), 
has a highly diverse board with 33% of the board comprised of 
women. It bears noting, too, that our Board’s Lead Director and the 
Chair of our Nominating and Corporate Governance Committee is 
a woman; the Chair of our Risk and Liquidity Oversight Committee 
is an African American; and the newly designated diversity 
champion on the JIL Board is a woman who joined that board in 
2021. And as one would expect, Jefferies is a better company for 
those diversity accomplishments.
Likewise, the diversity of our incoming classes of 
analysts and associates has reached levels that 
reflect the communities in which we operate. 
But more needs to be done. There can be no denying that 
progress is being made regarding the promotion of women and 
minorities within Jefferies. One need only look at the fact that one 
of the three global co-heads of Investment Banking is a highly 
talented woman; or the progress that has been made in JIL in 
hiring and promoting women and minorities as desk and business 
heads, as well as the fact that JIL’s Chief Risk Officer, Head of 
Compliance, and Head of Operations are women. 
Our goal, though, is to have the middle of the organization and 
upper-management levels reflect that same kind of diversity. We 
have no doubt that we will achieve our goal. And we very much 
look forward to updating all our stakeholders next year and in the 
years to come regarding those achievements.

ESG/DEI COMMITTEE OF THE BOARD

Barry J. Alperin (Chair)  |  Linda L. Adamany  |  Matrice Ellis Kirk 
MaryAnne Gilmartin  |  Thomas W. Jones  |  Jacob M. Katz

Jefferies Board Diversity
42%
5 of 12 directors are 
diverse by gender/ethnicity
56%
5 of 9 independent directors are 
diverse by gender/ethnicity
2 Board Committees Chaired by 
Diverse Independent Directors
9 Years Average Director Tenure
33%
4 of 12 directors are women 
Diverse Lead Independent Director

INTRODUCTION 
	 Letter from Our CEO and President 
	 Letter from the ESG/DEI  
	 	
	Committee of the Jefferies Board 
	 About Jefferies 
	 2022 ESG/DEI Highlights
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
6
  FEBRUARY 2023 ESG/DEI REPORT  |
About Jefferies
1 Employee-partner count is as of November 30, 2022. This ESG/DEI Report primarily addresses our parent entity, Jefferies Financial Group Inc., and its main operating broker-dealers, with certain of our consolidated and equity method direct investments, including Berkadia, HomeFed, 
Foursight and OpNet — all of which have their own ESG and DEI programs addressed on pages 41-43. This report excludes information on Idaho Timber due to its sale by Jefferies during August 2022, and Vitesse Energy, Inc. due to its spin-off to Jefferies’ shareholders in January 2023.
$5.0 billion 
in capital returned to 
shareholders over 
the last five years
$1.1 billion 
in capital returned to 
shareholders in 2022
Jefferies differentiates itself as a leader in 
the industry through its ability to deliver 
distinct insights that help our clients achieve 
their most important goals.
Ranked 1st in ESG research by U.S. Institutional 
Investor in its 2022 survey
Ranked 4th in ESG research by European 
Institutional Investor in its 2022 survey
3,573 employee-partners in the Americas 
New York — Global Headquarters
Atlanta, Boston, Charlotte, Chicago, Dallas, Houston, Jersey City, 
Los Angeles, Miami, Nashville, Orlando, Richmond, Salt Lake 
City, San Francisco, Stamford, and Washington, D.C.
Jefferies’ total Equity Research ranked 6th in 
the U.S. and 7th in Europe by Research II and 
3rd best overall in Asia by Asiamoney for 
combined Equity Research and Sales
Ranked 7th globally by Dealogic in combined 
mergers and acquisitions, equity capital markets 
and leveraged finance verticals
565 employee-partners 
in Asia Pacific 
Hong Kong SRA — 
Asia Headquarters
Beijing, Mumbai, Singapore, 
Sydney, and Tokyo
Ranked the 6th largest investment banking 
firm by Dealogic in both the global mergers and 
acquisitions and global equity capital markets 
verticals (excluding China)
WHO WE ARE
5,381
Worldwide 
Employee-Partners1
1,243 employee-partners in 
Europe and the Middle East
London — European 
Headquarters
Amsterdam, Dubai, Frankfurt, 
Madrid, Milan, Paris, Stockholm, 
Warsaw, and Zurich
WORKING FOR OUR SHAREHOLDERS

INTRODUCTION 
	 Letter from Our CEO and President 
	 Letter from the ESG/DEI  
	 	
	Committee of the Jefferies Board 
	 About Jefferies 
	 2022 ESG/DEI Highlights
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
7
  FEBRUARY 2023 ESG/DEI REPORT  |
2022 ESG/DEI Highlights
ENVIRONMENTAL
SOCIAL
GOVERNANCE
As responsible environmental stewards, we are 
committed to ongoing activities to advance our 
sustainability strategy. 
Scope 3 Emissions
Scope 3 calculations have been reported for two categories, 
business travel and fuel and energy-related activities, for 2018-
2021. 2022 calculations will be reported later this year. In 2023, 
we plan to expand Scope 3 reporting to include all categories 
relevant to our business, including Category 15, Investments. 
$18 Million
Donated over $18 million in 2022 to over 240 charities, 
organizations, and nonprofits
ESG Training 
Ongoing firmwide ESG education on global topics and business 
model integration
546 employee-partners 
participated in the 2022 
ERG Mentoring Program
Increased employee-
partner participation 
to 80% for the second 
annual inclusion-focused 
engagement survey
In 2022, we met our 100% renewable 
energy goal through the purchase of 
environmental attribute certificates, and 
we have offset remaining emissions for 
our operations for which we were able 
to obtain usage data.
Our Supplier Code of Conduct strengthens our 
supplier risk governance.
80%
546
100%
Continuous cyber awareness 
training to 100% of our employee-
partners and contractors
100%

SECTION 2
Sustainability 
at the Core of 
Jefferies’ Values
Our Approach to ESG/DEI: Integration. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  9
Sustainability Oversight . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 11
Stakeholder Engagement. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 12
8  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES 
	 Our Approach to ESG/DEI: Integration  
	 Sustainability Oversight  
	 Stakeholder Engagement
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
9
  FEBRUARY 2023 ESG/DEI REPORT  |
Jefferies’ culture of community and partnership 
among diverse people and ideas contributes 
to our resiliency, building value for clients, 
stakeholders, and the communities in which 
we operate. Our vision of corporate social 
responsibility is reflected in our commitment to 
meaningfully participate in sustainable economic 
development — working with employee-partners, 
their families, the local community, and society at 
large to improve the quality of life in ways that are 
good for both business and community. Through 
governance structure and policies, we work to 
align the perspectives of our shareholders, 
management, and stakeholders.
OUR APPROACH TO ESG/DEI: INTEGRATION
We see sustainability as a key enabler of Jefferies’ growth 
strategy, and our experience demonstrates that it creates positive 
business impact and societal value. 
We embrace ESG and DEI as individuals and as 
a firm not because we want check marks from 
graders to tell us that we passed but because 
we believe it is the best way to run a business 
and live one’s life. 

We know that having a diverse group of people with different 
backgrounds and experiences will always help us make the best 
long-term decisions, regardless of the problem or issue. We are 
grateful that, through our eight Employee Resource Groups, many 
employee-partners have meaningful leadership roles across the 
company, through which their efforts, contagiousness, drive, 
personalities, and beliefs help to make Jefferies better. 
We have made great progress as a firm, and we are proud of it. 
That said, we also know there are areas in which we have room 
for major improvement, most notably the diversity of our senior 
leaders. We are committed to building a more diverse firm and 
plan to achieve specific results while remaining steadfast in hiring 
the most qualified individuals for each role. 
We have made tremendous strides in sustainability throughout 
our firm. However, it is also clear to us that sustainability is not an 
on-off switch but, rather, a dimmer that will take time. That is why 
we are working with our clients to finance and implement a smart, 
long-term transition that is practical, intelligent, and sustainable. 
A mature, all-encompassing and realistic view of each issue is 
required, and then specific action must be charted. We must be 
held accountable. This approach is more nuanced, honest and 
valuable than contorting to achieve a short-term goal from an 
arbitrary checklist.
Sustainability at the Core of Jefferies’ Values
We know that having a diverse group of people 
with different backgrounds and experiences 
will always help us make the best long-term 
decisions, regardless of the problem or issue.

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES 
	 Our Approach to ESG/DEI: Integration  
	 Sustainability Oversight  
	 Stakeholder Engagement
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
10
  FEBRUARY 2023 ESG/DEI REPORT  |
Our Board of Directors and Executive Team recognize the 
importance of integrating governance, environmental stewardship, 
and social responsibility throughout our global operations to 
advance our long-term value creation. 

Building on Our Foundation of Sustainability
Our ESG/DEI journey reinforces our “doing good is good business” 
culture. We strive to continually refine our sustainability strategy 
and initiatives as more business intelligence and effective 
solutions become available. We recognize that sustainability 
doesn’t have a finish line. Instead, it is a continuous road of 
opportunities to strengthen our ESG/DEI business practices. 


We are confident that our dedicated, thoughtful 
approach toward ESG and DEI integration 
contributes to the overall success of Jefferies and 
to long-term value creation for our employee-
partners, shareholders, communities, and other 
key stakeholders.
We establish our ESG/DEI 
strategies to support 
solutions essential to 
building a sustainable future 
and driving value to our 
employees, shareholders, 
and communities worldwide.
We strive to maintain a culture of 
transparency, trust, and respect, and foster an 
entrepreneurial culture that emphasizes DEI.
We aim to make a positive difference in the 
communities in which we live and work by giving 
back through financial donations, leadership 
support, and volunteer commitment.
We are committed to sound corporate governance and 
ethical practices, building long-term value for our 
shareholders and trust with stakeholders.
We continue advancing our 
environmental stewardship to 
reduce our carbon footprint 
and promote eco-friendly 
practices across our global 
operations.
The Building Blocks of Our Sustainability Strategy
Sustainability at the Core of Jefferies’ Values continued
Human 
Capital
Giving  
Back
Responsible 
Business 
Practices
Sustainable 
Finance
Environmental 
Stewardship

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES 
	 Our Approach to ESG/DEI: Integration  
	 Sustainability Oversight  
	 Stakeholder Engagement
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
11
  FEBRUARY 2023 ESG/DEI REPORT  |
Sustainability at the Core of Jefferies’ Values continued
SUSTAINABILITY OVERSIGHT 
Jefferies’ governance supports and implements sustainability strategies across the company, manages 
goal setting and reporting, strengthens relations with external stakeholders, and ensures overall 
accountability. We recognize that sustainability benefits society, but it also helps our business with 
long-term benefits, including mitigating risks, attracting new investors and shareholders, increasing 
the company’s equity, and attracting and retaining the best talent.
Board ESG/DEI Oversight
Our Board, as a whole and through its standing committees, 
works closely with our executive management to oversee our 
ESG/DEI initiatives, reporting and sustainable business practices. 
The ESG/DEI Committee has direct oversight of Jefferies’ ESG/
DEI program. The Board also extends its oversight of certain 
material ESG/DEI topics to other board committees when aligned 
with their responsibilities.
ESG/DEI-RELATED 
BOARD 
RESPONSIBILITIES

ESG/DEI OVERSIGHT AREAS
Board of Directors
ESG/DEI program through oversight of our 
business strategy and annual strategic planning
ESG/DEI 
Committee
ESG and DEI risks, strategies, policies, programs 
and practices, including risks and opportunities 
relating to climate change
Audit Committee
Financial reporting and legal and regulatory 
compliance risk and the Code of Business 
Practice
Compensation 
Committee
Compensation and benefits programs for 
our officers, directors, and employee-partners 
and assistance with Board oversight of 
policies and strategies related to human 
capital management, including recruiting, 
retention, and diversity
Nominating and 
Corporate 
Governance 
Committee
Corporate Governance Guidelines and 
Board nominees — specifically including 
diverse candidates
Risk and Liquidity 
Oversight 
Committee
Enterprise risk management activities, including 
business continuity planning, cybersecurity and 
privacy risks
Integrated ESG/DEI Oversight 
The ESG/DEI Committee chair personally 
participates in and helps drive the regularly 
scheduled operating-level global ESG Working 
Group meetings.
The ESG/DEI Committee oversees our ESG/DEI program to 
ensure that our Management Team discusses ESG/DEI matters 
while reviewing our business operations, continues to advance 
DEI initiatives and broaden our workforce diversity, pursues our 
environmental sustainability strategy, and helps to address social 
issues outside Jefferies. 
Key Responsibilities of ESG/DEI Committee 
Evaluation of corporate risks, policies, strategies and programs 
related to matters of sustainability, climate change, social 
responsibility, culture, governance, diversity, equity, and inclusion
Establishment of ESG/DEI policies and formal ESG/DEI 
assessments to adhere to best practices

Oversight of corporate culture and evaluation of progress 
in workforce diversity and inclusivity 

Expansion of ESG/DEI reporting 

Measurement, reporting and mitigation of our 
environmental impact 

Evaluation of impact on social issues 

Evaluation of management’s efforts to react and respond 
to social issues affecting Jefferies and the communities in 
which we operate
Board of  
Directors
ESG/DEI  
Committee
ESG Working  
Group

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES 
	 Our Approach to ESG/DEI: Integration  
	 Sustainability Oversight  
	 Stakeholder Engagement
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES 
APPENDIX
12
  FEBRUARY 2023 ESG/DEI REPORT  |
ESG Working Group
Our ESG Working Group includes cross-functional leaders who 
meet regularly to discuss sustainability issues critical to our 
business and stakeholders. The group recommends steps to 
promote sustainability objectives by developing and driving 
ESG initiatives to advance sustainability strategies and reports 
progress quarterly to the ESG/DEI Committee. 
Firmwide ESG Training
Our Human Capital Team provides firmwide ESG education. We 
educate all employee-partners about ESG and share how Jefferies 
is advancing sustainability initiatives. 
All employee-partners learn about ESG/DEI 
matters and how Jefferies is advancing 
sustainability initiatives, such as enhancing DEI 
among our team, decreasing our environmental 
footprint, supporting the communities in which 
we work and live, and advancing sustainability 
finance initiatives through our business model.
STAKEHOLDER ENGAGEMENT 
Ongoing and extensive stakeholder engagement is key to our business success and impacts our business processes. Our approach 
helps to inform our Board and Executive Team of ESG/DEI topics critical to our stakeholders, shape the development and execution of 
our sustainability efforts, and drive long-term shareholder value creation. The table below summarizes some of the ways we actively 
engage with key stakeholders.
STAKEHOLDER GROUP
ENGAGEMENT APPROACH
ESG/DEI TOPICS OF DISCUSSION
Clients
•	Individual client meetings and information
conferences 
•	Client communication through platform and regular 
client outreach 
•	Sustainability Matters Summits and ESG Forums
•	Shared community development and support
•	Client questionnaires
•	Integration of ESG/DEI into investment decision-making 
•	Assessment of sustainability matters and financial implications of critical 
areas, such as global human rights, global health and safety during COVID-19, 
climate change, and supply chain management
•	Jefferies’ information security and privacy practices
Employee-Partners
•	Firmwide town hall meetings and Q&A sessions with 
Executive Team 
•	Annual engagement surveys and review of results 
and feedback
•	Virtual meetings and regular employee 
communication through email and intranet 
•	Formal reporting mechanism to raise issues such as 
fraud, harassment, information security/privacy 
incidents and safety concerns
•	Diversity and equal opportunity
•	Health and safety, COVID-19 protocols, and remote/hybrid work arrangements
•	Benefits and compensation
•	Wellness and mental health support
•	Training, professional development, and career advancement
•	Internships and recruitment
Shareholders
•	One-on-one meetings to review business and 
ESG/DEI topics 
•	Annual investor meeting 
•	Interactions at industry associations and 
sell-side conferences 
•	Conversations with Investor Relations Team 
•	Shared community development and support
•	Business strategy and long-term financial sustainability 
•	Sustainability reporting, goals, and executive compensation 
•	ESG/DEI initiatives and objectives, such as climate change, workforce diversity, 
and corporate governance 
•	Sustainable investment strategy
Suppliers
•	Meetings, emails, calls, conferences, and site visits 
•	Assessments and questionnaires on business 
continuity, anti-money laundering and compliance, 
credit risk, information security, privacy, carbon 
emissions, diversity, and human rights
•	Supplier Code of Conduct
•	Business continuity and supply chain management 
•	Sustainability initiatives, COVID-19 protocols, workforce diversity, and 
eco-friendly business practices
Communities
•	Collaborations to advance shared priorities of social 
responsibility and community needs 
•	Interactions building community partnerships and 
volunteerism 
•	Philanthropic donations and investments 
•	Meetings in unison with our clients to maximize 
positive impact
•	Community development and support in areas of racial injustices, access 
and affordability, healthcare, and wellness support 
•	Volunteerism and corporate donations
Sustainability at the Core of Jefferies’ Values continued

SECTION 3
Sustainable 
Finance
Jefferies’ Sustainable Investment Statement. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 14
Sustainable Finance Solutions and Services. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 15
Global Investment Banking and Capital Markets . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17
Asset Management . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17
ESG Research. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 18
Jefferies 2022 Conferences and Summits . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 19
13  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE 
	 Jefferies’ Sustainable  
	 	
	Investment Statement 
	 Sustainable Finance Solutions  
	 	
	and Services 
	 Global Investment Banking and  
	 	
	Capital Markets 
	 Asset Management 
	 ESG Research 
	 Jefferies 2022 Conferences  
	 	
	and Summits
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
14
  FEBRUARY 2023 ESG/DEI REPORT  |
JEFFERIES’ SUSTAINABLE INVESTMENT STATEMENT
In May 2022, we adopted a Sustainable Investment Statement 
(SIS) for clients, prospective clients, employees, and other 
stakeholders so that they may better understand how Jefferies 
defines and approaches these different aspects of sustainable 
investing and finance. This statement was developed through 
robust stakeholder engagement, including the ESG/DEI 
Committee and senior executives from multiple Jefferies 
business units, based on a peer review and recommendations 
conducted by an external consultant. For more information, 
please see our SIS on the Governance page of our website. 
As part of our due diligence process, Jefferies assesses various 
factors that may include financial performance, industry trends, 
quality of management, and reputational and other risks, as well 
as ESG factors. We make these assessments for our clients as 
well as for the investments that we make on our own behalf. 
The factors included in our evaluation process continue to evolve 
and are assessed and adjusted on an ongoing basis. However, 
Jefferies does not make investment business decisions based 
solely on ESG criteria, nor do we market ourselves as an 
ESG investor. 
Sustainable Investing
Climate change is currently one of the top-tier risks to humanity 
and poses significant challenges for the global economy. At 
Jefferies, we transform these challenges and turn them into 
opportunities for new and growing businesses that are focused 
on decarbonization strategies. In a proprietary survey sponsored 
by Jefferies’ Global Research Team, approximately 60% of 
respondents in the U.S. indicated that they would pay more 
for goods if they knew their delivery would have a lower impact 
on the environment. We are committed to helping our clients 
and stakeholders accelerate the transition to a low-carbon 
economy and are looking at our own business practices to set 
the right example.
Sustainable Finance
As a leader in the financial sector, we have influence in funding and bringing awareness to issues of 
sustainability. We believe long-term investors must look ahead to the risks that might impact the value 
of their investments, as well as identifying investment opportunities over long-term horizons. We also 
believe that governance is the foundation upon which successful companies are built. It is the 
mechanism through which Jefferies can ensure that interests are aligned between fellow shareholders, 
management, and other stakeholders.
Over 60% of U.S. respondents in a 
Jefferies’ proprietary survey spanning 
11 countries and 5,000 consumers 
indicated that they would pay more 
for goods if they knew their delivery 
would have a lower impact on the 
environment.
60%
Member of Sustainable Trading, an inclusive 
membership network driving positive change in 
ESG practices within financial markets trading. 
Learn more

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE 
	 Jefferies’ Sustainable  
	 	
	Investment Statement 
	 Sustainable Finance Solutions  
	 	
	and Services 
	 Global Investment Banking and  
	 	
	Capital Markets 
	 Asset Management 
	 ESG Research 
	 Jefferies 2022 Conferences  
	 	
	and Summits
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
15
  FEBRUARY 2023 ESG/DEI REPORT  |
We are increasing the number of green, sustainable and U.N. 
SDGs-linked bonds and continuing to invest in mission-driven 
companies that are making huge strides toward a more inclusive, 
sustainable world. Examples of our sustainable investment 
activity are highlighted over the following pages.

Fixed Income

Orbach Affordable Housing Solutions completed its inaugural 
asset-backed securities transaction in July 2022. 
The $100 million transaction is collateralized by a portfolio of eligible 
federal low-income housing tax credit multifamily properties. The 
offering received a Social Bond Designation from Sustainalytics, a 
second-party opinion provider. The designation is based on compliance 
with the Social Bond Framework laid out by Sustainalytics and its 
alignment with the International Capital Market Association’s Social 
Bond Principles published in June 2021.
Municipal Finance Group: 
2022 ESG-Related Initiatives and Transactions

Jefferies’ Municipal Finance Group is a market leader in working 
with U.S. governmental entities and nonprofits to finance their 
capital needs, and we continue to be on the forefront of assisting 
borrowers with evaluating ESG considerations in all facets of 
capital planning and disclosure. 
In 2022, Jefferies’ Municipal Finance Group served as senior 
manager or placement agent on $4.7 billion of ESG-labeled 
financings (e.g., Green Bonds, Social Bonds or Sustainability 
Bonds); since the first ESG-labeled financing was sold in the 
municipal market in 2013, our team has led $10.3 billion of 
such financings. 
In 2022, our ESG-labeled financings supported affordable housing, 
unemployment, industrial development, and water/sewer. More  
broadly, the work of the Municipal Finance Group also touches on 
transportation, higher education, power/energy, and other general 
governmental purposes.
Notably, in 2022, Jefferies served 
as book-running senior manager
on a $2.7 billion Social Bond issuance 
for the Commonwealth of Massachusetts related 
to unemployment insurance initiatives. This transaction 
was the largest ESG-labeled financing to price in the municipal 
market and was honored as The Bond Buyer’s 2022 ESG/Green 
Deal of the Year and as the 2022 Deal of the Year by Smith’s 
Research & Gradings.
SUSTAINABLE FINANCE SOLUTIONS AND SERVICES
We are helping finance solutions to advance social initiatives, like affordable housing; climate solutions, 
like green energy; and a more circular economy. Over the past year, Jefferies has provided financial 
support for various sustainability initiatives aligned with this goal. Jefferies also acts as a financial 
advisor to ESG-oriented companies.
Sustainable Finance continued
Employee Spotlight 
KYM ARNONE 
Career Achievement Award
As a pioneer and longstanding leader in municipal finance, 
Kym Arnone, Managing Director, Head of Municipal Finance, 
was recognized in May 2022 with the Austin Koenen Career 
Achievement Award from the Municipal Forum of New York. 
Over the past three decades, Ms. Arnone has led the 
coverage efforts for a variety of large and complex issuers, 
most notably specializing in the securitization of tobacco 
settlement revenues. She was involved in the very first 
tobacco securitization in 1999 and quickly became the 
sector’s leading expert, having now led 67 municipal tobacco 
securitizations totaling $70 billion (75% of the total market), 
more than any other banker on Wall Street. 
Given her track record, we view Ms. Arnone’s credibility with 
both rating agencies and investors in the securitization 
sector as unmatched and that she truly embodies the 
exceptional expertise that clients expect from Jefferies. 
Largest ESG-labeled financing 
to price in the municipal market

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE 
	 Jefferies’ Sustainable  
	 	
	Investment Statement 
	 Sustainable Finance Solutions  
	 	
	and Services 
	 Global Investment Banking and  
	 	
	Capital Markets 
	 Asset Management 
	 ESG Research 
	 Jefferies 2022 Conferences  
	 	
	and Summits
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
16
  FEBRUARY 2023 ESG/DEI REPORT  |
Paper and Packaging
Jefferies advised on the sale of Genera Energy to Ara Partners. 
Genera is an integrated manufacturer of non-wood agricultural 
pulp and molded fiber products and Ara Partners is a private equity 
firm that specializes in industrial decarbonization investments. Ara 
Partners acquired Genera’s Vonore, Tennessee, production facility 
which is the largest vertically integrated non-wood agricultural pulp 
and molded fiber manufacturing facility operating in North America 
today. The facility supplies customers with domestically sourced 
and manufactured non-wood pulp and molded fiber products.
Ara Partners also committed up to an additional $200 million of 
capital to support significant expansion of its sustainable pulp and 
packaging business. Proceeds from Ara’s investment will be used to 
develop additional integrated manufacturing facilities and expand 
molded fiber production capacity in Vonore, enabling production 
of more than 5,000,000 takeout containers, plates, bowls, and 
other food and consumer packaging products every day, all made 
entirely from locally grown fiber crops and agricultural residues.
Together, Ara and Genera will expand the company’s production 
footprint across the U.S. to address the growing demand for 
domestically sourced sustainable packaging. By partnering with 
American farmers to supply purpose-grown agricultural fibers, 
Genera creates economic opportunities for rural communities 
from conservation use of land while providing an environmentally 
superior, biodegradable, and compostable solution to the growing 
global plastic pollution problem. 
Energy Efficiency
Jefferies was sole global coordinator and sole bookrunner for 
SDCL Energy Efficiency Income Trust plc (SEEIT), raising $148 
million and $132 million respectively via two follow-on fundraises 
in 2022 for new investment opportunities. 
SEEIT is a first-of-its-kind investment company focused on 
investments in energy-efficiency projects located primarily in the 
UK, continental Europe, and North America. Energy-efficiency 
investments are a rapidly growing segment of the infrastructure 
market and involve the efficient supply of or reduction in demand 
for energy in return for contractual service payments. Assets in 
the energy-efficiency sector can include electric vehicle charging 
infrastructure, and geothermal and biogas projects.
SEEIT has been awarded the Green Economy Mark from the 
London Stock Exchange in recognition of deriving more than 50% 
of its revenues from products and services that contribute to the 
global green economy.
Building Materials
The $525 million Eco Material Technologies deal, in which 
Jefferies acted as financial advisor to Eco Material, received the 
Green Leaf Designation on Bloomberg. Jefferies was also the left 
book-running manager on Eco Material’s $525 million Senior 
Secured Green Notes, the proceeds of which were used, among 
other things, to finance the transaction.
Eco Material Technologies is the leading producer of sustainable 
cement alternatives in the U.S., serving over 4,000 unique 
customer locations from its 100+ sites across 45 states. The 
company is the leading marketer and distributor of fly ash, with an 
approximately 50% volume share in the U.S. and the industry’s 
only true national footprint of logistics networks and distribution 
channels. Eco Material also has a patented technology to convert 
fly ash and other materials into innovative, near-zero-carbon 
building materials that react faster, match the one-day 
performance of and, after 28 days, are approximately 20% 
stronger than traditional cement, all while reducing by 
approximately 99% the CO2 emissions that are traditionally 
associated with cement production. Eco Material also provides 
mission-critical utility services, including operations support, 
waste disposal, and environmental remediation. For more 
information, visit www.ecomaterial.com. 
Sustainable Finance continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE 
	 Jefferies’ Sustainable  
	 	
	Investment Statement 
	 Sustainable Finance Solutions  
	 	
	and Services 
	 Global Investment Banking and  
	 	
	Capital Markets 
	 Asset Management 
	 ESG Research 
	 Jefferies 2022 Conferences  
	 	
	and Summits
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
17
  FEBRUARY 2023 ESG/DEI REPORT  |
GLOBAL INVESTMENT BANKING AND CAPITAL MARKETS 
During 2022, Jefferies supported a variety of ESG-related deals and transactions related to climate 
change, energy transition and decarbonization, and social impact, including those highlighted below.
ASSET MANAGEMENT
Leucadia Asset Management
Leucadia Asset Management LLC (LAM), a division of Jefferies, 
manages a range of investment strategies spanning diverse asset 
classes. LAM is a signatory to the Principles for Responsible 
Investment and has an asset management-specific ESG policy 
in addition to being subject to Jefferies’ broader ESG policies and 
initiatives. Third-party managers on the LAM platform can have 
their own ESG policies and integrate ESG considerations into 
investment decisions.
Gresham House Energy 
Storage Fund (UK) Gresham 
House is the UK’s largest fund 
investing in utility-scale 
battery energy storage 
systems, raising both 
$189 million in a follow-on 
equity offering and $189 
million in an incremental 
debt accordion financing.
Meyer Burger (Switzerland) 
Meyer Burger manufactures 
high-performance solar cells 
and solar modules, raising 
$253 million to finance the 
expansion of production 
capacities in connection 
with the production of solar 
cells and modules.
Foresight Sustainable 
Forestry (UK) Foresight is 
an investment company 
investing in a diversified 
portfolio of UK forestry 
and afforestation assets, 
raising $55 million to fund 
acquisitions.  
8 Rivers (U.S.) 8 Rivers 
invests and commercializes 
infrastructure-scale 
technologies for a wide range 
of industries. The Company 
developed the Allam-Fetvedt 
Cycle, a new way to generate 
electricity from fossil fuels 
without producing air 
emissions. 8 Rivers raised 
$100 million to accelerate 
its platform.
Carbon Clean (UK) Carbon 
Clean is a leader in carbon 
capture solutions for hard-
to-abate industries such as 
cement, steel, refineries 
and energy from waste. 
The company’s patented 
technology significantly 
reduces the costs of carbon 
capture when compared to 
conventional solutions. The 
company has developed a 
fully modular solution for its 
clients. Carbon Clean raised 
$150 million to accelerate 
its business plan.
Archaea Energy (U.S.) 
Archaea is one of the largest 
renewable natural gas (RNG) 
producers in the U.S. and 
frequently partners with 
landfill owners to help 
them convert landfill gas 
emissions (biogas) into RNG 
and transform these landfill 
facilities into renewable 
energy centers, raising 
$265 million from a 
secondary follow-on 
common stock offering.
Sustainable Finance continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE 
	 Jefferies’ Sustainable  
	 	
	Investment Statement 
	 Sustainable Finance Solutions  
	 	
	and Services 
	 Global Investment Banking and  
	 	
	Capital Markets 
	 Asset Management 
	 ESG Research 
	 Jefferies 2022 Conferences  
	 	
	and Summits
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES 
APPENDIX
18
  FEBRUARY 2023 ESG/DEI REPORT  |
2022 Client Engagement
~11,000 client touchpoints related to our ESG advisory 
offering in global equities. 
~1,000 unique clients interacted with our ESG offering globally.1 
~250 unique events relating to ESG globally, including 
thematic and expert meetings.
2022 Published Content
~500 ESG-related research reports published globally.
ESG RESEARCH 
We have constructed a global ESG Research and Strategy Team 
that takes a top-down as well as a bottom-up approach to our 
ESG research initiatives. The ESG Research and Strategy Team 
is led by Aniket Shah, PhD. Mr. Shah leads the integration of ESG 
and sustainability analysis within the global investment research 
department and engages with clients on this dynamic area of 
corporate and financial services. 
Jefferies is proud to have ranked 1st and 4th, 
respectively, in the latest U.S. and European 
Institutional Investor surveys. We are 
incorporating ESG and DEI themes, content and 
analyses within our research for our clients to 
integrate into their own investment processes. 
In this way, we are assessing companies and analyzing trends in 
relation to clean energy solutions, giving perspective to clients on 
the impact of carbon markets and other climate-related market 
mechanisms and opportunities.
Jefferies’ ESG Corporate Access Team is responsible for a wide 
range of dedicated expert and corporate events. In 2022, over 
11,000 client touchpoints were facilitated through 250 events 
around the world. A periodic “ESG Strategic Insights” newsletter, 
stakeholder engagement and advisory service are also part of the 
broader client offering. We are proud to present Jefferies as “One 
Firm” to our institutional and corporate clients in close partnership 
and collaboration with the global ESG Research and Strategy Team.
Our ESG engagement with corporate issuers on sustainability 
issues is foundational to gaining a clear sense of how companies 
of various sizes throughout the world are evolving their respective 
corporate strategies and reporting based on ESG considerations.
Our top-down research currently focuses on key themes within 
the environmental and social areas of sustainable investing, 
giving perspective as to how investors can incorporate a 
thematic view on ESG factors into investments. These themes 
include net-zero, natural capital, human capital and corporate 
culture, and ESG policy and regulation. 
Our bottom-up research involves collaborating with sector 
analysts to identify material ESG issues at the subsector level 
and how these issues may have a material financial impact on 
the companies we cover from an equity research perspective.
ESG Research
Financing the Transition: The Guidebook 
to Net Zero Alliances and Initiatives
Global | ESG Strategy
2022 in Europe, the Middle East and Africa 
(EMEA): A Retrospect and Forward Glance
Sustainable Finance continued
Employee Spotlight

ANIKET SHAH 
Global Head of ESG and 
Sustainable Finance Strategy
Aniket Shah, Global Head of ESG and Sustainable Finance 
Strategy, has helped Jefferies be ranked 1st in ESG Research 
by the 2022 U.S. Institutional Investor survey and 4th in ESG 
Research by the 2022 European Institutional Investor survey. 
Mr. Shah himself has been ranked 3rd in ESG research by 
the 2022 European Institutional Investor survey, with Luke 
Sussams, Head of EMEA ESG and Sustainable Finance, 
ranked 5th.
1This includes Analyst Marketing and Interactions, Bespoke Client Requests, 
and Industry Expert Meetings.

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE 
	 Jefferies’ Sustainable  
	 	
	Investment Statement 
	 Sustainable Finance Solutions  
	 	
	and Services 
	 Global Investment Banking and  
	 	
	Capital Markets 
	 Asset Management 
	 ESG Research 
	 Jefferies 2022 Conferences  
	 	
	and Summits
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
19
  FEBRUARY 2023 ESG/DEI REPORT  |
National Paths to 
Decarbonization Series
What Does Net Zero Mean — 
A Sovereign-Level Analysis
For investors concerned about a 
net-zero world, Jefferies believes that 
country-level analysis is key for 
investors to gain a clear sense of the 
practical pathways and investments 
required. During these sessions, 
Jefferies Equity Research provided a 
scientific viewpoint on what a net-
zero pathway requires at the country 
level, with sessions held in Mexico, 
Indonesia, South Africa, the UK 
and France.
Jefferies’ Offshore Wind 
Contractors Summit 
Offshore Wind Construction 
Value Chain
Jefferies leveraged interactive, 
“fireside” Q&A sessions to discuss 
the growing opportunity in the 
offshore wind construction value 
chain with some of the leading 
voices in the industry.
Jefferies’ ESG Nuclear 
Fusion Summit 
Harnessing the Power of Stars 

Jefferies launched our inaugural 
breakthrough technology summit 
series, exploring a range of solutions 
with the potential to avert a climate 
disaster, including conversations 
with companies at the cutting edge 
of nuclear fusion, described as 
perhaps the greatest technical 
challenge humanity has ever faced. 
Engineers and physicists now hope 
to commercialize years of research 
by connecting fusion power to the 
grid within the decade. 
Jefferies’ Decarbonizing 
Steel Summit
The Hydrogen Opportunity

The event aimed to bring to light the 
debate around hydrogen as a 
potential game changer for the steel 
industry to produce truly green steel 
and decarbonize.
Jefferies’ Renewable 
Energy Conference
Key Debates across the Value Chain

This event considered perspectives 
across the renewable energy value 
chain, including renewable power 
generation from wind and solar. The 
conference showcased companies 
involved in sourcing key raw 
materials, such as cobalt, lithium and 
rare earth metals; energy storage and 
distribution through batteries and 
hydrogen; decarbonization initiatives 
from upstream actors; and related 
enabling technologies, such as 
fuel cells.
JEFFERIES 2022 CONFERENCES AND SUMMITS
We bring together companies and investors for Jefferies corporate sustainability summits and 
conferences to discuss practical applications of current ESG topics. Examples of some 2022 events 
are listed below.
Sustainable Finance continued

SECTION 4
Human Capital
Supporting Our Global Team. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 21
Investing in Our Talent. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 22
Diversity, Equity and Inclusion . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 23
20  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL 
	 Supporting Our Global Team 
	 Investing in Our Talent  
	 Diversity, Equity and Inclusion
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
21
  FEBRUARY 2023 ESG/DEI REPORT  |
Human Capital
SUPPORTING OUR GLOBAL TEAM
We invest in the resilience and well-being of our employees and 
address issues that affect the health, community, economic 
stability, and social identity of our workforce. We foster an 
inclusive environment, maintaining safety and well-being in and 
out of the workplace, while respecting the cultures of the 
countries in which we live and work. 
Jefferies does not use a one-size-fits-all construct for its work-life 
balance policies. As a follow-up to last year during the pandemic, 
we addressed our return-to-office policies. Our focus on mental 
health and empathy to bring our employee-partners back into 
our offices is unwavering. 
Additionally, we enhanced our benefits program to support 
parents returning from leave by pairing them with employee-
partner buddies who give advice on successful reintegration 
back into the office.
We comply with relevant occupational health and safety laws with 
the goal of minimizing exposure to health risks and maximizing 
safety. We offer competitive health benefits and additional 
services, such as virtual wellness classes, counseling, guest 
speaker series, and health incentives. 
Employee Health Benefits
We provide competitive health benefit options that augment 
employee retention and attract prospective talent. Jefferies offers 
generous parental leave benefits, including paid time off, lactation 
rooms, backup childcare, and incentives for expectant mothers to 
participate in a Healthy Pregnancy Program. 
In 2022, we expanded our family-forming inclusive benefits 
through our Global Fertility, Surrogacy and Adoption Program, 
which provides $25,000 to all employees hoping to expand 
their families.
Employee-partners across the U.S. and London have access to 
resources that include one-on-one access to clinicians, experts, 
and specialists through an external partnership (for both 
expecting and existing parents).
Employee-partners who qualify for comprehensive healthcare 
benefits have access to our Employee Assistance Program (EAP), 
a confidential resource available to help with personal challenges. 
The EAP provides access to confidential counseling for difficulties 
such as marital and legal problems, drug or alcohol abuse, 
depression or stress, and childcare. 
Wellness Programs 
Support for the physical and mental health of our employee-
partners is and will continue to remain our top priority. In 
addition to our EAP and benefits offerings, we provide wellness 
programming and resources to support all our employee-partners. 
Jefferies hosts frequent wellness webinars, which are led by 
mental health experts. Our webinars focus on topics such as 
managing anxiety, supporting employee-partners to prevent 
burnout, harnessing empathy in the workplace, resiliency in a 
world of uncertainty, embracing a year of powerful change, 
nutrition and healthy eating habits, and more. These sessions are 
tailored to the audience based on the region in which they are 
being delivered. 
We also offer our employee-partners confidential, one-on-one 
wellness counseling with third-party mental health experts. This 
service is available to anybody seeking supplemental support and 
guidance. Additionally, to encourage good physical health 
practices, we have a robust lineup of fitness classes hosted both 
virtually and in person. We host monthly virtual fitness classes 
with well-known fitness studios and instructors and offer all 
employee-partners free access to a digital fitness application. 
Jefferies also partners with well-known fitness studios in New 
York and London to provide our employee-partners access to 
“Jefferies-only” classes.
Our global team of ~5,000 employee-partners and their entrepreneurial spirits define Jefferies. 
Our flat structure empowers our employee-partners to leverage their talents and experience to serve 
clients, manage teams, and define their personal work-life balance. We are committed to doing our best 
to maintain a culture of transparency, trust, and respect.

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL 
	 Supporting Our Global Team 
	 Investing in Our Talent  
	 Diversity, Equity and Inclusion
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES 
APPENDIX
22
  FEBRUARY 2023 ESG/DEI REPORT  |
INVESTING IN OUR TALENT 
Talent Recruitment 
We are focused on broadening the pipeline from which we 
recruit and hire diverse talent through both campus and lateral 
hiring initiatives. 
We seek to provide both a diverse slate of potential candidates 
and a diverse panel of interviewers. Interviewing guides and 
resources designed to support inclusive hiring are also provided 
to hiring managers. Globally, our hires have become more diverse 
over time, with female representation increasing by 9% between 
2018 and 2022. 
For campus recruiting, we have partnered with several 
organizations globally to increase access to qualified candidates. 
We host insight days and symposiums that describe Jefferies and 
investment banking to candidates who come from a diverse range 
of backgrounds. During 2022, we ran over 20 diversity-focused 
campus recruiting programs across the U.S. In 2022, we 
welcomed 300 interns in the Americas and EMEA from 177 
different colleges, universities, and business schools, of which 
69% were from underrepresented backgrounds. 
During 2022, we continued our internal diverse recruitment 
programs. Our Career Relaunch Program is aimed at recruiting 
some of our candidates after having a break from the workforce, 
and the Job Switch Program focuses on recruiting those 
interested in changing careers to equity research. 
Employee Engagement 
This year, we ran our second annual firmwide inclusion-focused 
Employee Engagement Survey, which enables employee-partners 
to provide feedback on an anonymous basis. The survey resulted 
in an 80% employee participation rate and an inclusion score of 
84%. These results were shared with the Board and the ESG/DEI 
Committee, including progress made on the actions 
recommended following the 2021 survey. 
.
Training and Development
We are passionate about developing a culture of leaders at 
Jefferies by investing in our employee-partners at every stage 
of their careers. We regularly offer training courses, mentoring 
and panel discussions designed to foster a collaborative 
learning environment.
Continued education and development for all 
employee-partners are central to Jefferies’ culture.

We provide our employees at all stages in their careers with the 
tools to become thoughtful and effective leaders. Through 
technical and professional educational development courses 
designed to support employees in their current roles and prepare 
them for advancement and future career opportunities, we 
are supporting employees to meet their career objectives 
and contribute more meaningfully. Jefferies offers tuition 
reimbursement for eligible college and other educational courses.
Our Women in Leadership Series was held for the second year, 
which focused on learning and development opportunities to 
position our female leaders for success. Additionally, our Rising 
Stars Program welcomed 30 junior women to our program 
globally. We offer continuing education opportunities to our 
employee-partners through annual educational benefits to help 
them advance their technical, financial, communications, and 
leadership skills.
In 2022, we welcomed 300 interns in the Americas and EMEA, 
with 69% from diverse backgrounds. 
Female representation among new hires has 
increased by 9% between 2018 and 2022.
Increased employee-
partner participation 
to 80% for the second 
annual inclusion-focused 
engagement survey
80%
Human Capital continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL 
	 Supporting Our Global Team 
	 Investing in Our Talent  
	 Diversity, Equity and Inclusion
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
23
  FEBRUARY 2023 ESG/DEI REPORT  |
DIVERSITY, EQUITY AND INCLUSION 
Our DEI Strategy and Oversight
Our commitment to DEI is a key element of the social portion 
of our ESG strategy. Our ESG/DEI Committee has oversight of 
DEI activities. Our Diversity Council, co-chaired by our CEO and 
President and sponsored by executive leadership, ensures that 
DEI is integrated into our recruitment, retention, development, 
and promotion of diverse individuals across the firm. 
At Jefferies, we believe that diversity fosters creativity, innovation, 
and thought leadership through the infusion of new ideas and 
perspectives. We have made a commitment to building a culture 
that provides opportunities for all employees regardless of our 
differences and that supports a workforce that is reflective of the 
communities in which we live and work. As a result, we can pool 
our collective insights and intelligence to provide fresh and 
innovative thinking for our clients. 

To foster an inclusive work environment, we have 
implemented policies and measures focused on 
nondiscrimination and sexual harassment 
prevention. We also have an internal website 
dedicated to DEI. In 2023, we began publishing 
our EEO-1 data externally.
2019-2020
2021
2022
•	Full-time DEI function established
•	JEMS, jMosaic+ launched
•	J-NOBLE Fellowship Program launched
•	Diversity Council established
•	jVETS launched
•	Board/management reporting of DEI strategy 
and progress to date
•	Inclusion-focused survey launched (78% participation) 
and progress made on resulting proposed actions
•	Global self-identification metrics collected
•	Unconscious Bias Training rolled out (100% completion)
•	J-Asia, JEFAbilities, global NextGen launched
•	Bespoke DEI development training program enhanced 
(JEMS/J-NOBLE Leadership Development; jWIN Women 
in Leadership, jWIN Rising Stars two-year expansion)
•	Pronouns added to intranet
•	DEI internal website launched
•	External branding displayed through LinkedIn posts
•	DEI Team expanded from two to four 
•	Inclusion-focused proficiency rolled out in annual 
review process
•	Career Relaunch Program and Career Switch Program 
aimed at recruiting diverse lateral talent launched
•	Inclusive benefits through Global Fertility, Surrogacy 
and Adoption Program expanded
•	New Parent Buddy Program created
•	Second Annual Inclusion Survey completed 
(80% participation; 84% inclusion score) 
•	Third-party expert engaged to conduct a racial 
equity audit in 2023 
•	jWIN launched (2010)
•	J-NOBLE launched (2018)
DEI Strategy and Execution
Building Blocks of DEI Strategy



Marketing and Branding

Communication of 
progress toward a diverse 
and inclusive workplace, 
internally and externally.


Metrics: Manage 
What’s Measured

Ongoing measurement of 
representation, engagement 
and experiences to foster 
continuous improvement.


Client and Community 
Engagement

Pooling our collective 
insights to provide 
innovative thinking for 
clients in creating lasting 
change in the communities 
in which we live and work.


Recruiting: Building 
Inclusive Teams

Focus on broadening the 
pipeline from which we 
recruit and hire talent. 

Employee Development: 
Training Our Leaders 
and Future Leaders

Equipping our people at all 
stages with the tools 
necessary to become 
thoughtful, inclusive, 
effective leaders.

Employee Resource Groups: 
Fostering Community 
and Belonging

Each ERG is founded on the 
core pillars to recruit, retain, 
and empower diverse 
employee-partners and 
promote community 
outreach and engagement.


Accountability: Fostering 
Inclusive Leadership

All employees are 
accountable for fostering 
an inclusive workplace.
Human Capital continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL 
	 Supporting Our Global Team 
	 Investing in Our Talent  
	 Diversity, Equity and Inclusion
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
24
  FEBRUARY 2023 ESG/DEI REPORT  |
Diversity Council
Our Diversity Council, sponsored by our Executive Team, carries 
out our DEI strategy and initiatives across our global operations. 
Our DEI commitment is further demonstrated by the appointment 
of our CEO and President as co-chairs. 
Our goal is to have a diverse composition of 
leaders among our Board and management 
teams. We believe that diversity across Jefferies 
not only creates an inclusive environment but 
also delivers visible results. 
Inclusive Recruiting Programs 
We strive to recruit the best, most diverse talent. Held 
throughout the year, our symposiums are an opportunity for 
students, who may not have pursued a career in finance, to 
learn more about Jefferies early in the recruiting process for 
our internship programs. 
Our programs provide a broad assortment of financial services 
career development opportunities to diverse candidates. These 
programs include: 
Jefferies Career Relaunch Program 

Inspiring Women for Finance Symposium 

J-NOBLE Diversity Symposium

MBA Diversity Symposium 

Equity Research Career Switch Program

Laterally, we have launched several programs to attract talent, 
including a Career Relaunch Program (jReturns), which offers 
those who have been out of the workforce for 2+ years an 
opportunity to relaunch their careers. Additionally, our newly 
launched Career Switch Program offers diverse candidates the 
opportunity to pivot into a career in an investment bank.
Human Capital continued
Employee Spotlights 
JULIA DWORKIN
Named “Rising Star” 
by Insider 
Congratulations to Julia Dworkin, 
who was named one of the 25 
most outstanding young bankers 
on Wall Street by Insider, an online 
media company known for 
globally focused business and financial news. 
Ms. Dworkin, Managing Director on the Capital Intelligence 
Team within Prime Services, was recognized for becoming a 
top player in the capital introductions space and has played a 
key role in helping Jefferies grow the prime brokerage 
business since joining in 2016.
HEATHER BURNS
How a Blackhawk Pilot 
Transitioned to a Career 
on Wall Street
Jefferies’ own Heather Burns, 
Senior Vice President in Securities 
Finance, was recently featured in 
a FourBlock podcast, a show that 
examines veteran career transition and the military-civilian 
divide in the workplace. Ms. Burns discussed a variety of 
topics, from her personal experience in the military as a 
U.S. Army Blackhawk pilot to her transition to the world 
of equities and her passion for competing in 
ultramarathon events. 
She also shared why Jefferies is a great place for veterans 
to work. Ms. Burns discussed the mentoring and 
engagement opportunities provided through jVETS, 
one-on-one mentorship opportunities and our firmwide 
commitment to physical and mental wellness.

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL 
	 Supporting Our Global Team 
	 Investing in Our Talent  
	 Diversity, Equity and Inclusion
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
25
  FEBRUARY 2023 ESG/DEI REPORT  |
J-Asia is dedicated to celebrating, 
building, and maintaining a diverse and 
multicultural community for employee-
partners of Asian heritage and allies.

February 2022: Celebrated Lunar New Year 
with global panel discussion on the history and 	
traditions of Lunar New Year across regions.

JEFAbilities is committed to fostering 
an inclusive environment in which our 
workplace enables individuals with 
disabilities and those who are 
neurodiverse to reach their full potential.

April 2022: Commemorated Autism Acceptance 
Month with Neuroinclusion Training.

JEMS (Jefferies’ Ethnic Minority 
Society) aims to encourage, empower, 
and invest in the next generation of talent 
while developing an inclusive working 
environment that appreciates 
and cultivates a diverse workforce, 
reflecting our clients and society at large.

October 2022: Celebrated U.K. Black History 
Month with Senior Leader Lunches that 
provided a space for open and courageous 
discussions.

jMosaic+ is dedicated to fostering 
an inclusive and open environment for 
the LGBTQ+ community and its allies 
across the firm.

June 2022: LGBTQ+ Pride Month at the home 
of Jefferies’ CEO. Over 80 employees, interns, 
and clients joined together to celebrate 
alongside representatives from Jefferies’ 
nonprofit partner, SAGE (Advocacy & Services 
for LGBTQ+ Elders).



NextGen (NextGen Advisory Council) 
serves as a voice for the analyst and 
associate communities at Jefferies 
and helps educate, retain, and elevate 
emerging leaders across the firm.

October 2022: Partnered with JEFAbilities 
to support STEPtember, dedicated to 
raising awareness and funds for cerebral 
palsy research.

J-NOBLE (Jefferies’ Network of Black 
and Latino Employees) fosters an 
inclusive, diverse, and equitable working 
environment with a focus on Black and 
Latino women and men at Jefferies.

July 2022: Celebrated first graduate class from 
the J-NOBLE Fellowship Program. The program 
recruits top diverse talent in their freshman year 
of college to join a three-year immersive 
program featuring training, development 
courses, and rotational internships.


jVETS (Jefferies’ Veterans Network)
works to recruit, develop, promote, 
and retain veterans at Jefferies.

December 2022: Gave back to the community 
by donating toys and funds for Toys for Tots 
for the holiday season.

jWIN (Jefferies Women’s Initiative 
Network) is a firmwide network that 
invests in the recruitment, retention and 
advancement of women at Jefferies.

July 2022: Hosted Annabelle Williams, 
Paralympic gold medalist, in conjunction with 
JEFAbilities, for a discussion on kindness, 
belonging and resilience.
Employee Resource Groups 
Given our appreciation of diversity and different perspectives, we 
currently have eight Employee Resource Groups (ERGs) globally. 
Our employees focus on our core pillars to establish these ERGs. 
These groups provide impactful results in recruiting, retaining and 
empowering our diverse employee populations. 
There were 90 events and initiatives sponsored by our ERGs 
and held in person and virtually over the course of 2022. These 
included opportunities to network with colleagues, give back 
to the community, to have fireside chat discussions with senior 
leaders and external guests, and to attend lunch-and-learn 
sessions with external speakers to raise awareness about 
various DEI topics. In addition, they proactively promote 
community outreach and engagement.

ERG Mentoring Program
Jefferies’ ERG Mentoring Program is a cross-divisional, 
global initiative with the goal of providing mentorship and 
learning opportunities and fostering long-term relationships 
among employee-partners. Over 500 employee-partners 
participated in the third annual program in 2022, with 90% 
positive feedback. 
30% of 
employee-
partners 
engaged 
in 2022 ERG 
DEI initiatives 
Over 90 
ERG-sponsored 
programs and 
events held 
in 2022 
30%
Human Capital continued
$69,395
ERGs donated $69,395 in support 
of DEI charities in 2022.

SECTION 5
Giving Back
Doing Good Is Good Business . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 27
Jefferies Family Scholarship . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 29
2022 Employee Volunteerism. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 30
26  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK 
	 Doing Good Is Good Business 
	 Jefferies Family Scholarship 
	 2022 Employee Volunteerism
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
27
  FEBRUARY 2023 ESG/DEI REPORT  |
Giving Back
DOING GOOD IS GOOD BUSINESS
One of our great privileges at Jefferies is being 
surrounded by our team, clients and shareholders 
who work in concert to devote our global platform 
to raising enormous amounts of precious dollars 
for those in the world who are far less fortunate 
than all of us. 
In 2022, within days of war breaking out, we sent over $14 million 
to support the people of Ukraine. In the past five years, we have 
distributed over $48 million, providing humanitarian aid and relief 
efforts for Australia’s wildfires, COVID-19, Afghanistan, Lebanon, 
Haiti, Hurricane Dorian, Tonga, Ukraine and services for military 
veterans. Additionally, we at Jefferies contribute a great amount 
of our personal money and, more importantly, our time to 
countless causes throughout our communities around the globe 
to help make a difference in the lives of so many in need of 
assistance. This is the culture at Jefferies, and it permeates our 
newest hires, our most senior leaders and everyone in between. 
This is a responsibility and a privilege, and we are incredibly proud 
that it will always be an important and permanent part of 
Jefferies’ social fabric. 
Jefferies Philanthropy
During our fiscal year 2022, we supported over 240 nonprofit 
organizations with our charitable donations.
Doing Good Trading Day
To support the many nonprofit organizations that align with 
Jefferies’ mission and commitment to sustainability, we host 
“Doing Good” Global Trading Days to fundraise for these 
important causes. On Doing Good days, we donate 100% of the 
net global trading commissions for all trading in equities, fixed 
income, and foreign exchange by our clients. In addition, 
Jefferies as a firm makes a corporate donation and invites our 
global employee-partners to also donate. During 2022, we 
supported the following initiatives:
Ukrainian Humanitarian Relief: March 2, 2022
In response to the conflict in Ukraine, Jefferies raised over 
$14 million on a Doing Good Global Trading Day on March 2, 
2022, to support organizations focused on humanitarian aid for 
the people of Ukraine. In a remarkable show of support, 
Jefferies’ clients generated $12.4 million in net trading 
commissions, our largest ever for a Doing Good campaign, with 
Jefferies employees donating more than $700,000 and the 
company contributing $1 million as well. The funds were quickly 
distributed to 21 accredited charities providing humanitarian aid 
to assist refugees and citizens displaced due to military conflict.
$14,200,000 Donated 
$1,330,155
Charitable Sponsorships
$15,661,301
Doing Good Grants
$305,000
Town Hall Charitable Awards
$130,729
ESG Employee-Selected Charities
$25,000
St. Ann’s Warehouse
$613,000
Jefferies Family Scholarships
$92,316
Charitable Matching 
$69,395
ERG, DEI Programs
$20,925
Breast Cancer Awareness Day
$18,247,821
Grand Total
Jefferies Charitable Donations 2022

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK 
	 Doing Good Is Good Business 
	 Jefferies Family Scholarship 
	 2022 Employee Volunteerism
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
28
  FEBRUARY 2023 ESG/DEI REPORT  |
Tonga Disaster Relief: February 10, 2022
In response to the volcanic eruption and subsequent tsunami in 
Tonga in January 2022, Jefferies raised $1.5 million AUD directed 
toward five charities that provided critical aid and support to those 
most affected in the region. This included donations to UNICEF, 
the Sir Michael Jones Foundation, the Red Cross, World Central 
Kitchen and Habitat for Humanity, all earmarked for urgent relief, 
community support and meals. The $1.5 million AUD ($1,078,301 
USD) was raised from a combination of trading commissions 
within Jefferies’ Asia-Pacific securities and voluntary contributions 
from the firm’s more than 4,500 employee-partners worldwide. 
$1,078,301 Donated
Red Cross Pakistan: September 1, 2022
Our September 1, 2022, Doing Good day was in response to 
the disastrous flooding in Pakistan, supporting the ongoing 
humanitarian needs of the 33 million people affected. Pakistan 
was already grappling with record levels of poverty as a result 
of soaring food prices, and the extreme flooding caused 
catastrophic circumstances for people who lost access to 
necessities like clothing, shelter, and potable water. Jefferies 
chose to support the Red Cross, raising over $100,000 to 
provide emergency relief in Pakistan. 
$113,000 Donated
Covenant House – End Youth Homelessness: 
November 15, 2022
Our Doing Good day on November 15, 2022, was focused on 
Covenant House and its “Sleep Out to End Youth Homelessness” 
challenge. Covenant House maintains 24/7 shelters that provide 
unhoused mothers and children with warm meals, clean clothes 
and safe spaces to get healthcare and the support they need to 
get back on their feet. Jefferies raised a total of $270,000 through 
over 636 employee-partner donations. The event was more than 
just fundraising. Our CEO led the effort by personally sleeping out 
to end youth homelessness.
$270,000 Donated
Giving Back continued
Arts, Culture and Conservation
$30,000
$15,000
$110,000
Education
Humanitarian Aid
•	MacCulloch Hall Historical Museum
•	Sheldrick Wildlife Trust USA
•	Brooklyn Bridge Animal Welfare Coalition
•	Natural Defense Council
•	Ocean Conservancy
•	Barnstable Clean Water Coalition
$80,000
Health and Research
•	Lustgarten Foundation
•	Memorial Sloan Kettering Cancer Center
•	Great Ormand Street Hospital Children’s Charity
•	American Cancer Society, Inc.
•	St. Jude Children’s Research Hospital
•	Hilarity for Charity
•	Coeliac UK
•	Turkish Philanthropy Funds, Inc.
•	APBD Research Foundation
•	Juvenile Diabetes Research Foundation
•	Team Impact
•	Alzheimer’s Association
•	NYU Langone Medical Center
•	UCLA Foundation
•	The Michael J. Fox Foundation
•	Tiny Miracles Foundation 
•	Sasha G.M. Shaikh Foundation
•	Tonga Relief Fund
•	Action Against Hunger
$70,000
Underserved Communities
•	Help Hope Live, Inc.
•	Adaptive Sports Foundation
•	Trevor Project
•	Boys & Girls Club of Greenwich
•	Lenox Hill Neighborhood House
•	Kinder-Und Jugend-Aliyah e.V.
•	Share My Meals Inc.
•	Street Squash, Inc.
•	Vitamin Angels
•	St. Rose of Lima Church
•	Beast Philanthropy
•	Tunnel to Towers Foundation
•	Humanity & Inclusion
•	The Columbus Foundation
•	Sky’s the Limit Fund
•	Jefferies Family Scholarship
•	US Friends of CentraleSupélec
•	Columbia Business School
•	Teaching Matters, Inc.
•	Cornell University
•	University of Virginia School of Law
•	Elija Foundation Inc.
•	OneGoal
TOWN HALL AWARDS
The annual Town Hall Awards event provides Jefferies with an opportunity to support charitable 
organizations of personal importance to our employee-partners. In 2022, Jefferies awarded 
61 Town Hall Awards for top performance and Deal of the Year, as well as for excellence as 
Diversity Champions and proponents of our One Firm culture.
Each award was represented by a $5,000 donation to 
the employee-partner’s charity of choice, resulting in 
the following 48 organizations benefiting from a total 
combined charitable donation of $305,000.

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK 
	 Doing Good Is Good Business 
	 Jefferies Family Scholarship 
	 2022 Employee Volunteerism
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
29
  FEBRUARY 2023 ESG/DEI REPORT  |
JEFFERIES FAMILY SCHOLARSHIP 
We can think of no better gift than that of an 
education. As part of our ongoing commitment 
to doing good together, we are celebrating over 
40 years of improving students’ lives through 
the Jefferies Family Scholarship (JFS). 
Our JFS educational scholarships assist and support the children of 
Jefferies employee-partners in the pursuit of their academic goals. 
These awards are intended to recognize outstanding achievement, 
both academic and nonacademic, and address financial need and 
individual excellence. To date, 1,319 scholarships have been 
awarded totaling more than $11.6 million, including $613,000 in 
awards to 50 students in 2022. This is an all-time high number of 
awards and dollars awarded — surpassing last year with 10 more 
recipients and $130,000 more in scholarships.
The $12,500 annual scholarship now includes an option to apply 
for renewal through graduation (a potential award total of $50,000), 
allowing students to matriculate through their current degree 
programs. JFS strives to award the maximum number of 
scholarships allowable each year under Internal Revenue Service 
rules. Children of employee-partners attending any level of college, 
university, or graduate school, as well as those in the last two years 
of private or independent high school, are encouraged to apply. 
Jefferies has always been defined by its family-
centric culture, and the scholarship awards 
program reflects this spirit and Jefferies’ 
commitment to building a culture that prioritizes 
educational opportunities for all.
Selection of 2022 Scholarship Recipients
•	 Architecture — Graduate School, Pratt Institute, U.S.
•	 Business — Graduate School of Iona College, U.S.
•	 Classics — University of Exeter, UK
•	 Environmental Studies — State University of New York at 
Potsdam, U.S.
•	 Forensic Biology/Pre-Medicine — New Jersey Institute 
of Technology, U.S.
•	 Graphic Design — University of Reading, UK
•	 Medicine — Jawaharlal Nehru Medical College, India
•	 Medicine — Trinity College, Dublin, IE
•	 Medicine — University of Hong Kong, HK
•	 Neuroscience — Brown University, U.S.
•	 Nursing — Pennsylvania State University, U.S.
•	 Occupational Therapy — New York Institute 
of Technology, U.S.
$11.6 million
$613,000
1,319
total awarded in scholarships
in awards to 
50 students in 2022
total scholarships 
awarded over 41 years
Testimonials from two of our recent recipients 


ALEXANDRA DOSS
Majoring in Computer Science 
at Duke University
Daughter of Ashraf Doss, 
New York Office
I am so honored to be chosen for this amazing scholarship. 
Please convey my gratitude to the Scholarship Board, 
Selection Committee, and donors. I am extremely 
appreciative of the time, care, and generosity that made 
this scholarship award possible. This award is a big help 
to my family in supporting me and my sister’s education. 
I hope to study and pursue a career in the tech industry, 
and this is a big step in allowing me to pursue my passion 
for mathematics and computer science.



ANO CHINOGWENYA
Majoring in Business Marketing 
at Rutgers University
Son of Patricia Hove, 
New York Office
I am extremely thankful for the Jefferies Family Scholarship. 
I am motivated to be a better person each day knowing that 
there are people walking my academic journey with me and 
rooting for me, despite the ups and downs along the way. 
The scholarship will allow me to maximize my college 
experience through volunteer opportunities and participation 
in minimally paid internships related to my degree.
Giving Back continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK 
	 Doing Good Is Good Business 
	 Jefferies Family Scholarship 
	 2022 Employee Volunteerism
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
30
  FEBRUARY 2023 ESG/DEI REPORT  |
Convoy Aid for Ukraine Refugees
In March 2022, at the onset of the Ukraine crisis, Jefferies’ own 
Ian Wright joined a convoy of three vans and drove 800 miles from 
the UK to Gorzów Wielkopolski, Poland. Mr. Wright and his fellow 
drivers successfully delivered 5 tons of blankets, sleeping bags, 
nappies and aid to local charities providing food and shelter to 
arriving Ukrainian women and children refugees. 
STEPtember – Cerebral Palsy Fundraising Fitness Challenge 
Jefferies employee-partners across the globe once again 
successfully participated in STEPtember 2022, a virtual step 
challenge for the month of September that raised awareness for 
the Cerebral Palsy Alliance Research Foundation. Jefferies 
employees raised over $20,500 in donations and recorded a 
collective 24,563,589 steps — all in service of furthering research 
and innovation for cerebral palsy.
jVETS Supports Toys for Tots 
As part of the Jefferies Military Veterans initiative (jVETS), members 
of the Jefferies community came together to support Toys for Tots, 
a U.S. Marine Corps charity program that delivers toys to deserving 
families around the holidays. The mission of the Toys for Tots 
program is to collect new, unwrapped toys each year as Christmas 
gifts for less fortunate children in the community. Together, jVETS 
and the Jefferies community raised approximately $16,000. 
J-NOBLE Partners with A Better Chance 
Jefferies and J-NOBLE proudly partnered with A Better Chance 
(ABC) in 2022 as a philanthropic and volunteering partner. ABC’s 
mission is to increase educational and leadership opportunities for 
young people of color for careers in financial services through 
mock interviews, resume reviews and career development 
conversations. Through our partnership, Jefferies has supported 
ABC’s mission with both corporate donations and employee-partner 
volunteerism over the past two years. 
Student Sponsor Partners
Student Sponsor Partners is a New York-based nonprofit 
organization that harnesses the power of mentorship to help local, 
low-income youth escape poverty and reach their highest potential. 
A combination of partner schools, sponsors, mentors, and college- 
and career-prep offerings ensures a positive experience and lasting 
impact for thousands of local students. Championed by its leaders, 
Jefferies partners with Student Sponsor Partners to match 
employees with local youth to develop unique, ongoing 
relationships across the city to support long-term development. 
City Bar Justice Center’s Neighborhood Entrepreneur 
Law Project (NELP)
Jefferies’ legal team volunteered its time and expertise to 
entrepreneurial small-business owners from the New York City area 
through NELP. Members of the Jefferies’ team ran a free legal clinic 
for entrepreneurs from disadvantaged communities looking to start 
or grow their own businesses, addressing issues such as 
intellectual property, entity formation, contract review and state 
licensure requirements.
J-ASIA Rallies to Boost Chinatown Community
J-Asia partnered with Welcome to Chinatown and the RTW 
Charitable Foundation to host a fundraising event in support of 
Chinatown’s small-business community. The event raised 
awareness of community cultural and socioeconomic barriers, and 
the over $350,000 raised for Longevity Fund small-business grants 
will address critical community needs and go a long way toward 
ensuring a Chinatown for future generations to enjoy.
Volunteer Team Efforts 
HABITAT FOR HUMANITY
Habitat for Humanity New Jersey hosted the Jefferies Leveraged 
Finance Team for a day spackling, sanding, waterproofing, sheet 
rocking, painting and installing floors on two build sites for 
deserving families. The team’s efforts led to the construction of a 
single-family home in Irvington, New Jersey, and several units in a 
Newark, New Jersey, condominium building, including a food 
pantry and computer lab for residents. The team also raised a total 
of $25,000 for Habitat for Humanity. 
BRONX FOOD DISTRIBUTION WAREHOUSE
In summer 2022, our New York-based research colleagues 
spent time out of the office together giving back to the greater 
New York City community at the Bronx Food Distribution 
Warehouse and Community Kitchen and Pantry. The team 
volunteered at the warehouse, where they packed 100 meal 
boxes for low-income seniors and sorted through donated 
food items. The team also assisted the Community Kitchen 
and Pantry, where they prepared and served meals for low-
income individuals and families.
2022 EMPLOYEE VOLUNTEERISM
Giving back is at the heart of the Jefferies culture. Over the past year, our employee-partners engaged 
in both internal and external volunteer opportunities, backing their words up with actions. A few of the 
many 2022 employee volunteer activities are highlighted below. 
Giving Back continued

SECTION 6
Responsible 
Business Practices
Business Ethics and Compliance. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 32
Data Security and Customer Privacy. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 33
Risk Management and Business Continuity . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 35
Supply Chain Management. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 36
Responsible Approach to Tax. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 37
31  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES 
	 Business Ethics and Compliance 
	 Data Security and Customer Privacy 
	 Risk Management and  
	 	
	Business Continuity 
	 Supply Chain Management 
	 Responsible Approach to Tax
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
32
  FEBRUARY 2023 ESG/DEI REPORT  |
Responsible Business Practices
BUSINESS ETHICS AND COMPLIANCE
Our employee-partners and Board members 
maintain a high standard of conduct and foster 
a culture of transparency and trust. 
Code of Conduct 
Jefferies’ Code of Business Practice (Code) applies to Jefferies 
and its subsidiaries and the firm’s employee-partners, officers and 
directors. We embrace the importance of managing our business 
in full compliance with all applicable laws and regulations. Each 
employee-partner and officer is required to annually certify in 
writing both receipt and review of the Code. 
Our Code outlines our values and principles and provides 
guidance for reporting violations and covers various topics, 
including conflict of interest and insider trading. We have an 
open-door policy that encourages employees, consultants, 
independent contractors, vendors and interns with workplace 
concerns (including any alleged discrimination or harassment) 
to bring those concerns to the attention of their manager, a 
member of the Legal Department or Human Resources. Jefferies 
also has an Ethics Hotline for reporting complaints, including 
anonymous complaints. 
A top priority for Jefferies is to create a culture and environment 
in which every employee-partner is treated with respect, free from 
any form of discrimination or harassment. We have zero tolerance 
for inappropriate behavior. As part of the firm’s ongoing effort to 
maintain that culture, all Jefferies employee-partners are required 
to attend a mandatory Sexual Harassment Prevention Training 
annually, and in 2022, 100% of employee-partners undertook 
Unconscious Bias Training.
Anti-Money Laundering 
Jefferies and its senior management are firmly committed to 
compliance with all applicable laws and regulations relating to 
combating money laundering activity and terrorist financing.  
Where applicable at the operating subsidiary level, an Anti-Money 
Laundering (AML) Program has been implemented that includes 
internal policies, procedures and controls; the designation of an 
AML Compliance Officer; an ongoing mandatory employee 
training program; provisions for an independent auditor to the test 
the implementation of the AML Program; and risk-based 
procedures for conducting ongoing customer due diligence, 
including understanding the nature and purpose of the customer 
relationship and conducting ongoing monitoring to identify and 
report suspicious transactions and to maintain and update 
customer information. 
Anti-Bribery and Corruption 
Jefferies has a zero-tolerance approach to bribery and 
corruption. The firm’s policy prohibits bribes of all kinds, whether 
in a commercial or government setting, which include the offering, 
giving, solicitation or acceptance of any bribe or corrupt 
inducement, whether in cash or in any other form, to or from any 
person or company wherever located, whether a public official or 
public body, or a private person or company by any individual 
employee, director, agent, introducer, finder, consultant, contractor 
or other person or body acting on Jefferies’ behalf to gain any 
commercial, contractual or regulatory advantage for Jefferies or 
its client(s) in any way that is unethical to gain any personal 
advantage, pecuniary or otherwise, for the individual or anyone 
connected with the individual. 
Whistleblower Policy 
Jefferies’ Whistleblower Policy includes procedures for receiving 
and investigating complaints. The policy provides protection for 
whistleblowers. Our Audit Committee is responsible for handling 
whistleblower procedures. 
Our Goal Is Progress, not Politics 
Jefferies does not maintain a political action 
committee and does not engage in lobbying 
activities. Jefferies did not make any corporate 
contributions or contributions to political parties. 
Jefferies does not reimburse, compensate or otherwise 
incentivize employees for making political contributions. We have 
a Political Contribution Compliance Policy in place that is intended 
to prevent any conflict of interest or pay-to-play practices with 
political contributions to state and local officials who may have 
influence over the awarding of government and public business to 
financial service providers.
100%
of employee-partners 
undertook Unconscious 
Bias Training
Employee Spotlight 

CORWIN WYATT
Named to list of “Most 
Influential Black Executives”
Corwin Wyatt, Head of Jefferies’ Fixed Income Compliance 
Advisory Team, was recognized by Savoy Magazine as one 
in its list of the “Most Influential Black Executives in 
Corporate America” in its Summer 2022 edition. Mr. Wyatt 
has 30 years’ experience in the securities industry in senior 
compliance and regulatory positions and has distinguished 
himself as a trusted thought leader in shaping the regulatory 
framework of our industry. 
Savoy said it wanted to highlight outstanding people like Mr. 
Wyatt because “role modeling is one of the most effective 
tools for developing our future leaders and empowering 
them within corporate America.”

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES 
	 Business Ethics and Compliance 
	 Data Security and Customer Privacy 
	 Risk Management and  
	 	
	Business Continuity 
	 Supply Chain Management 
	 Responsible Approach to Tax
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
33
  FEBRUARY 2023 ESG/DEI REPORT  |
DATA SECURITY AND CUSTOMER PRIVACY 
Technology has enabled unprecedented levels 
of data sharing, processing and analysis. While 
this has brought many benefits to people and 
businesses, the need to protect Jefferies, our 
business partners and our clients against 
sophisticated and modern cyber threats is of 
the utmost importance. 
Oversight 
Jefferies’ Chief Information Security Officer (CISO) oversees 
our cybersecurity programs, and has overall responsibility 
for the strategic vision and the design, development and 
implementation of and adherence to all necessary protocols 
related to cybersecurity. The CISO keeps the Board informed 
about Jefferies’ security posture and cybersecurity maturity 
program. They provide updates about cybersecurity trends, 
newsworthy events, significant incidents, and new initiatives.
Certifications and Audits 
Jefferies has implemented rigorous data privacy and security 
controls. We utilize industry-leading frameworks, such as 
International Organization for Standardization, National Institute 
of Standards and Technology, and Control Objectives for 
Information and Related Technologies, to set our policies and 
standards. We strive to maintain the availability, confidentiality 
and integrity of the firm’s information assets. Our Governance 
Committee, composed of senior executives across business and 
control divisions, defines and oversees our key risk indicators.
We make sure our internal controls are effective 
and not only meet but exceed the industry 
standards and best practices. 
Jefferies uses five layers of controls: protection, prevention, 
detection, response and recovery. We invest in and utilize 
intelligence solutions and state-of-the-art technology to defend 
against internal and external cyber threats. 
Our efforts include:
An annual review of cybersecurity-related policies, 
standards, and procedures 
Centralized administration of user-access permissions 

A dedicated 24/7 Security Operations Center 

A Cyber Incident Response Program

Annual penetration testing and regular vulnerability scans 

Endpoint security, such as anti-virus using 
industry-leading solutions 

Firewall traffic monitoring and access activity 

Data Loss Prevention solutions with strict data classification to 
detect and respond to potential data losses

Physical security for Jefferies’ premises and data centers

System and Organization Controls attestation
Jefferies is a member of and participates in leading cyber threat 
and security standard information sharing groups, including:
•	 The Financial Services Information Sharing 
and Analysis Center
•	 The Information Security Forum
•	 The Securities Industry and Financial Markets Association 
cybersecurity forums
•	 The U.S. Secret Service Cyber Fraud Task Force
•	 The FBI’s InfraGard National Members Alliance


Vendor Security Assessment 
Jefferies maintains a strong third-party vendor management 
process that addresses all elements of vendor engagement. A 
mandatory cybersecurity assessment is required for new vendors 
that pose potential risk. The assessments are overseen by the 
Global Information Security Team to ensure that our policy is 
being applied consistently and operating effectively. We require 
critical vendors to complete periodic assessments through which 
we seek to understand if there have been any significant changes 
to how the vendor operates or to the vendor’s risk environment. 
Responsible Business Practices continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES 
	 Business Ethics and Compliance 
	 Data Security and Customer Privacy 
	 Risk Management and  
	 	
	Business Continuity 
	 Supply Chain Management 
	 Responsible Approach to Tax
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
34
  FEBRUARY 2023 ESG/DEI REPORT  |
Cyber Awareness and Training 
Jefferies is committed to cultivating a cyber awareness culture. 
All new joiners are required to take cybersecurity training upon 
joining, and we also provide continuous training to 100% of our 
employee-partners and contractors and equip them with the 
best knowledge to protect our sensitive data and customer 
information. We conduct regular phishing tests on employee-
partners; require remedial training when needed; and offer 
detailed information on how they can protect themselves 
from cybersecurity threats, and security tools they can use, 
on the Global Information Security website. 
With the waning of the pandemic, a significant percentage of 
Jefferies employee-partners have continued to work remotely 
for at least part of the workweek. Security protocols such as 
multifactor authentication are being used by all our employee-
partners to ensure day-to-day operations are conducted securely. 
Customer Privacy 
Jefferies is committed to protecting the personal data of our 
customers, employee-partners, and other third parties engaging 
with the firm. 
Jefferies has robust governance processes in 
place to oversee our collection, processing, and 
retention of this personal data; we continually 
review how we protect individuals’ privacy and 
look for ways to strengthen our privacy program. 
We are accountable for complying with data privacy laws and 
principles, which include requirements to minimize the amount 
of personal data processed and prevent this personal data from 
being improperly disclosed (whether by accident or intentionally). 
Our customer privacy notices, which include details as to how 
Jefferies handles and processes personal data, are publicly 
available on our website. 
Privacy risk is a subset of operational risk, which is governed by 
the Jefferies Operational Risk Management Framework (ORMF). 
The ORMF, together with the European Privacy Risk Control 
Framework (EPRCF), specifies the procedures and standards 
under which privacy risk is identified, measured, and managed. 
The EPRCF is in the process of being rolled out globally on an 
extended basis.
Responsible Business Practices continued
Information Technology Risk – Our Vision
An effective Information Technology (IT) risk management 
program provides transparency into areas of existing and 
emerging risks and aligns the risk management processes 
to meet business objectives.
Business  
Drivers
Risk 
Culture
2
1
3
4
Governance
Policies and  
Procedures
Risk  
Assessment   
Monitor,  
Analytics and 
Reporting

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES 
	 Business Ethics and Compliance 
	 Data Security and Customer Privacy 
	 Risk Management and  
	 	
	Business Continuity 
	 Supply Chain Management 
	 Responsible Approach to Tax
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
35
  FEBRUARY 2023 ESG/DEI REPORT  |
RISK MANAGEMENT AND BUSINESS CONTINUITY
The extent to which we effectively manage the 
risks within our business activities is critical to our 
profitability, financial soundness, and long-term 
viability. Accordingly, we have a comprehensive 
Risk Management Framework (RMF) with formal 
governance structures and processes to identify, 
assess, monitor, and manage risk. ESG risks have 
now been incorporated into our Strategic Risk 
taxonomy and, as such, are being incorporated 
into the RMF.
Risk Management Framework 
We have established a hierarchy of Board and Executive 
Management Committees and Subcommittees with the objective 
of ensuring an effective risk governance structure. 
The Board is ultimately responsible for the 
governance and oversight of risk management 
and ensuring adequate systems and controls are 
maintained to enable risks to be appropriately 
identified, measured, managed and monitored. 
Our Global Chief Risk Officer (CRO) and Global Treasurer meet 
with the Board’s Risk and Liquidity Oversight Committee quarterly 
to present our risk profile and to respond to questions. Through 
the RMF, the Board’s Risk and Liquidity Oversight Committee 
requires a comprehensive and integrated view of risk and risk 
management and the use of a common risk language and 
taxonomy across the firm. 
The Risk Management Committee, which meets weekly and 
comprises our CEO and Chairman, President, Co-Chief Financial 
Officer (Co-CFO), Global Treasurer, Global CRO, and General 
Counsel, reviews the firm’s risk profile, top/emerging risks and 
limit utilizations and is supported by management forums involving 
risk management functions and other corporate functions. 
Our risk management processes encompass the active 
involvement of executive and senior management, and we take a 
federated approach to risk management with risk oversight 
responsibilities assigned to a number of functions with specific 
areas of focus. Within the Risk Department, our Global CRO has 
primary responsibility for overseeing the development and 
implementation of the RMF, while senior members of the Risk 
Management Department own the implementation of its 
supporting policies and procedures. 
Employee Awareness and Training 
Employee-partners undergo mandatory training that covers 
different risks to the company, including operational risk, which 
covers trading, technology, data protection and privacy, 
cybersecurity, market and regulatory compliance, fraud and theft, 
business disruption, clients and business practices, and people 
risk. Our Global Operational Risk Policy is communicated and 
shared with employee-partners during the training and outlines 
employee responsibility and how to watch for and report issues. 
Operational Risk Representatives have been assigned to every 
business unit to ensure added accountability across the firm. In 
addition, in 2022 key stakeholders and global employee partners 
who are involved with the firm’s Vendor Risk Management 
program received training on the firm’s updated Global Vendor 
Risk Management and Outsourcing Policies. 
Business Continuity Management 
We have put in place business continuity and technology plans 
that will enable us to conduct business outside of traditional 
Jefferies’ office work locations, including work-from-home and 
connectivity options, to authenticate access to Jefferies’ 
platforms, proving resiliency across a variety of scenarios to 
ensure that critical services are maintained and supported 
regardless of physical location. Those plans include both the 
technology to continue to trade and the technology that will 
permit us to continue to communicate seamlessly with each 
other, with our regulators, and with our partners and affiliates. 
We have tested our plans with good success, and our testing 
gives us confidence that we are resilient and prepared for any 
challenges to come.
Our Risk Management Principles
Robust Risk Culture: Everyone takes individual and collective 
responsibility for mitigating risk.
 
Hands-on Approach: Senior management is deeply involved in 
the details of our risk management approaches. 

Independent and Integrated: Risk management teams are 
independent from, yet deeply integrated into, the business. 

Asset Quality: With a key focus on asset management quality, 
those assets that are less liquid are particularly scrutinized with 
additional metrics, limits and constraints to manage risks.
Responsible Business Practices continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES 
	 Business Ethics and Compliance 
	 Data Security and Customer Privacy 
	 Risk Management and  
	 	
	Business Continuity 
	 Supply Chain Management 
	 Responsible Approach to Tax
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
36
  FEBRUARY 2023 ESG/DEI REPORT  |
SUPPLY CHAIN MANAGEMENT
Jefferies’ suppliers primarily support our financial 
services business — supplying personnel, 
purchased goods, and services for our offices and 
operations. The goods and services provided to 
us include business services (such as cleaning, 
catering, security, and print and document 
services), professional services (such as external 
training, audit services, and advisory services in 
areas such as tax, law, regulation, and insurance), 
real estate, technology (the systems, software, 
and equipment to maintain our global technology 
infrastructure), and travel. Some of our suppliers 
are engaged on a global scale; others are local.
Supplier Risk Governance 
Our supplier risk governance is strengthened by the formal 
adoption of the Jefferies Supplier Code of Conduct. This outlines 
the expectations for suppliers providing products and services to 
Jefferies, and key areas addressed include ethics, labor, health, 
safety, and the environment. 
Our Vendor Risk Management group is responsible for 
coordinating the firm’s periodic supplier risk assessment program. 
The program evaluates the risk of critical suppliers and is based 
on an internal and external questionnaire with responses reviewed 
by the relevant internal subject-matter experts. The assessment 
looks at business continuity, anti-money laundering and 
compliance, credit risk, information security, privacy, and other 
factors important to our business. Each review produces a rating 
assessment that ultimately informs continued business with 
a supplier. The assessment has now been broadened to also 
focus on ESG. This includes, among other matters, inquiries 
addressing carbon emissions, diversity, privacy, human rights, 
and modern slavery. 
Human Rights 
Jefferies acknowledges the pervasive human rights risks, 
particularly around privacy, data security, and ethical practices, 
in our value chain. Our strong policies and management systems 
in each of these areas help make us resilient in a volatile world 
of accelerated innovation, global data proliferation, and fast-
changing regulatory frameworks. We also have strong 
relationships with our business partners to ensure our 
expectations for ethical business conduct and compliance 
are passed down. 
Jefferies applies a risk-based approach to assess the likelihood of 
the existence of modern slavery and human trafficking within our 
supply chain. We have concluded that this continues to be a low 
risk; however, we recognize it is important that we continue to 
monitor this risk. 
In the event that we should become aware of a case of modern 
slavery or human trafficking occurring within our supply chain, or 
any other material breach of our Supplier Code of Conduct, we 
would take appropriate action, which may include terminating the 
contract with the supplier. More information on our approach to 
combating human trafficking in our supply chain is outlined in our 
Modern Slavery Act Statement. 
Jefferies is committed to responsible and ethical business 
practices in our operations and with our partners, clients, and 
vendors around the world. We know that managing risks to rights 
holders is not only the right thing to do, but also good for the 
financial longevity of our business. Jefferies respects the human 
rights defined in the U.N. Universal Declaration of Human Rights 
and follows the framework set forth in the U.N. Guiding Principles 
on Business and Human Rights. We embed human rights policies 
and practices across our business, guided by our Human Rights 
Statement, Modern Slavery Act Statement, Code of Business 
Practice, Employee Handbook, and Supplier Code of Conduct.
Responsible Business Practices continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES 
	 Business Ethics and Compliance 
	 Data Security and Customer Privacy 
	 Risk Management and  
	 	
	Business Continuity 
	 Supply Chain Management 
	 Responsible Approach to Tax
ENVIRONMENTAL STEWARDSHIP 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES 
APPENDIX
37
  FEBRUARY 2023 ESG/DEI REPORT  |
RESPONSIBLE APPROACH TO TAX
Jefferies’ approach to tax is designed to be 
aligned with our business purpose, our global 
strategic goals, and the needs of all our 
stakeholders, including clients, shareholders, 
regulators, tax authorities and the communities 
in which we operate. 

We are committed to paying our fair share of tax in all the 
countries where our business operations are located and to acting 
responsibly with respect to both our own tax position and those of 
our clients. As such, we are committed to complying with all tax 
laws, rules, and regulations in every jurisdiction in which we do 
business. We are a current income taxpayer, both within and 
outside the U.S.
Controls are in place that are designed to ensure that Jefferies 
does not adopt inappropriately tax-motivated transactions or 
products and that any tax planning used is supported by genuine 
commercial activity. We do not have an appetite for aggressive 
tax structures.
Our approach to tax is guided by the following principles:
•	 We are committed to applying the tax law in all jurisdictions 
in which we operate.
•	 We emphasize strong internal controls. Our tax policy is 
overseen by our Chief Tax Officer, who reports to the Co-CFO.
•	 We are committed to having open and transparent 
relationships with tax authorities, including providing country-
by-country reporting as required by the Organization for 
Economic Co-operation and Development (OECD) Base 
Erosion and Profit Shifting initiative. As with any group of our 
size and complexity, several areas of differing interpretation or 
disputes with tax authorities may exist at any point in time. We 
work with the local tax authorities to try to agree and resolve 
these in a timely manner.

With respect to our clients’ taxes, we are guided by the 
following principles:
•	 We have made considerable investment, implementing 
processes designed to enable us to support external tax 
transparency initiatives and reduce the risk of financial 
services being used to facilitate customer tax evasion. These 
initiatives include the U.S. Foreign Account Tax Compliance 
Act, the OECD Standard for Automatic Exchange of Financial 
Account Information (the Common Reporting Standard), the 
DAC6 EU mandatory disclosure regime, and the UK legislation 
on the corporate criminal offense of failing to prevent the 
facilitation of tax evasion.
•	 We have processes in place to help ensure that inappropriately 
tax-motivated products and services are not provided to our clients.
Our Tax Contributions
Our effective tax rate for 
fiscal year 2022 was 25.9%, 
and during this period, 
we paid $214 million of 
cash income taxes globally.
Our effective tax rate for 
fiscal year 2021 was 25.6%, 
and during this period, 
we paid $727 million of 
cash income taxes globally.
Responsible Business Practices continued
25.9%
25.6%

SECTION 7
Environmental 
Stewardship
Our Strategy. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 39
Looking Forward . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 39
Metrics. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 39
38  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP 
	 Our Strategy 
	 Looking Forward 
	 Metrics 
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES  
APPENDIX
39
  FEBRUARY 2023 ESG/DEI REPORT  |
Environmental Stewardship
OUR STRATEGY
Our sustainability strategy is primarily focused on reducing 
emissions and, as a near-term mitigation strategy, offsetting 
them. In 2022, Jefferies achieved carbon neutrality* in those 
operations for which we were able to obtain energy use data. We 
have been able to achieve this goal through employing energy 
efficiency strategies (e.g., installation of occupancy sensors and 
retrofitting LED lighting), leveraging renewable electricity, 
implementing a zero-carbon energy system (by matching the 
same amount of renewable energy as the electricity consumed 
annually by Jefferies’ global operations), and compensating for 
the emissions Jefferies could not otherwise eliminate by 
purchasing carbon credits. Offsetting with carbon credits is a 
near-term mitigation strategy. We recognize our collective 
responsibility to act now, even before technologies exist to enable 
the world to operate fully with reduced emissions. Until that time, 
in addition to adopting technologies and practices that enable us 
to operate with lower emissions now, we have committed to 
offsetting by supporting projects and technologies available today 
that can help avoid carbon emissions in the atmosphere.
*Carbon neutrality as defined by offsetting 100% of the emissions associated with Scope 1 
and 2 energy use across our operations and co-located data centers
LOOKING FORWARD
Since our 2022 ESG Report, Jefferies has worked to advance our 
environmental sustainability strategy. We are committed to 100% 
renewable energy and plan to set emissions reduction targets, 
which will underpin the strategy and ensure that Jefferies’ own 
operations are on course to reduce emissions commensurate 
with what scientists and the U.N.’s Intergovernmental Panel on 
Climate Change report say is essential to limit warming to around 
1.5°C. To achieve these targets, Jefferies’ focus will continue to 
be on increasing energy efficiency, pursuing its 100% renewable 
electricity goal, and supporting the development of new 
technologies and projects that can help reduce emissions. 
METRICS 
Jefferies reports Scope 1, Scope 2 and Scope 3 Employee Travel 
and Fuel- and Energy-Related Activities (FERA). Beginning in 2023, 
additional Scope 3 categories relevant to Jefferies’ business will 
be reported.
(IN METRIC TONS OF CO2e)
2018
2019
2020
2021
Scope 1 and 2
Scope 1 (including mobile emissions and natural gas)
3,321
3,078
1,186
2,462
Scope 2 (including purchased energy)3
Location-based
8,111
6,456
5,656
8,117
Market-based
7,369
5,419
180
4474
Total Scope 1 and Scope 2 Location-based
11,432
9,534
6,842
10,579
Total Scope 1 and Scope 2 Market-based
10,690
8,497
1,366
2,909
Scope 3
Fuel- and Energy-Related Activities Location-based
2,171
2,182
1,721
2,486
Business Travel
38,147
39,082
6,778
4,423
Electricity
Total Electricity Consumed (MWh)
20,460 
21,108
19,508
24,0315
Percent Renewable Electricity (reflecting EAC purchases)
6%
14%
98%
100%
Environmental Attribute Certificates Purchased (including RECs, GOs, iRECS)
1,186
3,003
19,206
24,0316
Jefferies Corporate Greenhouse Gas (GHG) Emissions Reporting1,2
Reporting includes January 1 – December 31 data for each year.
1.	Data from offices with fewer than ten employees, offices without available electricity information, and data from Berkadia, Foursight, and Jefferies’ other direct investment companies were not 
included in our data calculation. Our environmental indicators are preliminary, unaudited, and subject to revision. 
2.	2022 greenhouse gas emissions will be reported later in 2023. 
3.	Emissions factors utilized: U.S. EPA’s Emissions & Generation Resource Integrated Database (eGRID) 2018 — eGRID2018 (released in 2021), 2020 and 2021 — eGRID 2020 (released 2022).
4.	Remaining market-based Scope 2 emissions were offset using carbon credits.
5.	In 2021, two additional co-located data centers were added, contributing to the increase in electricity consumption when compared to the previous year.
6.	Environmental Attribute Certificate purchases have been made prior to publication of this report but certificate retirements will occur in March and November 2023.
Jefferies pursues an environmental sustainability strategy that seeks to decouple our growth from 
our impact on the environment while increasing the efficiency and resiliency of our operations. 
Finding innovative ways to power Jefferies’ business with clean energy, lower our emissions and 
cut down on our waste reduces our environmental impact.

SECTION 8
ESG Highlights for 
Our Subsidiaries 
and Affiliates
Berkadia. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 41
HomeFed . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 42
Foursight Capital. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 42
OpNet (Formerly Linkem). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 43
40  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP
ESG HIGHLIGHTS FOR OUR  
SUBSIDIARIES AND AFFILIATES 
	 Berkadia 
	 HomeFed 
	 Foursight Capital 
	 OpNet (Formerly Linkem) 
APPENDIX
41
  FEBRUARY 2023 ESG/DEI REPORT  |
ESG Highlights for Our Subsidiaries and Affiliates
ESG at Berkadia
Berkadia centralized oversight and elevated the focus of its 
environmental, social, and governance (ESG) program in 2022 by 
building an ESG Working Group and defining strategic initiatives 
to integrate ESG throughout Berkadia. The company conducted a 
materiality assessment to identify the most relevant ESG factors 
that align with its mission, values, and business objectives. In 
addition, the company completed a Greenhouse Gas (GHG) 
Assessment to determine Scope 1, 2, and 3 emissions and set 
a foundation for carbon reduction efforts. Berkadia plans to 
release its inaugural ESG report in 2023.
Supporting Affordable Housing
In 2022, Berkadia’s Affordable Housing platform generated 
$3.5 billion of financing and was ranked the #1 Affordable 
Housing Lender by Freddie Mac. Their investment sales platform 
generated $1.5 billion in Affordable sales volume and their tax 
credit syndication division placed $204 million of Low-Income 
Housing Tax Credit Equity. 
In addition to its leadership in affordable housing, Berkadia’s 
mission-driven multifamily housing business was 73% with 
Freddie Mac and 78% with Fannie Mae. Berkadia was the first 
to close a loan and credit facility in Fannie Mae’s Sponsor-
Initiated Affordability (SIA) program, which was designed to 
preserve naturally occurring affordable housing (NOAH) and 
workforce housing. 
Berkadia has been at the forefront of efforts with Fannie Mae 
to facilitate programmatic considerations for minority-owned 
multifamily housing providers seeking financing solutions.

Investing in Our People
Berkadia strives to attract, hire, and retain top talent with its 
competitive benefits; Diversity, Equity, Inclusion, and Belonging 
(DEIB) efforts; and unique company culture, known as Berkadia 
Way. Berkadia Way instills a mindset that fosters shared 
commitment to self-accountability and helps employees see 
their impact on each other.
The company believes that employee health and well-being is 
paramount. By providing diverse and regularly updated benefits, 
Berkadia aims to meet the needs of all Berkadia employees. In 
recent years, Berkadia implemented more inclusive benefits for 
the LGBTQ+ community, fertility coverage, enhanced hearing aid 
coverage, and more.
Berkadia has a dedicated platform, BELONG, to support 
DEIB efforts that foster an inclusive workforce with diverse 
perspectives. The company expanded its work with Employee 
Resource Groups (ERGs) dedicated to connecting under-
represented demographics and their allies. In 2021, Berkadia 
launched BeWIN, an ERG focusing on Berkadia’s women’s 
community and allies to support career growth and advancement. 
Berkadia added BePROUD+ and BeUNITED, its LGBTQ+ and 
multicultural ERGs, in 2022. The company also continued its 
partnerships with external organizations, such as Project 
Destined and Commercial Real Estate Women (CREW) Network 
to develop relationships with and attract talent from 
underrepresented communities.

Giving Back to Our Communities 
Berkadia continued its tradition of supporting nonprofit 
organizations, such as Ronald McDonald House, City Year, 
and Habitat for Humanity, through corporate sponsorships, 
a matching gift program, and employee volunteering.
This year also marked seven years of partnership with Child 
Welfare & Holistic Organization for Rural Development (CHORD) 
in India. Over 50 Berkadia employees volunteer at a local 
school that serves 250 underprivileged students. The Berkadia 
Foundation financed the construction of a three-story, 
20-classroom school that is scheduled to open for the 2023 
academic school year.
$3.5 billion
Ranked #1 Affordable 
Housing Lender by 
Freddie Mac
Berkadia financing for 
affordable communities
ESG Highlights from a select sampling of our larger investments are discussed here.
#1

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP
ESG HIGHLIGHTS FOR OUR  
SUBSIDIARIES AND AFFILIATES 
	 Berkadia 
	 HomeFed 
	 Foursight Capital 
	 OpNet (Formerly Linkem) 
APPENDIX
42
  FEBRUARY 2023 ESG/DEI REPORT  |
Foursight Capital is a specialty auto finance 
company that focuses on providing non-prime 
customers with affordable financing options for 
their car purchases. 
Foursight is dedicated to being a positive influence for our 
dealer partners, employee-partners, and the community at 
large by building a supportive and empowering corporate 
culture, being environmentally responsible, and promoting 
community involvement. 
Nurturing a corporate culture focused on the employee has 
been a corporate mandate since inception. That focus has 
been validated by Foursight’s winning awards for top places 
to work and best companies to work for seven years in a row. 
Foursight fosters a family atmosphere dedicated to diversity 
and empowerment while providing robust benefits and employee-
centric policies, including flexible work hours, hybrid schedules, 
casual work attire, free meals regularly, quarterly emotional well-
being seminars, a financial literacy program, paid maternity leave, 
and generous time off. More recently Foursight added a peer-to-
peer employee recognition program allowing employees to foster a 
culture of encouragement and gratitude. Foursight also partnered 
with the University of Utah to continuously train management on 
their Professional Management Certificate program. 
Foursight’s commitment to environmental sustainability has 
helped reduce its impact on the environment. During 2022, 
Foursight reduced waste through the continuation of 100% 
digital car loan applications. 
To encourage community outreach, each year every employee is 
awarded two paid community service days, so employee-partners 
are able to contribute back to society where they see the most 
value. Foursight spent over 427 hours coordinating, facilitating, 
and actively contributing to community projects. Through this 
initiative, Foursight has worked with local organizations such as 
the American Red Cross, Primary Children’s Hospital, Save Our 
Local Pets Utah, The Children’s Center, and Best Friends Animal 
Sanctuary. Foursight Capital and its employees donated a 
combined total of $11,000 through in-office employee auctions 
to The Children’s Center and Our Local Pets Utah, donated over 
1,300 pounds of canned and dry foods to the Utah Food Bank 
and donated over $15,000 to Primary Children’s Hospital through 
Festival of Trees.  
Through fostering a robust and enriching 
corporate culture, environmental responsibility, 
and active community involvement, Foursight 
continues to strive to make a positive impact on 
the lives of everyone it deals with. 
HomeFed is a real estate development company 
that specializes in creating large-scale master 
planned communities. 
This provides the company with a unique opportunity to develop 
sustainable mixed-income communities that provide much- 
needed housing in select areas across the U.S. HomeFed’s 
master planned communities include affordable housing 
components that institute the best practices to protect sensitive 
plant and animal species, create public transit, and reduce 
carbon emissions for tens of thousands of people who live 
in those communities.
In addition to the affordable housing components within
HomeFed communities, we have focused our efforts on bringing 
workforce or middle-income housing to residents of San Diego 
County. As the cost of living and housing prices continue to 
rapidly increase, many middle-income individuals and families 
are unable to afford adequate housing. Workforce housing is 
defined as housing affordable to households earning between 
60 and 120% of the area median income (AMI). While there are 
financial incentives and tax credits available for affordable 
housing (below 80% AMI), programs to support middle-income 
development are limited. The significant costs of development 
have impacted builders and their ability to offer affordable 
housing to the middle-income workforce. 
To bring much-needed housing to workforce individuals and 
families, HomeFed partnered with California Municipal Financing 
Authority (CMFA) and the City of Escondido in San Diego County, 
to transition a market rate apartment community, Solana at 
Grand, into a workforce housing community. The 519-unit 
apartment project is owned under a Joint Power Authority 
between CMFA and the City of Escondido with HomeFed as 
the Asset Manager for the project. HomeFed is overseeing in 
excess of $10 million of capital improvements to Solana at Grand 
to enhance the sense of community and living experience for 
middle-income individuals and families.
While we grow our master-planned communities and bring much-
needed housing to residents within the regions in which we do 
business, we are continuing our efforts to expand the workforce 
housing program to other municipalities across multiple states. 
Best practices to protect sensitive plant 
and animal species, create public transit, 
and reduce carbon emissions
Sustainable mixed-income communities 
that provide much-needed housing
Reduced waste through continued use 
of 100% digital car loan applications
ESG Highlights for Our Subsidiaries and Affiliates continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP
ESG HIGHLIGHTS FOR OUR  
SUBSIDIARIES AND AFFILIATES 
	 Berkadia 
	 HomeFed 
	 Foursight Capital 
	 OpNet (Formerly Linkem) 
APPENDIX
43
  FEBRUARY 2023 ESG/DEI REPORT  |
OpNet took a number of steps to reduce its energy usage in 2022, 
including improving power station efficiency and temperature 
management on its network, increasing the contribution of 
renewable energy in collaboration with its tower companies, 
implementing artificial intelligence to optimize energy usage, 
and implementing new employee policies and best practices 
to reduce energy consumption in its offices. In addition, by 
upgrading its network to 5G, OpNet expects to reduce its direct 
energy usage per Mb by 2.5-3x over the coming years. 
In 2020, OpNet launched a pilot initiative to create work programs 
in prison facilities. The Italian prison population has high rates 
of psychiatric conditions including anxiety and stress-related 
disorders, and a suicide rate approximately 20 times that of 
the free population; suicide is prisoners’ leading cause of 
death. Prisoners have few opportunities to earn money while 
incarcerated and face a challenging job market when released. 
This contributes to recidivism: an estimated 80-90% of released 
prisoners reoffend. 
In 2020 and 2021, OpNet created production lines in the prisons 
of Lecce (male) and Rebibbia (female) to refurbish reclaimed 
customer equipment to be used for new customers; it launched a 
third production line in the prison of Cagliari (male) in 2022. 
The company created a training and certification 
course, reconditioned facilities at the prison sites, 
and provided tools, uniforms, and computer 
equipment for the production lines.
Out of over 100 applicants to date, the company has admitted 42 
to the training course, and 24 have graduated and begun work on 
the refurbishing line, overseen by a non-prisoner OpNet employee, 
with three more completing their apprenticeship. The prisoners 
clean, physically repair, recalibrate, test, and repackage the 
electronics, and refurbished approximately 70,000 devices in 
2022. The work offers prisoners structure and purpose during 
their workdays, the dignity of earning a wage, and experience, 
qualifications, and the opportunity to earn a recommendation 
from their manager upon their release from prison. One
outstanding program participant was offered a full-time position 
with OpNet upon release and now oversees the program. The 
initiative yields a small cost saving per unit vs. outsourcing work 
to a commercial refurbishing partner and helps reduce OpNet’s 
reliance on international supply chains. 
OpNet (formerly Linkem) operates proprietary broadband networks across Italy, which it is upgrading to 
5G to offer ultra-high-speed fixed and mobile connectivity in a market where wireline infrastructure has 
suffered many years of underinvestment. OpNet’s network serves as a key competitor to the traditional 
wireline network, providing the only independent last-mile connection to the majority of homes it 
passes. OpNet’s majority-owned subsidiary Tessellis is the fifth-largest broadband provider in Italy.  
Since the beginning of the pandemic, OpNet has been a critical provider of connectivity throughout its 
footprint, enabling the population to work from home, socialize, attend school, receive healthcare, and 
share crucial information. 
70,000
 reclaimed customer devices 
refurbished in 2022
admitted to inmate 
training and 
certification course
42 
24 
ESG Highlights for Our Subsidiaries and Affiliates continued
graduates of 
inmate training 
course now 
employed

SECTION 9
Appendix
U.N. Sustainable Development Goals (SDGs). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 45
Sustainability Accounting 
	
Standards Board (SASB). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 46
About This Report. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 48
Forward-Looking Statements. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 48
44  |  FEBRUARY 2023 ESG/DEI REPORT

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES
APPENDIX 
	 U.N. Sustainable Development  
	 	
	Goals (SDGs) 
	 Sustainability Accounting Standards  
	 	
	Board (SASB) 
	 About This Report 
	 Forward-Looking Statements 
45
  FEBRUARY 2023 ESG/DEI REPORT  |
Appendix
U.N. SUSTAINABLE DEVELOPMENT GOALS (SDGs)
The U.N. Sustainable Development Goals (SDGs) are a collaborative, global effort to achieve a better and more sustainable future for all. Represented by 17 Global Goals and 169 targets, the SDGs address 
challenges of poverty, inequality, climate change, environmental degradation, peace and justice. We identified the nine key areas where we have the greatest influence and impact through our business 
strategy, products and services.
Ensure healthy 
lives and promote 
well-being for all 
at all ages
Ensure inclusive 
and equitable 
quality education 
and promote 
lifelong learning 
opportunities 
for all
Achieve gender 
equality and 
empower all 
women and girls
Promote sustained, 
inclusive, and 
sustainable economic 
growth, full and 
productive 
employment, 
and decent work 
for all
Build resilient 
infrastructure, 
promote inclusive 
and sustainable 
industrialization, 
and foster innovation
Reduce inequality 
within and among 
countries
Make cities and 
human settlements 
inclusive, safe, 
resilient, and 
sustainable
Take urgent action to 
combat climate 
change and its 
impacts
Protect, restore, 
and promote 
sustainable use 
of terrestrial 
ecosystems, 
sustainably manage 
forests, combat 
desertification, 
and halt and reverse 
land degradation 
and halt 
biodiversity loss
report section
Human Capital
Giving Back
report section
Human Capital
Giving Back
report section
Giving Back
report section
Human Capital
Giving Back
report section
Environmental 
Stewardship
Sustainable Finance
report section
Human Capital
report section
Environmental 
Stewardship
Sustainable Finance
report section
Sustainable 
Finance
report section
Environmental 
Stewardship
Sustainable Finance

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES
APPENDIX 
	 U.N. Sustainable Development  
	 	
	Goals (SDGs) 
	 Sustainability Accounting Standards  
	 	
	Board (SASB) 
	 About This Report 
	 Forward-Looking Statements 
46
  FEBRUARY 2023 ESG/DEI REPORT  |
SUSTAINABILITY ACCOUNTING STANDARDS BOARD (SASB)
The following tables incorporate the accounting standards from the Sustainability Accounting Standards Board (SASB) related to Investment Banking & Brokerage (FN-IB) and Asset Management & 
Custody Activities (FN-AC) industries. They include the relevant topic metric(s) where available and/or references to sections within this report where specific topics are discussed.
Investment Banking & Brokerage (FN-IB)
TOPIC
ACCOUNTING METRIC
SASB CODE
REPORT REFERENCE
Employee Diversity & Inclusion
Percentage of gender and racial/ethnic group representation for (1) executive 
management, (2) non-executive management, (3) professionals, and (4) all other 
employees
FN-IB-330a.1
Human Capital
Further information available on our Jefferies Diversity Website.
Incorporation of Environmental, Social, and Governance 
Factors in Investment Banking & Brokerage Activities
Revenue from (1) underwriting, (2) advisory, and (3) securitization transactions 
incorporating integration of environmental, social, and governance (ESG) factors, 
by industry
FN-IB-410a.1
Sustainable Finance
(1) Number and (2) total value of investments and loans incorporating integration 
of environmental, social, and governance (ESG) factors, by industry
FN-IB-410a.2
Description of approach to incorporation of environmental, social, and 
governance (ESG) factors in investment banking and brokerage activities
FN-IB-410a.3
Business Ethics
Total amount of monetary losses as a result of legal proceedings associated 
with fraud, insider trading, anti-trust, anti-competitive behavior, market 
manipulation, malpractice, or other related financial industry laws or regulations
FN-IB-510a.1
Responsible Business Practices
Description of whistle blower policies and procedures
FN-IB-510a.2
Professional Integrity
(1) Number and (2) percentage of covered employees with a record of 
investment-related investigations, consumer-initiated complaints, private civil 
litigations, or other regulatory proceedings
FN-IB-510b.1
Responsible Business Practices
Number of mediation and arbitration cases associated with professional 
integrity, including duty of care, by party
FN-IB-510b.2
Total amount of monetary losses as a result of legal proceedings associated 
with professional integrity, including duty of care
FN-IB-510b.3
Description of approach to ensuring professional integrity, including duty of care
FN-IB-510b.4
Systemic Risk Management
Global Systemically Important Bank (G-SIB) score, by category
FN-IB-550a.1
Responsible Business Practices
Description of approach to incorporation of results of mandatory and voluntary 
stress tests into capital adequacy planning, long-term corporate strategy, and 
other business activities
FN-IB-550a.2
Employee Incentives & Risk Taking
Percentage of total remuneration that is variable for Material Risk Takers (MRTs)
FN-IB-550b.1
For information on the valuation of Level 3 assets and 
liabilities, see Fair Value Disclosures in our consolidated 
financial statements included in our Annual Report on Form 
10-K. 
Percentage of variable remuneration of Material Risk Takers (MRTs) to which 
malus or clawback provisions were applied
FN-IB-550b.2
Discussion of policies around supervision, control, and validation of traders’ 
pricing of Level 3 assets and liabilities
FN-IB-550b.3
Appendix continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES
APPENDIX 
	 U.N. Sustainable Development  
	 	
	Goals (SDGs) 
	 Sustainability Accounting Standards  
	 	
	Board (SASB) 
	 About This Report 
	 Forward-Looking Statements 
47
  FEBRUARY 2023 ESG/DEI REPORT  |
TOPIC
ACCOUNTING METRIC
SASB CODE
REPORT REFERENCE
Transparent Information & Fair Advice for Customers
(1) Number and (2) percentage of covered employees with a record of 
investment-related investigations, consumer-initiated complaints, private civil 
litigations, or other regulatory proceedings
FN-AC-270a.1
Responsible Business Practices
Total amount of monetary losses as a result of legal proceedings associated 
with marketing and communication of financial product-related information to 
new and returning customers
FN-AC-270a.2
Description of approach to informing customers about products and services
FN-AC-270a.3
Employee Diversity & Inclusion
Percentage of gender and racial/ethnic group representation for (1) executive 
management, (2) non-executive management, (3) professionals, and (4) all other 
employees
FN-AC-330a.1
Human Capital
Further information available on our Jefferies Diversity Website.
Incorporation of Environmental, Social, and Governance 
Factors in Investment Management & Advisory 
Amount of assets under management, by asset class, that employ (1) integration 
of environmental, social, and governance (ESG) issues, (2) sustainability themed 
investing, and (3) screening
FN-AC-410a.1
Sustainable Finance
Description of approach to incorporation of environmental, social, and 
governance (ESG) factors in investment and/or wealth management processes 
and strategies
FN-AC-410a.2
Description of proxy voting and investee engagement policies and procedures
FN-AC-410a.3
Business Ethics
Total amount of monetary losses as a result of legal proceedings associated 
with fraud, insider trading, anti-trust, anti-competitive behavior, market 
manipulation, malpractice, or other related financial industry laws or regulations
FN-AC-510a.1
Responsible Business Practices
Description of whistle blower policies and procedures
FN-AC-510a.2
Systemic Risk Management
Percentage of open-end fund assets under management by category of liquidity 
classification
FN-AC-550a.1
Responsible Business Practices
Description of approach to incorporation of liquidity risk management programs 
into portfolio strategy and redemption risk management
FN-AC-550a.2
Total exposure to securities financing transactions
FN-AC-550a.3
Net exposure to written credit derivatives
FN-AC-550a.4
Asset Management & Custody Activities (FN-AC)
Appendix continued

INTRODUCTION
SUSTAINABILITY AT THE CORE OF  
JEFFERIES’ VALUES
SUSTAINABLE FINANCE
HUMAN CAPITAL
GIVING BACK
RESPONSIBLE BUSINESS PRACTICES
ENVIRONMENTAL STEWARDSHIP
ESG HIGHLIGHTS FOR OUR 
SUBSIDIARIES AND AFFILIATES
APPENDIX 
	 U.N. Sustainable Development  
	 	
	Goals (SDGs) 
	 Sustainability Accounting Standards  
	 	
	Board (SASB) 
	 About This Report 
	 Forward-Looking Statements 
48
  FEBRUARY 2023 ESG/DEI REPORT  |
ABOUT THIS REPORT
Our ESG/DEI Report has been prepared in accordance with the 
accounting standards published by the Sustainability Accounting 
Standards Board (SASB). We have also identified the U.N. 
Sustainable Development Goals (SDGs) that we believe best 
align with our business activities and key priority areas. Both 
are included within this report.
Please note that our fiscal year runs from December 1 through 
November 30. Unless otherwise noted, data provided throughout 
this report covers our fiscal year 2022 (FY22), reflecting data for 
the period from December 1, 2021, through November 30, 2022. 
Employee-partner count is as of November 30, 2022. This ESG/
DEI Report primarily addresses our parent entity, Jefferies 
Financial Group Inc., and its main operating broker-dealers, with 
certain of our consolidated and equity method direct investments, 
including Berkadia, HomeFed, Foursight, and OpNet — all of which 
have their own ESG and DEI programs addressed on pages 41-43.  
This report excludes information on Idaho Timber due to its sale 
by Jefferies in August 2022, and Vitesse Energy, Inc. due to its 
spin-off to Jefferies’ shareholders in January 2023.
Our global employee-partners are featured in the photographs 
used throughout this report.
FORWARD-LOOKING STATEMENTS
This report contains certain “forward-looking statements” within 
the meaning of the safe harbor provisions of the U.S. Private 
Securities Litigation Reform Act of 1995. Forward-looking 
statements are based on current views and include statements 
about the future and statements that are not historical facts. 
These forward-looking statements are usually preceded by the 
words “should,” “expect,” “believe,” “intend,” “may,” “will,” “would,” 
“could,” or similar expressions. Forward-looking statements may 
contain, without limitation, statements relating to expectations 
regarding revenues, earnings, operations, and other results, and 
may include statements of future performance, plans, and 
objectives. Forward-looking statements may also include 
statements pertaining to our strategies for future development of 
our businesses and products. Forward-looking statements 
represent only our belief regarding future events, many of which 
by their nature are inherently uncertain. It is possible that the 
actual results may differ, possibly materially, from the anticipated 
results indicated in these forward-looking statements. Information 
regarding important factors, including Risk Factors that could 
cause actual results to differ, perhaps materially, from those in 
our forward-looking statements is contained in reports we file 
with the SEC. You should read and interpret any forward-looking 
statements together with reports we file with the SEC. We assume 
no obligations to update or revise any such forward-looking 
statements to reflect subsequent circumstances, except as 
required by applicable law. 
Appendix continued

Principal Executive Office 
JEFFERIES FINANCIAL GROUP INC.
520 Madison Avenue
New York, NY 10022
212-284-2300
jefferies.com