Jefferies Research Services LLC

Item 5. Fees and Compensation

 JRS receives discrete payments for Research Advisory Services, which vary from client to client. Clients have the
 ability to separately negotiate their fee arrangement with JRS.

 Fees are generally invoiced and paid in arrears.

 Should a client decide to use our affiliated broker‐dealers to execute trades based on JRS research
 recommendations, such client will incur transaction costs such as commissions, markups, and spreads. Such
 transaction costs are separate from and in addition to JRS’s advisory fee.

 JRS personnel are not directly compensated based on the sale of securities that are generated by Research

Jefferies Research Services LLC                             1
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 Advisory Services; however, the broader compensation pool for JRS personnel is funded in part by Jefferies
 equity brokerage commission revenue, some of which may be generated by Research Advisory Services.

 Clients may but are not required to utilize an affiliated broker‐dealers’ brokerage or other affiliated investment
 advisers’ investment advisory services. However, clients may elect to use other products or services available
 from or through an affiliate of JRS. In each such case, the client would pay additional compensation to the
 relevant affiliate for these additional services. This practice creates a potential conflict of interest that may give
 JRS and our affiliate’s sales representatives an incentive to recommend other advisory services and other
 products and services based on the compensation received (whether by the individual making the
 recommendation, by the affiliate firm, or both), rather than on a client’s needs. We address this conflict
 through disclosure in this Brochure and supervision.

Item 7. Types of Clients

 We provide advisory services to the various types of clients, including:

     Institutional investors;
     Registered investment advisers;
     Mutual funds;
     Private funds (e.g., hedge funds);
     Sovereign wealth funds;
     Corporations and other business entities; and
     Other institutional investors and financial institutions.

 JRS clients are not required to open or maintain an account with an affiliated broker‐dealer in order to receive
 Research Advisory Services.