Jefferies Smallcap and Midcap Share Repurchase Indices

The Jefferies Smallcap and Midcap Share Repurchase Indices are intended to reflect the stock performance of companies with the highest buyback yields. Buyback yield is defined as total common share repurchase dollars as a percent of free float market cap. The 25 companies with the greatest buyback yields are added to the index each quarter, based on the most recent available data, and they remain in the index until up to one year following initial inclusion (assuming they are not subsequently ranked in the top 25 at reconstitution). The indices include companies within the following market capitalization ranges:

• Jefferies Smallcap Share Repurchase Index^SM – Market capitalization of $300 million – $2 billion
• Jefferies Midcap Share Repurchase Index^SM – Market capitalization of $2 billion – $10 billion

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 Smallcap Share Repurchase Index^SM

JEFISMBP (index price) JEFISMBT (total return)

Index Methodology (pdf)

Index Total Return Performance

Closing Price Date 07-24-08 Price 180.70

Historical Values Closing Prices Total Returns

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

Company	Ticker	Weighting
Illumina Inc	ILMN	8.6%
United Therapeutics Corp	UTHR	3.9%
Overseas Shipholding Group	OSG	3.4%
SEACOR Holdings Inc.	CKH	3.0%
Teradyne Inc.	TER	2.6%
Polaris Industries	PII	2.4%
Genesee & Wyoming Inc A	GWR	2.4%
Haemonetics Corp.	HAE	2.4%
Knight Trading Group Inc-A	NITE	2.2%
Jones Apparel Group	JNY	2.2%
Weight Watchers Intl Inc	WTW	2.1%
Jack in the Box	JBX	2.0%
Selective Insurance Gr	SIGI	1.8%
Eagle Materials Inc	EXP	1.7%
AmeriCredit Corp.	ACF	1.7%
Werner Enterprises	WERN	1.7%
Cheesecake Factory	CAKE	1.7%
Greenhill & Co Inc.	GHL	1.6%
Analogic Corp.	ALOG	1.5%
Chemed Corporation	CHE	1.5%
Ryland Group	RYL	1.5%
Intermec Inc	IN	1.5%
InterDigital, Inc	IDCC	1.5%
Cymer, Inc.	CYMI	1.5%
Sonic Corp	SONC	1.5%
View all constituents

Sector Composition (last updated 07-24-08)

Consumer Discretionary - 27.8%    Health Care - 19.5%    Financials - 14.6%    Information Technology - 13.7%    Industrials - 12.2%    Energy - 7.8%    Materials - 3.2%    Consumer Staples - 1.3%

Sector Composition follows the Global Industry Classification System (GICS).

The Jefferies Smallcap Share Repurchase IndexSM 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.

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Jefferies Midcap Share Repurchase Index^SM

JEFIMDBP (index price) JEFIMDBT (total return)

Index Methodology (pdf)

Index Total Return Performance

Closing Price Date 07-24-08 Price 177.72

Historical Values Closing Prices Total Returns

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

Company	Ticker	Weighting
ENSCO Int'l	ESV	3.8%
FMC Technologies	FTI	3.3%
Clorox Co.	CLX	2.8%
Laboratory Corp. of America Holding	LH	2.8%
AmerisourceBergen Corp.	ABC	2.6%
BMC Software	BMC	2.6%
Linear Technology Corp.	LLTC	2.6%
KLA-Tencor Corp.	KLAC	2.4%
SPX Corp.	SPW	2.4%
Plains Exploration & Production	PXP	2.3%
Assurant Inc	AIZ	2.3%
Dentsply International	XRAY	2.2%
SAFECO Corp.	SAF	2.2%
Grainger (W.W.) Inc.	GWW	2.2%
Covance Inc.	CVD	2.1%
AutoZone Inc.	AZO	2.1%
Steel Dynamics	STLD	2.1%
Hasbro Inc.	HAS	2.1%
Dun & Bradstreet	DNB	2.0%
Torchmark Corp.	TMK	1.9%
Sherwin-Williams	SHW	1.9%
Alliance Data Systems	ADS	1.9%
Everest Re Group	RE	1.8%
Ball Corp.	BLL	1.7%
Equifax Inc.	EFX	1.7%
View all constituents

Sector Composition (last updated 07-24-08)

Consumer Discretionary - 18.4%    Information Technology - 16.3%    Industrials - 15.9%    Health Care - 14.3%    Financials - 12.5%    Energy - 9.4%    Materials - 8.9%    Consumer Staples - 2.8%    Telecommunication Services - 1.4%

Sector Composition follows the Global Industry Classification System (GICS).

The Jefferies Midcap Share Repurchase IndexSM 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.

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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.