Indices

Jefferies Energy Indices

The Jefferies Energy Indices are intended to reflect the stock performance of companies engaged in energy exploration & production, oil services, drilling contracting services, and sea borne transportation. The eligible constituents are selected in consultation with Jefferies equity research analysts (subject to market capitalization, liquidity, and other requirements) to provide appropriate representation of energy sub-sectors.

Jefferies Global Oil Service Index^SM – Includes companies providing equipment and services to integrated oil and independent E&P companies, e.g. seismic, offshore construction, well completion services.
Jefferies Global Drilling Contractor Index^SM – Includes companies providing offshore and onshore drilling services in markets around the world, including North America, the North Sea, Latin America, the Middle East, Asia, and India.
Jefferies North American Small/Midcap E&P Index^SM – Includes independent exploration and production companies with market capitalization between $300 million and $10 billion.
Jefferies U.S. Tanker Index^SM – Includes U.S. exchange-traded companies providing sea borne transportation of crude oil and petroleum products.

The methodologies for index construction and the universe of eligible constituents are defined by Jefferies in consultation with Standard & Poor's, while the calculation and maintenance of the indices are completed by Standard & Poor's.

Jefferies Global Oil Service Index^SM

JEFIGOSP (index price) JEFIGOST (total return)

Index Methodology (pdf)

Index Total Return Performance

S&P 500 index was set to 100 as of base date 12/31/2002 for comparison purposes.

Closing Price
Date	07-24-08
Price	466.59

Historical Values
	Closing Prices
	Total Returns

Current Constituents and Weighting (last updated 07-24-08)

Company	Ticker	Weighting
Halliburton Co.	HAL	11.7%
National Oilwell Varco, Inc.	NOV	11.3%
Schlumberger Ltd.	SLB	10.1%
Weatherford International Ltd.	WFT	9.9%
Baker Hughes	BHI	9.5%
Smith International	SII	6.3%
Tenaris S.A. (ADR)	TS UN	5.5%
Cameron International Corp.	CAM	4.2%
Saipem SpA Ord	SPM IM	3.7%
BJ Services	BJS	3.6%
FMC Technologies	FTI	3.5%
Exterran Holdings	EXH	1.6%
Superior Energy Services Inc	SPN	1.6%
Oceaneering Int'l	OII	1.5%
Petroleum Geo-Services ASA	PGS NO	1.4%
CIE Generale De Geophysique	GA FP	1.4%
Dresser-Rand Group Inc	DRC	1.2%
W-H Energy Services	WHQ	1.2%
Oil States International Inc	OIS	1.0%
TRICAN WELL SERVICE LTD.	TCW	1.0%
Core Laboratories N.V.	CLB	1.0%
Acergy SA	ACGY	0.7%
Complete Production Services	CPX	0.6%
ACERGY SA	ACY NO	0.6%
Dril-Quip, Inc.	DRQ	0.6%
View all constituents

The Jefferies Global Oil Service Index^SM is the exclusive property of Jefferies & Company, Inc. Jefferies & Company has contracted with Standard & Poor's to maintain and calculate the index. Jefferies & Company and S&P shall have no liability for any errors or omissions in calculating the index.

Jefferies Global Drilling Contractor Index^SM

JEFIDCIP (index price) JEFIDCIT (total return)

Index Methodology (pdf)

Index Total Return Performance

S&P 500 index was set to 100 as of base date 12/31/2002 for comparison purposes.

Closing Price
Date	07-24-08
Price	339.77

Historical Values
	Closing Prices
	Total Returns

Current Constituents and Weighting (last updated 07-24-08)

Company	Ticker	Weighting
Noble Corporation	NE	13.1%
Transocean Inc. (New)	RIG	13.1%
Nabors Industries Ltd.	NBR	10.8%
ENSCO Int'l	ESV	10.1%
Diamond Offshore Drilling	DO	7.9%
Seadrill Ltd	SDRL NO	7.3%
Pride International	PDE	6.6%
Helmerich & Payne	HP	5.9%
Rowan Cos.	RDC	4.5%
Patterson UTI-Energy	PTEN	4.5%
Precision Drilling (US)	PDS UN	2.7%
Atwood Oceanics, Inc.	ATW	2.5%
ENSIGN ENERGY SERVICES INC.	ESI	2.4%
Hercules Offshore Inc.	HERO	2.2%
Grey Wolf Inc	GW	1.5%
Fred Olsen Energy ASA	FOE NO	1.5%
CHINA OILFIELD SERVICES-H	2883 HK	0.9%
Parker Drilling Co	PKD	0.9%
Aban Offshore Ltd	ABAN IN	0.9%
Pioneer Drilling	PDC	0.8%

The Jefferies Global Drilling Contractor Index^SM is the exclusive property of Jefferies & Company, Inc. Jefferies & Company has contracted with Standard & Poor's to maintain and calculate the index. Jefferies & Company and S&P shall have no liability for any errors or omissions in calculating the index.

Jefferies North American Small/Midcap E&P Index^SM

JEFIEXPP (index price) JEFIEXPT (total return)

Index Methodology (pdf)

Index Total Return Performance

S&P 500 index was set to 100 as of base date 12/31/2002 for comparison purposes.

Closing Price
Date	07-24-08
Price	443.61

Historical Values
	Closing Prices
	Total Returns

Current Constituents and Weighting (last updated 07-24-08)

Company	Ticker	Weighting
Southwestern Energy	SWN	8.6%
Ultra Petroleum Corp	UPL	8.4%
Noble Energy, Inc	NBL	8.1%
Range Resources Corp.	RRC	6.1%
Pioneer Natural Resources	PXD	5.5%
Petrohawk Energy Corp Com	HK	5.3%
Newfield Exploration	NFX	5.2%
Denbury Resources Inc.	DNR	5.1%
Plains Exploration & Production	PXP	4.7%
Forest Oil	FST	3.9%
Cabot Oil & Gas	COG	3.4%
Cimarex Energy Co.	XEC	3.4%
Whiting Petroleum Corp	WLL	2.7%
Quicksilver Resources Inc.	KWK	2.2%
Comstock Res Inc	CRK	2.1%
St. Mary Land & Explor	SM	2.0%
Mariner Energy Inc.	ME	1.8%
Exco Resources Inc	XCO	1.6%
Berry Petroleum Co A	BRY	1.5%
Delta Petroleum Corp	DPTR	1.4%
Swift Energy	SFY	1.2%
Stone Energy	SGY	1.1%
Bill Barrett Corp	BBG	1.1%
Arena Resources Inc Com	ARD	1.0%
Carrizo Oil & Co Inc Com	CRZO	1.0%
View all constituents

The Jefferies North American Small/Midcap E&P Index^SM is the exclusive property of Jefferies & Company, Inc. Jefferies & Company has contracted with Standard & Poor's to maintain and calculate the index. Jefferies & Company and S&P shall have no liability for any errors or omissions in calculating the index.

Jefferies U.S. Tanker Index^SM

JEFIUSTP (index price) JEFIUSTT (total return)

Index Methodology (pdf)

Index Total Return Performance

S&P 500 index was set to 100 as of base date 12/31/2002 for comparison purposes.

Closing Price
Date	07-24-08
Price	428.97

Historical Values
	Closing Prices
	Total Returns

Current Constituents and Weighting (last updated 07-24-08)

Company	Ticker	Weighting
Frontline Ltd Ord	FRO	19.7%
Ship Finance International L SHS	SFL	14.4%
Overseas Shipholding Group	OSG	13.9%
Nordic American Tanker Shppng	NAT	13.4%
Teekay Shipping Corp (Bahamas)	TK	11.1%
Tsakos Energy Navigation Ltd	TNP	9.3%
General Maritime Corp	GMR	7.6%
Knightsbridge Tankers(Bermuda)	VLCCF	5.1%
Arlington Tankers Ltd	ATB	3.2%
Omega Navigation Ent- Cl A	ONAV	1.8%
Aries Maritime Tansport Ltd	RAMS	0.4%

The Jefferies U.S. Tanker Index^SM is the exclusive property of Jefferies & Company, Inc. Jefferies & Company has contracted with Standard & Poor's to maintain and calculate the index. Jefferies & Company and S&P shall have no liability for any errors or omissions in calculating the index.

All performance information presented above for any Jefferies Index is provided strictly for educational and illustrative purposes only. All historical data for the Jefferies Indices are estimations using sources believed to be reliable; however, none of Jefferies, Standard & Poors or any of their subsidiaries or affiliates makes any representations as to the accuracy, timeliness or completeness of any index data. The information provided is not intended for trading purposes, and should not be considered investment advice. You cannot invest directly in an index. This information, including all Jefferies Stock Indexes and materials relating thereto, is the property of Jefferies & Company ("Jefferies") and may not be used to create, offer, trade, market or promote any financial products without the express written consent of Jefferies. Jefferies and its affiliates and their respective directors, officers and employees may buy or sell securities mentioned or contemplated herein as agent or as principal for their own account and may have positions or engage in transactions based on or indexed to any Jefferies Stock Indexes. It is possible that Jefferies' trading activity will affect the value of Jefferies Stock Indices. This is not an offer or solicitation of an offer to buy or sell any security or investment. Past performance of any Jefferies Index is not necessarily indicative of future results.